With obstacles and challenges awaiting the garment and textile sector in the first half given a lack of recovery signal in global demand, most firms have prepared their schemes to overcome.

The sector earned 44 billion USD from exports in 2022, up 8.8% year-on-year. The figure is aimed to hit 47-48 billion USD this year.

Stepping into 2023, apparel makers have seen quieter markets at home and abroad, recording high inventory levels and low orders for the first six months over concerns of high inflation. Overseas buyers are paying less and requiring more about the quality, sustainability, and origin of the products, while the domestic market has experienced a plunge in the number of orders, particularly for the first and second quarters which are not the peak periods of fashion in a year.

To deal with the situation, Pham Quang Anh, director of the Dony garment company, said it has found a source of new clients and developed more products serving its traditional ones.

Meanwhile, Tran Van Quy, director of the Trung Quy textile company, said his firm has turned to green, recycled, and organic goods for the US market. This means a shakeup of the factory system, labour training, and quality assessment to obtain related international accreditations, according to him.

Trung Quy has also changed the investment proportions for domestic and overseas markets to 50% and 50% from the previous 30% and 70%, respectively, Quy said.

Samsung plans world’s leading R&D center in Vietnam

Samsung Vietnam is seeking to develop its current research and development (R&D) center in the Tay Ho Tay urban area in Hanoi City into a world’s leading one, reported the local media.

Choi Joo Ho, president of Samsung Vietnam, spoke of the plan at a conference on socio-economic development, defense and security of the Red River region and regional investment promotion held by the Ministry of Planning and Investment yesterday, February 12, in Quang Ninh Province.

According to Ho, Samsung’s R&D team in Vietnam, established in 2012, now operates in many production facilities in provinces and cities, such as Bac Ninh, Thai Nguyen and Hanoi.

The South Korean conglomerate established a R&D center in the Tay Ho Tay urban area in Hanoi on December 23, 2022, as part of its business expansion strategy. The center conducts two key functions, including expanding research fields and professional development, apart from creating a foundation for technological talent in Vietnam and developing the industry.

Samsung now plans to further boost training for Vietnam’s future technological talent by granting scholarships for potential students who major in technology and enhancing cooperation with universities and enterprises in business projects, besides offering internship programs, added Ho.

Since 2015, Samsung experts have worked with some 400 Vietnamese businesses to help them improve their competitiveness and product quality.

Companies participating in this program have achieved a 40% increase in productivity and seeing a 50% decline in defective products after three months of consultations with Korean experts.

The number of level 1 and 2 Vietnamese suppliers in Samsung’s global supply chains has also increased thanks to this program.

HCM City: Digital economy’s contribution to GRDP exceeds 15%

The digital economy made up 15.38% of Ho Chi Minh City’s gross regional domestic product (GRDP) in 2022, surpassing the year’s target of 15%.

To achieve such an outcome, local authorities launched a series of tools and systems serving the southern economic hub’s digital transformation programme which focuses on the three pillars of digital government, digital economy, and digital society.

Specifically, in late April, the city put into operation two fundamental systems serving digital governance and smart urban area building, one of which showcases 20 groups of socio-economic information to help leaders of the city access the general situation and make suitable decisions., while the other reflects people’s feedback and proposals and the processing of these comments in forms of charts.

Four key platforms were also launched – the local government service platform, and others on data analysis, overall digital governance, and virtual meetings.

This year, the city aims to complete its digital database, with six specialised information systems put into operation regarding the fields of health, land, construction, social protection, public investment, and planning.

Digital lending contributes to boosting Vietnam’s SMEs

Singapore's fintechnews.sg has published an article entitled "Vietnam's SMEs Get a Boost from Digital Lending" affirming that a strong import-export boom and positive digital trends are lending a helping hand to Vietnam's small and medium-sized enterprises (SMEs) to sustain growth.

According to the article, as much of the world experienced a recession, the Vietnamese economy continued to be robust, even recording growth out of a dour 2022.

Like most of Southeast Asia, SMEs play a vital role in the local Vietnam economy, accounting for well over 90% of all businesses there.

Vietnam's capabilities in the non-agricultural sector, including things such as textiles, manufacturing, construction, and the service industry, along with wholesale and retail trade will be important in the country's push to become a bigger part of global supply lines, according to the article.

It also mentioned that according to Organisation for Economic Co-operation and Development (OECD) in its study of SME and Entrepreneurship Policy in Vietnam, business R&D spending in SMEs in Vietnam is limited.

However, local SMEs appear to be quite innovative, especially in product and process innovation.

Now thousands of SMEs registered in Vietnam can receive aid in the form of digital lending support.

Fintech firms are establishing connections with commercial banks in the country to lend unsecured loans to individuals as well as to SMEs.

Interest in both consumer and business loans is steadily increasing, as is the number of digital lending fintechs, both local and international, in Vietnam.

Fintechs are working with other institutions in a number of different ways to offer credit facilities for Vietnamese businesses. 

International partnerships solidified digital lending capabilities that could empower SMEs in Vietnam to access better financial resources, improve production capacity, and embark on digital transformation drives, said the article.

These could in turn help SMEs ride the shift that Vietnam is undergoing, from exporting raw materials to pursuing opportunities in the global marketplace for processed products with higher added value. They will also help strengthen the country's participation in lucrative worldwide supply chains.

Hanoi eyes 7% GRDP growth in 2023

Hanoi has set a target of 7% year-on-year gross regional domestic product (GRDP) growth by 2023 as part of its action plan for socio-economic development this year.
This plan includes 22 objectives, such as a GRDP per capita of VND150 million (US$6,400), export growth of 6%, an inflation rate below 4.5%, and a 30% reduction in poverty.  

The global situation is expected to remain challenging in 2023, and Hanoi aims to maintain macroeconomic stability and control inflation while promoting new growth drivers and enhancing its economic resilience.

The plan also emphasized the development of cultural and education fields, disease control, and improving people’s material and spiritual well-being, as well as promoting digital infrastructure, environmental protection, and good governance.

This would include the efforts to ensure efficient use of land and resources, environmental protection and proactively addressing climate change while improving urban planning to support infrastructure development.

In addition, the plan stressed the importance of continuing administrative reform and tightening disciplines in public agencies in carrying out public works, especially public investment plans for 2023 and the 2021-2025 period.

This year, Hanoi would push for the construction of new schools at national standards, improve the public health capacity and preserve the cultural-historical heritage sites.

Hanoi’s authorities will make greater efforts in building a digital government, eliminate waste and corruption, and maintain national security.

The city's long-term goals include completing its planning and construction plans by 2050, implementing the ring road No.4 project, and streamlining the state apparatus.

In 2022, Hanoi successfully achieved all 22 socio-economic objectives, including a GRDP growth of 8.89% and a GRDP per capita of VND141.8 million ($6,037).

Rice businesses receive fresh export orders despite high prices

Despite the export prices of Vietnamese rice recording a two year high, importers have put in bulk orders following the recent week-long lunar New Year break in Vietnam, signaling another fillip year for rice businesses.

Most notably, rice prices in the world market witnessed strong fluctuations in early February. Accordingly, Vietnamese rice export prices on February 5 increased by US$15 per tonne compared to the end of last month.

Specifically, the 5% and 25% broken rice was being traded at US$473 and US$453 per tonne, respectively, marking the highest price over the past few years. However, the price remained at US$20 per tonne lower than the Thai rice and US$10 per tonne lower than the Pakistani rice.

Do Ha Nam, vice chairman of the Vietnam Food Association, attributed the high export price hike to global economic and political uncertainties, as well as the protracted Russia-Ukraine conflict, forcing a number of countries to increase imports for food reserves.

At present, many major Vietnamese rice importers, such as China, the Philippines, and Africa, are actively purchasing rice as part of their reserves.

In particular, there are positive signs ahead in the Philippines market, the largest consumer of Vietnamese rice this year, as the country has decided to maintain the import tax at 35%, Nam noted.

At present, Trung An High-tech Agriculture Jsc has signed several contracts in order to supply rice for delivery from now until the beginning of the second quarter of the year to a number of markets, including the Republic of Korea, Malaysia, Singapore, Europe, Australia, and the United States. It plans to ship nearly 1,500 containers, equivalent to about 30,000 tonnes, mainly high-quality rice and fragrant rice.

The company has resumed post-break production since January 25 in order to promptly deliver goods to foreign partners, said Pham Thai Binh, general director of Trung An High-tech Agriculture.

The company's selling price of high-quality rice to the European market has skyrocketed, hovering at around between US$600 and US$1,250 per tonne, he noted, adding that 100% broken rice was also traded at US$468 per tonne.

Meanwhile, a representative of Loc Troi Group unveiled that the firm has so far received orders to supply 40,000 tonnes of rice to the European market this year.

With an impressive level of growth recorded in the early days of the year, the group’s representative expected that rice exporters would continue to win big this year and exceed the export target of US$3.5 billion set by the rice industry in 2022.

Food and beverage cooperatives seize new opportunities amid economic difficulties
     
After the Lunar New Year holiday, many cooperatives, especially those in the food and beverage (F&B) sector, have accelerated their production to fulfil domestic and export orders.

According to experts, though economic difficulties would continue in 2023, there remained untapped business opportunities for small firms and cooperatives in the F&B industry.

Experts said that when an economy was unstable, investors intended to return to industries with high demand as the F&B sector is an essential industry.

A recent report by iPOS.vn said that Viet Nam had around 338,600 restaurants and coffee shops by the end of last year. Last year, the F&B market was worth around VND610 trillion (US$26 billion).

It also showed that domestic people still favoured independent shops and restaurants. This was also the primary model that cooperatives and small businesses in the industry were developing.

According to representatives of cooperatives with food and beverage outlets, many consumers preferred this model because the prices of services, food and drinks here were affordable for most Vietnamese people.

They said that many cooperatives in rural areas had also invested in beverage shops and restaurants to meet people's needs instead of high-priced chain stores, which were concentrated mainly in first-class urban areas.

Large enterprises with facilities and factories in urban areas might face difficulties opening food and beverage shops in the countryside because of the high cost of transporting goods. However, this is an advantage for cooperatives as most of them have raw materials available. Experts said that with a focus on investing in machinery and promoting links with others, cooperatives could diversify their products and reduce costs.

Do Duy Thanh, F&B director of Horeca Business School, was quoted by vnbusiness.vn as saying that customers became pickier in choosing restaurants to suit their tastes. Currently, the newly-established food and beverage stores opened by cooperatives have also tended to develop and shape in their way, creating a distinctive feature.

Despite their efforts in gradually identifying the needs of the market, in order for these cooperatives to effectively grasp business opportunities amid the difficult economic conditions, experts said they still needed more support from the State management agency.

Ngo Van Phi, Director of Dai Minh Agricultural Cooperative in the central province of Quang Nam, outlined insufficient capital as the major challenge for many cooperatives to expand their production, seek sources of goods and invest in processing and marketing. However, it was difficult for cooperatives to access loans with preferential interest rates, which required them to have collateral.

Meanwhile, experts said most cooperatives in the F&B field had not yet paid attention to applying labour standards that were described as a must for cooperatives besides environmental protection if they wanted to meet the demand of markets, especially strict export outlets.

Retail sales of goods and services seen growing 8-9%

Vietnam’s trade sector is set to achieve 8-9% growth in retail sales of consumer goods and services this year.

At the 2023 conference on domestic production and consumption promotion and export market expansion yesterday, Minister of Industry and Trade Nguyen Hong Dien said the supply of materials and fuels for production and consumption has stabilized in the year till now.

However, the index of industrial production, commerce and export-import in January declined over the last month and the same period last year. Production and export showed signs of sluggish growth with limited participation of domestic enterprises in global supply chains and exports relying much on FDI.

Given the challenges ahead, the Ministry of Industry and Trade has been told to ensure a stable supply of necessary commodities and curb inflation under 4.5% as set by Resolution 01 of the Government.

The ministry needs to enhance local product consumption and apply virtual platforms to ensure the smooth delivery of goods and services to customers, Prime Minister Pham Minh Chinh said at the conference.

To realize growth of 8-9%, the ministry proposed measures including expediting finalizing legal documents to effectively manage trading activities.

The ministry also seeks to carry out the strategy for domestic trade development by 2030, with a vision toward 2045, factor local trade promotion activities into consumption stimulus programs and conduct market stabilization schemes.

The ministry will assist localities and business associations to make the most of free trade agreements to diversify markets, supply chains and facilitate trade.

Over 80% of real estate bonds have low creditworthiness: FiinRatings

Over 80% of real estate bonds have been issued by unlisted firms that are financially weak and have low transparency, said the credit rating agency FiinRatings.

They may financially leverage further in 2023, causing default risk to grow at alarming rates, FiinRatings said in its latest report.

With their cash flows plunging, these businesses are facing insolvency, as housing is a capital-intensive industry. Meanwhile, real estate firms must supply enough money for projects that usually require three to five years to complete.

Bonds worth over VND230.8 trillion issued by real estate companies will fall due in the next two years, accounting for over a third of the value of mature bonds in the market.

Most of the bonds have tenures of less than 3.5 years, demonstrating the sector’s high demand for borrowing to restructure debt.

Due to a capital shortage and revenue plunge, real estate firms may resort to refinancing, buying back bonds before maturity, or paying debt by real estate products, according to the report.

Data from the Ministry of Construction showed that outstanding loans in the real estate sector had topped VND1,200 trillion as of late December 2022, with VND800 trillion owed to banks and over VND400 trillion being real estate bonds.

Vn-Index set for steady growth in 2023

The benchmark Vn-Index is forecast to expand by 15% at the end of 2023 to hit 1,160 following a turbulent year for the stock market, according to SSI Securities Corporation (SSI).

The Vn-Index from its peak of 1,530 in early 2022 plummeted to a low of 874 in mid-November, a downturn which experts attributed to major events, such as the Russia-Ukraine conflict, arrests of business executives for market manipulation, and the Government’s tightening credit into high-risk fields.

As of late 2022, however, the market’s price-to-earnings (P/E) ratio was considered quite attractive with an estimated 9.2x, 35% lower than the average rate of 14.16x during the 2009-2022 period.

SSI’s latest report also pointed out another positive factor in the expectation of a more stable value of the Vietnamese Dong (VND) this year.

In contrast, liquidity risks remain a major issue due to the huge number of maturing bonds that are putting the burden on businesses, estimated at VND790 trillion (US$33.63 billion) in the 2023-2024 period.

“Interest rates may reach their peak in 2023 and then go down,” stated the SSI, but warned the decline would take time, an implication of challenges that the real estate market continues to face.

ISS, however, noted growing optimism thanks to the government's drastic efforts to resolve bottlenecks in the capital market, including the revision of decree no. 65 to create favorable conditions related to bond trading for private domestic and foreign investors.

“The Government’s active stance to address macro challenges would fuel the stock market development in 2023,” stated the securities firm, but added it would be too early to bet on the market’s return to peak.

SSI highlighted three major trends in 2023, including public investment, China’s reopening of the economy, and foreign direct investment (FDI) inflow.

For years, a strong disbursement of public funds has catalyzed the stock market’s development, but in fact, the actual disbursed speed has been below the targets.

The Ministry of Finance announced the allocation of VND726,000 trillion ($30.5 billion) for investment development this year, higher than the $27.2 billion in 2022.

Meanwhile, the reopening of the Chinese economy would mean the return of its tourists to Vietnam, accounting for 32% of international tourists to the country in 2019.

SSI forecasted the tourist figures would gradually increase since the second quarter of 2023 and surpass the 2019 number in 2024.

“This would mark the full recovery of Vietnam’s aviation industry,” it said.

The stock market entered the correction phase during the first transaction session of the 2023 Lunar New Year (January 30-February 3) as the Vn-Index closed the week at 1,077.15, down 40 points from its previous position.

This marked the first decline of the index following four weeks of consecutive rise since 2023.

SSI, nevertheless, expected the market to start going up after a long period of a downtrend, and noted it needs to consolidate gains before moving to the uptrend phase.

Stocks suffering the largest decline in value in the past week were those from finance companies, losing an average of 4.8% of market capitalization, followed by IT firms (-4.3%), consumer companies (-4.1%), and oil (-3.8%).

Latest regulations on retail electricity prices

Deputy Prime Minister Le Minh Khai has signed Decision No. 02/2023/QD-TTg on average retail electricity prices, applicable from February 3, 2023.

Under the decision, the minimum average retail electricity price shall be increased by 220.03 to VND 1,826.22 (around US$0.78) per kWh.

Meanwhile, the maximum average retail electricity price shall be increased to VND2,444.09 from VND1,906.42 per/kWh.

Viet Nam's installed power-generation capacity reached 76,620 MW by the end of 2021, up approximately 7,500 MW compared to 2020, according to Tran Dinh Nhan, CEO of the Electricity of Viet Nam.

Of the above figure, renewable energy accounted for 27 percent, Tran added.

At the 26th United Nations Climate Change Conference of the Parties in 2021 (COP26) organized in Glasgow, UK, Vietnamese Prime Minister Pham Minh Chinh committed to achieving net zero emissions by 2050.

After the event, Viet Nam has taken serious steps towards making the commitment a reality by revising the Master Power Development Plan with significant consideration of renewable energy development.

According to the version of the plan published in February 2022, total power capacity installed by 2030 will be about 146,000 MW and rise to more than 352,000 MW by 2045./

Gov't to decree extension of tax payment deadlines for 2023

The Ministry of Finance is now collecting comments on a draft decree on extension of deadlines for payment of value-added tax, corporate income tax, personal income tax, and land rental in 2023.

Under the draft decree, the deadline for payment of value-added tax payable from January to May and in the first quarter should be extended by six months.

The deadline for payment of value-added tax payable in June and the second quarter should be extended by five months.

The ministry proposed a three-month extension for payment of corporate income tax payable in the first and the second quarter.

Payment of personal income tax payable in 2023 should be deferred to no later than December 30, 2023.

Payment of 50 percent of land rental payable in 2023 should be extended by six months, according to the draft decree.

Total tax deferrals for 2023 were estimated at VND112 trillion, said the ministry.

Last year, the Government offered tax deferrals and exemption worth of VND233.5 trillion, giving significant support to enterprises to overcome difficulties and recover production and business in the post-pandemic period.

$1.8 billion Quang Trach power plant faces land clearance issues

Quang Trach 1 thermal power plant, which is invested by EVN, is facing difficulties in land clearance.

According to the report of the Power Project Management Board No. 2, at present the land clearance in some communes, such as Quang Hop, Quang Chau, Quang Kim, Quang Phu, Quang Dong, and Hon La Economic Zone, have yet to be completed, thus the engineering, procurement, and construction (EPC) contractor has yet to receive the available ground.

The EPC constructor is a consortium of contractors comprising Japan's Mitsubishi Corp, Hyundai Engineering and Construction Company of the Republic of Korea, and Construction Corporation No.1 of Vietnam.

Covering an area of 48.6 hectares in Quang Dong commune, Quang Trach 1 thermal power plant combines two turbines with a total capacity of 1,200MW. The power output is estimated at about 7.8 billion kWh per year.

The plant has a total investment capital of VND41.1 trillion ($1.79 billion), where the investment capital is mobilised from domestic banks without a government guarantee. Once completed, the plant will contribute $52.17 million to the province’s budget.

EVN officially started construction on the thermal power plant in December 2021, and it will start open in 2025.

Construction steel price soars threefold in one month

Following the upward adjustment before the Lunar New Year, several steel firms have announced price hikes for construction steel.

The price of construction steel has climbed threefold in only one month, by between $42.64 and $60 a tonne. The price per tonne of Vina Kyoei Steel jumped to approximately $30. Currently, a tonne of the firm's D10 CB300 and CB240 steel costs as much as $664.

Hoa Phat Steel also increased the price per tonne of CB240 coil by $22. Currently, the selling price of this steel brand's CB240 coil and D10 CB300 rebar in the northern regions is between $660 and $662 per tonne.

Numerous analysts said that the rise in steel prices was attributable to the influence of raw material costs and not market demand. A spokesperson for the Vietnam Steel Association (VSA) said that the price of steel increased when the price of coke rose to $282.50 per tonne, an increase of $52 per tonne compared to December 2022.

Suppliers and agents said that steel prices are expected to continue to rise in light of the fact that global prices are continuing to rise for key manufacturing resources, such as iron ore, with no indication of a slowdown.

According to the VSA, the current spike in steel prices may be attributed to three primary causes.

Firstly, the price of iron ore rose. According to the VSA's study on the Vietnam's steel market in December 2022 and 2022, iron ore prices traded on January 6 between $116.95 and $117.45 per tonne at China's Tianjin port, an increase of around $6.5 per tonne from the beginning of December 2022.

Secondly, coal prices continue to grow. Steel prices are impacted by the price of coal. On January 6, the export coking coal price at an Australian port was around $282.5 per tonne freight on board, a significant rise of $52.25 per tonne compared to the beginning of December 2022.

Thirdly, the price of scrap steel has soared. In recent months, scrap steel prices have continually grown. In December 2022, the price of domestic scrap steel climbed by 21 to 40 cents per kilogram and hovered between 38 and 40 cents.

Similarly, the cost of imported scrap steel continued to increase. The price of scrap steel at the port of Dong A was between $402 and $405 per tonne on January 6. Previously, the price of imported steel soared to $400 per tonne by the end of December 2022.

The continuous stagnation of steel production on the Vietnamese market has a negative impact on steel production. According to figures from the VSA, steel output totalled 29,339 million metric tonnes in 2022, a decrease of 11.9 per cent compared to 2021.

The VSA predicts that steel manufacturers will continue to encounter a number of challenges this year as building demand declines and raw material costs rise.

Spike in value of real estate inventory for Q4/2022

The latest report from the Ministry of Construction (MoC) shows that by the end of Q4 2022, the total value of inventory held by the major property developers showed a 20 per cent jump on-year.

The figures, concerning the housing and property market, covered the total value of inventory held by developers Novaland, Vinhomes, DIC, Dat Xanh Group, Khang Dien, Phat Dat, and Nam Long, which touched $11.7 billion.

Sitting atop the list was Novaland, whose inventory value had risen sharply from $3.77 billion in late 2020 to $5.84 billion by late 2022.

This comes as Novaland increased their exposure to the development of mega resorts, such as Aqua City, NovaWorld Phan Thiet, and NovaWorld Ho Tram on a scale approximating several thousand hectares

As much as 91 per cent of Novaland's inventory value, equal to $5.32 billion, comes from its available land and projects in the development pipeline. The remainder stems from properties that have finalised construction and are waiting to be handed over to purchasers.

Vinhomes were reportedly holding $2.86 billion worth of inventory by Q4 last year, up 131 per cent compared to the previous year. The company’s inventory mostly lies in its for-sale properties that are in the development pipeline, including Vinhomes Grand Park, Vinhomes Smart City, and several Vinhomes Ocean Park developments.

Meanwhile, the valuation of Khang Dien’s inventory rose nearly 60 per cent on-year to $231 million, of which $54 million comes from half-complete developments such as the Khang Phuc project, and $46.8 million comes from the Binh Trung Dong project.

Other developers, like DIC Corporation and Dat Xanh Group, are sitting on portfolios valued at $257.5 million and $619 million, respectively.

The MoC report also indicates that inventory is currently concentrated in high-end condominiums and resort properties. The report commented that last year saw a limited supply of units belonging to new housing projects, as transactions had mainly centred around existing inventories.

Vietnam-Laos trade records impressive growth in 2022

Two-way trade revenue between Vietnam and Laos in 2022 grew 24% from the previous year to reach some 1.7 billion USD, beyond expectations of their leaders at the 44th meeting of the Vietnam – Laos Inter-Governmental Committee on Bilateral Cooperation earlier last year.

Vietnam exported 656.4 million USD worth of goods to the neighbouring country in 2022, up 10.4%, mainly oil and gas, fertilizers, steel, machinery and accessories, and means of transport.

Meanwhile, Vietnam’s imports were valued at 1.04 billion USD, a year-on-year rise of 34.6%, with main items including wood and wood products, fertilizers, rubber and corn.

According to the Vietnam Trade Office in Laos, the two countries’ industry and trade sectors coordinated in organising a range of trade promotion activities during the year, including a business forum in April, a conference on trade connectivity in farm produce, food and consumer goods in May, a trade fair in Vientiane in August, and a trade forum in November, among others.

In December alone, the two-way trade stood at 211 million USD, up 60% from the previous month.

Binh Dinh Province promotes tourism in HCMC

Binh Dinh held a conference on the promotion and marketing of tourism in HCMC to implement a tourism connection program between the province and the southern economic hub.

Recently, a large number of tourists to Binh Dinh Province has mainly come from HCMC, the highland provinces of Kon Tum and Gia Lai, and a number of provinces in the northern region.

In 2023, the province’s tourism industry will have solutions for cooperating with localities to build new tourist products, trans-provincial and trans-regional tours.

Binh Dinh has identified tourism as one of the pillars of the province’s socio-economic growth in the 2021-2025 period, striving to reach the total number of eight million visitors by 2025 and contributing 20 percent of the locality’s GRDP.

Mekong Delta faces difficulties in labor export

497 laborers in Long An Province worked overseas in 2022, reaching 48.5 percent of the plan but the number of people who decided to join in labor export is still very low.

The Mekong Delta province strives to bring 1,000 laborers working overseas every year, including 350 workers with qualified and high working skills.

Last year, there were 515 workers under labor export in Can Tho.

Besides, the Department of Labor - Invalids and Social Affairs of Dong Thap Province said that the whole province had over 1,700 laborers working overseas, reaching 118.6 percent of the plan and at the current times, over 1,400 workers are being trained and pending for working in foreign countries.

In 2023, the province set a target of bringing at least 1,500 laborers working overseas.

In Tra Vinh Province, the whole locality has brought nearly 3,500 laborers working in foreign countries, including nearly 1,400 female workers and nearly 600 Khmer ones. The province also supported workers to join in preferential loans for labor export.

In addition, the two provinces of An Giang and Kien Giang have around 700,000 to 800,000 laborers. However, in 2022 and the first two months of 2023, around 128 laborers are working overseas.

Director of the Labor Service Center of Kien Giang Province Nguyen Phi Hung said that each year the whole province had around 30 people being consulted and trained for labor export.

The province has a program of supporting training cost with an amount of around VND15.6 billion (US$661) per person and supports preferential loan for workers performing procedures. However, the number of laborers deciding to work overseas is still low.

Doctor Nguyen Van Phat, Principal of Kien Giang Medical College Nguyen Van Phat explained that the people in the Mekong Delta used to be closed with their parents and grandparents to take care of them and many parents in the region are concerned about the risk of working overseas.

Every year, many companies come to the localities of Kien Giang, An Giang and Hau Giang to introduce job opportunities overseas and perform free training sessions in foreign languages but the number of people who decided to join in labor export is still very low, added Doctor Nguyen Van Phat.

Petrol prices up, oil rices down in latest adjustment

The retail prices of petrol were revised up while prices of diesel, kerosene and mazut were lowered from 3pm on February 13 by the Ministry of Industry and Trade, and the Ministry of Finance.

Specifically, the price of E5 RON 92 petrol went up 627 VND per litre to 23.767 VND (about 1 USD) while that of RON 95-III petrol increased by 549 VND to 22,869 VND per litre.

Meanwhile, diesel was sold at 21,560 VND per litre, down 960 VND. The prices of kerosene and mazut decreased by 980 VND and 300 VND to 21,590 VND per litre and 13,630 VND per kilogramme, respectively.

At this price adjustment, the two ministries decided to extract 200-600 VND per litre from different types of oil for the petrol price stablisation fund.

Binh Dinh attracts eight projects in January
     
The central province of Binh Dinh attracted eight new investment projects with a combined capital of over VND5.8 trillion (US$242 million) in January, according to the provincial Investment Promotion Centre.

During the first month of the year, the province also allowed one operating project to raise its level of capital by VND13.75 billion, Nguyen Bay, director of the centre told kinhtedothi.vn.

These new projects include An Quang Urban and Tourism Area worth over VND5.22 trillion. It will be developed by a joint venture of Tuan Dung Trading Co, Dong Do Property Investment JSC and Hoangthanh Trade and Technological Development Co in Phu Cat District.

Four other projects, valued at nearly VND300 billion, will come into biomass energy production, wood processing and high-class interior and exterior products.

The director said Binh Dinh will continue to improve its provincial competitiveness index and perfect its business environment to lure more investment and contribute to speeding up the province's socio-economic development.

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