Ho Chi Minh City People’s Committee has asked the Ministry of Construct for a guideline to implement a pilot on multi-storey parking structures in the city.

According to the committee, the city’s parking network has not been given proper investment as planned. It now has about 900 ha for parking areas, accounting for just 20% of the total areas planned.

Previously, the city planned to build four underground parking lots in the city’s centre. However, by now, none of the projects have been implemented. 

The city’s authorities are now managing more than 850,000 cars and over 7.8 million motorbikes, excluding those registered in other localities but still run on the city’s roads. They said the implementation of temporary fabricated multi-storey parking structures is very necessary to partly meet the needs of people and businesses as well as help reduce traffic congestion and enhance traffic order and safety.

The fabricated parking structures can be built on public land, parks, or construction sites of pending projects.

They have advantages for requiring only about three months to install, occupying about 49 sq.m for 16-21 cars, even the nine-seat ones, and bear low costs compared to underground parking spaces, according to the city’s Transport Department. And they can be easily and quickly installed, or dismantled and relocated when needed.

Denims and Jeans Vietnam expo returns in March

The 5th DenimsandJeans Vietnam expo will return in Ho Chi Minh City on March 1 and 2 after three years in hiatus due to the COVID-19 pandemic, heard a February 17 press conference on the show.

The edition, themed Yogim (Yoga and Denim), is expected to gather large denim producers from Vietnam and over 10 other countries and introduce important innovations in sustainable manufacturing.

The show is an initiative of Denimsandjeans.com, a website founded by Sandeep Agarwal and dedicated to the world denim industry since 2007.

According to Sandeep Agarwal, the 5th edition will feature a ‘DENIM BAZAAR’ section for Vietnamese brands to display their creative and recycled products.

On the sidelines, there will be programmes and activities to showcase Vietnam’s role in the cycle of the denim industry, AI-supported denim breakthroughs, and sustainability and traceability solutions, among other topics.

Currently, Vietnam exports more than 65 million pieces of denim clothing. The tariff for them in the EU market is now at 4-6%, projected to be at 0% within the next two years.

Local steel manufacturers backing product quality

Local groups using stainless steel have stated that complaints related to substandard products are far off the mark.

South Korea’s Posco VST and 13 Vietnamese steelmakers recently opposed the Ministry of Science and Technology’s (MoST) decision to put some stainless steel products of series 200 (samples GD1 and GD2) into the national standard. They cited these products as being of low quality and harmful to human health.

However, 32 other steel manufacturers have heard the conclusion of scientists after nearly a year of research on the quality and applicability of the series 200 of stainless steel which contains chrome, nickel, and manganese.

The 32 firms noted in the petition that no document exists to prove that the products are of low quality. The standards status process for the series 200 was carried out by the Institute of Standards under the MoST, following the scientific process.

The move from the MoST has been welcomed by stainless steel groups because it aims to end issues since Circular No.15/2019/TT-BKHCN promulgated national technical regulations on stainless steel. It came into effect in January 2020 and determined whether or not series 200 stainless steel products can be circulated.

This type of steel is mainly used to manufacture products such as tables, chairs, stair railings, household appliances, interior equipment furniture, and components and spare part of many industries. Compared to galvanised steel, it has acceptable anti-corrosion properties, is easy to work with, and offers good mechanical properties.

Businesses also reported that in addition to creating the aforementioned goods for local use, Vietnamese stainless steel producers have been exporting these goods to a variety of countries, including the Netherlands, Germany, China, India, Thailand, and even South Korea. In this context, businesses stand by the petition, noting that if these types of steel no longer existed in the Vietnamese market, consumers would have to use more expensive steel products.

Enterprises accelerate investment to anticipate new opportunities

As 2023 is forecast to be a difficult year driven by increasing inflation and economic recession at the global level, enterprises in Vietnam have actively built scenarios to adapt to market recovery and anticipate new business opportunities.

According to the General Statistics Office (GSO), Vietnam attracted foreign direct investment (FDI) worth 1.69 billion USD as of January 20 this year, down 19.8% annually.

However, in the month, local authorities granted licences for 153 new FDI projects worth 1.2 billion USD, up 48.5% in number and 3.1 times in value.

This is considered a new signal that opens up more chances for businesses in 2023.

Duong Nguyen Thanh, deputy director of Haast Industries Vietnam Co., Ltd, said that the number of new electronics orders in the world has declined sharply since late 2022, mainly in the consumer electronics sector.

The decrease is affecting Haast’s operation and output. However, the factory has taken different measures to ensure flexible adaptation such as strengthening connectivity with existing partners, seeking new customers to maximise production capacity, and increasing the governance capacity and human resources quality to meet high requirements of choosy markets.

Trinh Van Quang, Vina CPK-Project Development Manager, said that his company is investing in building Ba Thiet II industrial park in Binh Xuyen district in the northern province of Vinh Phuc with an area of 308 hectares.

At present, the occupancy rate at the cleared area reaches 100% with many large enterprises from the Republic of Korea, Japan, the US, Sweden, and Taiwan (China), which operate mainly in high-tech and environmentally-friendly production and business industries.

RCEP creates new impetus for regional economic development

Since it entered into force in early 2022, the Regional Comprehensive Economic Partnership (RCEP) has helped strongly promote integration of value and supply chains, strengthen confidence in regional economic recovery and create new impetus for trade and investment growth in the region and the world, according to an article on the Zhongguopinglun (China review) website of Hong Kong (China). 

The article quoted Oramon Subthawitham, Director-General of the Department of International Trade Negotiations of the Thai Ministry of Commerce, as saying that the total import-export value between Thailand and RCEP member countries accounts for more than 50% of Thailand's foreign trade.

The effective implementation of RCEP has great effects in promoting trade between Thailand and other RCEP member countries, Subthawitham said.

According to data released by the Cambodian Ministry of Commerce, in the first half of 2022, the country's exports to RCEP member countries increased by nearly 10% year-on-year.

Cambodian Ministry of Commerce's Undersecretary of State and Spokesman Bin Soviji emphasised that RCEP and the Cambodia-China Free Trade Agreement are important factors in boosting Cambodia's export growth.

Thanks to RCEP, Cambodia exports more products to other RCEP member countries and has expanded its export markets.

For Vietnam, Vietnam's seafood exports also surged thanks to RCEP. Vietnam has exported seafood to more than 160 markets around the world, of which exports to RCEP member countries account for over 63%. In the first 10 months of 2022, Vietnam's seafood exports increased by 34% over the same period in 2021.

According to statistics from the General Administration of Customs China (GACC), the total import and export turnover between China and RCEP partners in 2022 reached over 12.95 trillion CNY (1.9 trillion USD), up 7.5% year-on-year, accounting for 30.8% of China's total foreign trade turnover.

Secretary-General at the United Nations Conference on Trade and Development (UNCTAD) Rebecca Greenspan said in the context of declining global openness, rising trade costs and bottlenecks of supply chains, RCEP has significantly contributed to the global economy.

The RCEP comprises 10 members of the Association of Southeast Asian Nations (ASEAN), namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, together with their five trading partners, namely China, Japan, the Republic of Korea, Australia, and New Zealand. It is the world's largest free trade agreement, and has entered into force in 14 member countries.

Vietnam’s marine aquaculture needs to go modern: conference

Virtually all of Vietnam's marine aquaculture is done by household businesses using outdated technologies, Assoc Prof Nguyen Huu Dung, chairman of the Vietnam Seaculture Association, has said.

Speaking at a conference in Binh Dinh province on February 14 he said Vietnam's marine aquaculture is behind the times, with only around 10 companies applying industrial methods.

Tran Cong Khoi, deputy head of the Directorate of Fisheries’ aquaculture department, said Vietnam is plagued by improper planning, underdeveloped infrastructure, diseases, and natural disasters.

Only a few enterprises invest in industrial marine aquaculture models since they require a lot of resources, he said.

Dr Vo Si Tuan from the Vietnam Science and Technology Advisory Council said traditionally marine aquaculture has been done on a small scale, does not conform to government plans and poses high pollution risks.

The solution is to change the technologies and farming methods, he said.

Tran Van Phuc, director of the Binh Dinh Department of Agriculture and Rural Development, said that the province only has 60 hectares of marine aquaculture farms using industrial methods.

It is gradually industrialising marine aquaculture by adopting technologies and farming methods that are more effective and environmentally friendly, expanding the farming area and facilitating investments in hi-tech farming, he said.

Dũng suggested that Vietnam’s marine aquaculture methods should be modernised, and that the sector should be integrated with tourism and other industries.

The Directorate of Fisheries is focusing on drafting policies to attract investment and helping small farming households join co-operative groups.

The conference was held by the Ministry of Agriculture and Rural Development, Binh Dinh province and Tuoi Tre newspaper to focus on challenges facing marine aquaculture in the country.

Le Xuan Trung, deputy editor in chief of Tuoi Tre newspaper, said Vietnam’s fisheries exports of 11 billion USD last year made it one of the three countries in the world.

Many foreign funds enjoy profits in January

After recording a difficult year with heavy losses in 2022, earlier this year a series of investment funds reported strong growth in profits.

In the recently published January performance report, Pyn Elite Fund announced that the fund's investment performance reached 10.33 per cent. This is the highest level this foreign fund has ever achieved in January since pouring capital into Vietnam 10 years ago.

As of January 31, 2022, the net asset value per certificate of PYN Elite reached more than 436 EURO (467.5 USD). Assets under management (AUM) amounted to more than 759 million EURO, equivalent to 19.24 trillion VND, an increase of 77 million EURO, equivalent to an increase of 1.9 trillion VND compared to the end of 2022.

The top 10 largest investments in the portfolio, which account for 86.9%, included five banking stocks and VNFinLead ETF fund certificates simulating financial groups of banking, securities, and insurance. VNFinLead ETF has had the third consecutive month in the top 10 largest investments of PYN Elite Fund.

Lumen Vietnam Fund also recorded a growth performance of 14.11% in January. The above performance was achieved thanks to the fund's focus on allocating industrial, real estate and financial stocks. January 2023 was the highest-performing January since the fund started operating in Vietnam in 2013.

Vietnam Enterprise Investment Limited (VEIL), a fund under Dragon Capital, also recorded a positive performance of 10.9% in January.

According to VEIL, the performance improved thanks to a more positive domestic and global macro outlook. Domestically, the easing of monetary policy, allowing liquidity to return to the market, coupled with an impressive 8 per cent economic recovery in 2022, the highest growth rate in ten years.

The top 10 stocks of VEIL currently include Asia Commercial Bank (ACB), Vpbank (VPB), Mobile World Group (MWG), Hoa Phat Group (HPG), Vietcombank (VCB), FPT Corporation (FPT), Becamex IDC Corp (IDC), PetroVietnam Technical Services Corporation (PVS), Vinhomes (VHM) and Phu Nhuan Jewelry (PNJ).

Two other foreign funds including Vietnam Holding Limited and Vaneck Vectors Vietnam ETF also recorded positive performance in January 2023. Accordingly, Vietnam Holding Limited grew by 7.72% and Vaneck Vectors Vietnam ETF recorded a yield of 9.09%.

New export pattern emerging for agricultural-based goods

Vietnam’s trade, particularly in agricultural goods, is being bolstered by China’s reopening of the border,. although it remains onerous for enterprises.

According to the General Statistics Office, the export turnover of goods in January when the Tet holiday took place was estimated at $25.08 billion, a decrease of 13.6 per cent compared to the previous month, with China the biggest market, generating an estimated $8.1 billion in Vietnam’s export revenue.

Vietnamese importers have been encouraged by the fact that the Chinese government concurrently reopened customs clearance for products after a 3-year hiatus.

The China Aquatic Products Processing and Marketing Alliance believes that China’s seafood consumption is gradually gaining ground. He anticipates that Vietnamese seafood shipments will rebound in the first few months of the year.

This year’s early customs clearance of agricultural goods via the Lang Son border gate in the north indicates that demand from China is rising, added Hoang Khanh Duy, deputy director of the Management of Dong Dang-Lang Son Bordergate Economic Zone. He estimates that nearly 370 containers were shipped to China through Lang Son on January 8-28, about 90 per cent of which were agricultural items.

Lang Son’s Tan Thanh and Huu Nghi border crossings, as well as Chi Ma and Coc Nam, are now being authorised by customs. According to a representative of Dong Dang-Lang Son border zone, drivers and passengers entering China need a COVID-19 test certificate and must complete a health declaration form.

In the last months of 2022, agricultural exports to China increased due to good market conditions. Compared to the same month in 2021, seafood exports to China climbed by 17 per cent in December, while exports of vegetables and fruits increased by 6.6 per cent, totalling $159.4 million.

Vietnam’s banana exports to China initially exceeded those of the Philippines. Currently, the Mekong Delta area is experiencing its peak fruit crop. Depending on the variety, the price of dragon fruit has climbed by $1.11 to $1.28 per kg, a significant increase compared to the same period last year, when it was just 17 - 28 US cents per kg.

According to Nguyen Thuy Thuan, director of Dragon Herb Tea Trading Production Co., Ltd. in Ho Chi Minh City, dragon fruit sent to China attracts middle-men looking to cash in. To reach this market as efficiently as possible, the corporation has shifted all exports to the sea rather than land.

China has been Vietnam’s major agricultural export market for many years. But pursuing a strict pandemic strategy policy for the last three years has had a significant impact on the production and trade of agricultural goods and fruit and vegetables in Vietnam. According to the General Department of Vietnam Customs, exports of fruit and vegetables to most markets grew substantially in 2022, while exports of agricultural goods and vegetables to China declined by 19.8 per cent.

Despite that, China continues to monitor agricultural items for chemical residues, although its borders have been reopened.

The General Administration of Customs of China published two new pieces of legislation at the start of 2022 and to sell to the Chinese market, foreign companies must adhere to the new rules and restrictions.

Numerous Vietnamese enterprises are facing difficulties associated with the quality of their exports to China and the rules governing their exports. According to the Vietnam Sanitary and Phytosanitary Notification Authority and Enquiry Point, there were 2,426 product codes authorised for importation into China as of early December. In which, around half belong to the group of 18 goods registered via the competent authority, and the rest are not on the list of items that must be registered through the competent authority.

Aquatic items are the most often passed through Chinese customs, followed by nut products such as cashews and coffee, vegetable oil products, and flour cakes.

Dr. Phan Thi Thu Hien, head of the Plant Protection and Quarantine Department under the Ministry of Agriculture and Rural Development, said, “At this point, the Chinese side may update and enhance the list of criteria if new dangers are identified.”

According to Hien, China mandates the stringent use of good agricultural practises in terms of monitoring for hazardous bacteria, quality assurance systems, and transparency. In the event of a violation, the cargo will be incinerated or returned, depending on the severity. Hien said that Vietnam is seeking to negotiate with China to expand its market to pomelo, custard apple, coconut, plum, and citrus goods. Vietnam and China signed a protocol for the shipment of durian, bananas, sweet potatoes, and bird’s nest to the Chinese market in 2022.

Vietnam has supplied five plant-based goods to China in recent times: mangosteen, black jelly, durian, bananas, and sweet potatoes. In addition, seven traditional fruit exports are permitted: mango, dragon fruit, longan, lychee, watermelon, rambutan, and jackfruit. Vietnam is also temporarily providing fresh passion fruit and chilli peppers to the market.

Interest rate pressures to remain for the foreseeable

High interest rates are causing major issues for businesses, hindering cash flow for production and investment.

The government asked banks to reduce interest rates last month to support economic recovery and growth. However, nearly a month has passed, and the lending interest rate is still high.

Pham Thu Huyen, who runs a garment company in Hanoi’s Hai Ba Trung district, would like to borrow some money to start a new season of orders of summer and autumn clothes. For the 6-month maturity loan that she usually applies for every year, the interest rate has soared to nearly 14 per cent from 9-10 per cent last year.

While borrowers are still stunned because of high interest rates, a staff member at Viet Capital Bank said, “The interest rate is not very high, some other banks lend up to 15 per cent per year.”

At the end of 2022, businesses that have loans at banks received information about old loan contracts’ interest rates rising to 15 per cent, so they tried to find sources of money to pay the banks to reduce the burden.

In the view of experts, even if the credit growth rate in the new year is higher than in the previous years, it will be difficult for enterprises and borrowers to access capital at current lending interest rates of around 15 per cent per year.

The solution to economic recovery, Luc said, is urgently reducing the interest rate of deposits to easily access capital. The deposit interest rate does not exceed 9.5 per cent per year, along with the lowest margin of about 3 per cent, so the loan interest rate has increased to 12.5 per cent.

However, recently, the US Federal Reserve (Fed) has just raised the USD interest rate by 0.25 per cent, to 4.75 per cent, so the reduction in deposit interest rates may affect the exchange rate, Luc said.

Nguyen Huu Huan, an expert from the University of Economics Ho Chi Minh City, raised another solution, suggesting that banks reduce their net interest margin (NIM) ratio, which is currently very high, as many banks reported huge profits in 2022.

There are a number of banks that slightly reduced their savings interest rates recently. Techcombank, and MSB reduced rates by 0.3-0.4 per cent, on deposit interest rates from 6 months or more to 9-9.2 per cent per year; Sacombank cut rates by around 0.3 per cent for deposit accounts to 5.7-5.95 per cent per year for 1-4 months terms.

In 2023, the banking industry has been assigned to manage credit growth reasonably, ensuring sufficient capital for the economy with reasonable costs and interest.

Currently, the SBV has yet to announce credit growth in 2023 but based on credit growth in 2022, its credit direction this year will be around 14-15 per cent.

With the economic growth target this year at 6.5 per cent, if credit policy is managed flexibly, the banking system will pump out about $74-78 billion, so the market and enterprises will not lack capital.

Fresh approaches sought for electricity transmission

The plan to raise transmission tariffs for energy indicates that Vietnam must take further steps to alleviate system stress and entice private sector investment in transmission.

Electricity of Vietnam (EVN) suggested to the Ministry of Industry and Trade (MoIT) two weeks ago that the price of power transmission be increased to 0.3 US cents per kWh. EVN believes that this adjustment will assist National Power Transmission Corporation (EVNNPT) in reducing losses, maintaining its credit rating, ensuring obligations with borrowing organisations, and continuing to raise capital for investments in the construction of the power transmission system.

The price of electric utilities, one of the components of the cost of power, is changed yearly. The MoIT has authorised a transmission tariff of 0.3 US cents per kWh for 2022, based on criteria such as the estimated transmission power production of 216,033 billion kWh, which is much higher than the actual EVNNPT output of 211.47 billion kWh.

In 2022, EVNNPT lost nearly $29 million, primarily due to the exchange rate difference and the fact that the transmission output was not updated in the MoIT transmission price plan approved in May 2022. Other costs were incurred with a transmission price of 3 US cents per kWh, and EVNNPT’s return on equity was zero.

Vietnam must raise the transmission cost from 22.37 to 52.9 per cent, based on the capital level of participation of non-state economic sectors and data from the Vietnam Initiative for Energy Transition Social Enterprise for 2022.

The state owns a transmission monopoly in Vietnam, according to the Law on Electricity of 2018. Do Duc Hung, planning director at EVNNPT, said it operates most of the transmission system infrastructure, comprising 178 substations and more than 28,600km of transmission lines.

In 2023, EVNNPT is projected to invest around $816 million to enhance transmission power production by 2.97 per cent compared to 2022, reaching approximately 217.8 billion kWh, which is comparable to 35 projects commencing and concluding and 44 power grid projects coming online.

Vietnam requires a substantial amount of capital to rectify the situation in which the development of power sources is incompatible with distribution and load growth, resulting in an imbalance between supply and demand in each region and putting pressure on transmission up and down the country. According to the draft Power Development Plan VIII (PDP8), the transmission network would require an annual investment of approximately $1.44 trillion between 2021 and 2030, which is 1.8 times the 2016-2020 level.

The MoIT has released a circular outlining the transmission price calculation process and has applied it clearly to all participating investors. The PDP8 also includes a list of grid projects that need investment and defines the locations of several transmission works, such as the 500kV grid and substation, for which permission is required.

Several other economic sectors invest in distribution networks in metropolitan areas, industrial zones, and municipalities, although the volume and voltage level of these investments are quite limited. During 2019-2020, certain private investors invested in transmission lines, including Trung Nam Group in Ninh Thuan province and Xuan Thien Group in Dak Lak province. They invested in 220 out of 500kV transmission lines and substations, but primarily provided electricity transmission service from the plant they invested in to EVN’s connection point.

Bui Quoc Hung, deputy director of the Electricity and Renewable Energy Authority, said that the private sector will not engage in power transmission due to lack of interest. He said that the estimated rate of return on EVNNPT is very low, barely 3 per cent per year, and that private investors “find it difficult to accept” this rate.

Private investors such as Trung Nam and Xuan Thien may recoup transmission investment expenses via power sales contracts to EVN or from other investors subleasing the transmission line to the connecting point.

Rubber stocks to benefit from China re-opening
     
The rubber industry is poised to reap the rewards of China's reopening following the end of the country's zero-COVID policy, as the Asian nation is the largest import market for rubber from Viet Nam.

According to Agricultural Securities Company (Agriseco), China is the world's largest natural rubber import market, with a consumption market share of more than 43 per cent. It is also the largest rubber importer of Viet Nam, accounting for nearly 80 per cent in 2022.

The reopening of China on January 8, 2023, will boost rubber demand for the production of tubes and tyres. Rubber manufacturing and exporting enterprises will benefit from the reopening and expect positive business results in 2023.

China's increase in rubber imports for production will be an important condition for prices to rise again after the last price reduction period.

According to information from the Ministry of Agriculture and Rural Development, Viet Nam currently ranks third globally in rubber export value and is present in more than 80 countries and territories, particularly China, the US, the EU, South Korea and India.

In 2022, the total export turnover of the rubber industry was estimated at US$10.3 billion, up 8.5 per cent compared to 2021. Natural rubber exports were estimated at 2.14 million tonnes, worth $3.31 billion, up 9.6 per cent in volume, but only 1.1 per cent in value, because the average export price was $1,547 per tonne, down 7.8 per compared to 2021.

The Viet Nam Rubber Association said the recovery of global rubber consumption had boosted rubber export businesses. However, the US dollar exchange rate increased, while rubber latex prices decreased in the last months of 2022.

SSI Research forecast that China would restore tyre production after gradually easing social distancing, thereby increasing demand for natural rubber and the price of natural rubber in the market. However, with the downtrend of oil prices, natural rubber prices may increase by 1-5 per cent in 2023.

On the stock market, rubber stocks saw positive developments in the first month of 2023; price increases ranged from 4.2 to 15.1 per cent.

Viet Nam at center of Japan's ASEAN supply chain shift: Nikkei Asia

Viet Nam's increasingly vital role in supply chains is bringing greater electronics investment from Japan as well as more awareness of human rights issues, said Japan External Trade Organization (JETRO)'s chief representative Matsumoto Nobuyuki in an interview with Nikkei Asia.

Manufacturers have invested in advanced devices and other sectors in Viet Nam due in part to Japanese government subsidies to exit China and also to diversify production across Southeast Asia, said JETRO's chief representative.

JETRO's recent survey of Japanese businesses showed their top regional target for expansion is Viet Nam, which is already home to big electronics producers like Sharp and Murata, both Apple suppliers.

Human rights are gaining prominence, with 65.4 percent of respondents in Viet Nam saying this is an important factor in supply chains, a 16.6-percentage point jump from 2021 to 2022.

Companies in the U.S. and Europe require partners to consider human rights, Matsumoto told Nikkei. He interprets the latest jump to mean that Japanese factories in Viet Nam increasingly are exporting not just to their home market but to the West. 

Their businesses are changing, he said, adding that they are reconstructing global supply chains.

Viet Nam is climbing up the value chain, with high-tech goods as a share of exports hitting 42 percent in 2020, up from 13 percent in 2010, the World Bank said.

Of JETRO respondents in Viet Nam, 60 percent plan to expand in the country in the next year or two, higher than anywhere except India and Bangladesh. Japan and the Republic of Korea are regularly the top two investors in Viet Nam, with a boost from Tokyo in 2020 when it introduced subsidies for companies leaving China.

Amid geopolitical tensions, manufacturers are entering Viet Nam to diversify the production of tech and other products, Matsumoto said.

Hanoi Technology Exchange set to launch in 2023

Hanoi is committed to developing efficient policies to attract investment resources for science-technology and innovation, including the setup of the Hanoi Technology Exchange, Technology, and Innovative Startup Incubator in 2023.

Vice Chairman of the Hanoi People’s Committee Le Hong Son gave the information at a conference on February 14, discussing the city’s science-technology development objectives for this year.

Son expected Hanoi to work with the Ministry of Science and Technology to finalize the transfer of the management of Hoa Lac Hi-Tech Park to Hanoi; establish a citywide shared database; streamline administrative procedures by modernizing recruitment methods; and promote collaboration between domestic and foreign scientists, schools and research institutes for the development of scientific research in the capital.

To ensure that science, technology, and innovation help boost the competitiveness of Hanoi's economy and contribute largely to socio-economic development, Son has required the Hanoi Department of Science and Technology to adopt new and innovative operating methods and provide more effective consulting services in these fields.

Director of the Hanoi Department of Science and Technology Nguyen Hong Son stressed the importance of 2023 in the implementation of the five-year socio-economic development plan (2021-2025) and the mid-term review of the Hanoi Party Committee's Program on "Strengthening the development of science, technology, and innovation in Hanoi from 2021 to 2025".

To ensure the effective implementation of the program, the director proposed the city enhance the quality of state management of science and technology. “The Department of Science and Technology will prioritize its efforts towards providing effective advisory services on the development of mechanisms and policies related to science and technology. This includes advising on the development of the amended Capital Law and contributing to the formulation of the Capital Planning period (2021-2030) by providing expert input on science, technology, and innovation-related issues,” he said.

Son concurred with the view of the city's vice chairman in stating that the development of the science and technology market will be achieved by accelerating the construction and commissioning of the Hanoi Technology Exchange, Technology and Innovation Startup Incubator.

In this regard, he noted various innovation-focused activities will be organized to showcase Hanoi's potential as the hub of science, technology, and innovation of the country.

VIMC reported all-time high profits, restructuring considered
     
The Vietnam Maritime Corporation (VIMC) reported its profit exceeding US$130 million in 2022, for the second year in a row.

While the final figure was still not yet made public while under audit, VIMC, the country's largest State-owned maritime logistics corporation, said 2022 had been a good year for business.

Last year, VIMC's total shipping volume was estimated at 21.8 million tonnes, 13 per cent over the yearly target; cargo throughput via seaports was estimated at 124 million tonnes or 93 per cent of the yearly target; container volume was estimated at 5.8 million TEUs or 97 per cent of the yearly target.

That put the corporation's consolidated revenue at $653.9 million, 20 per cent over its annual objective and a 5 per cent increase over the previous year. VIMC’s earning in sea shipping was estimated at $81.2 million, a 71 per cent increase in the same period in 2021 and 44 per cent above 2022's target.

Once the financial audit is finalised, VIMC will likely be looking at a yearly profit north of $135 million, nearly 25 per cent above its set target, according to a statement released recently by the corporation.

VIMC operates a fleet of 59 ships, including four oil tankers (accounting for 5 per cent of VIMC’s total tonnage), 10 container ships (7 per cent of total tonnage) and 45 dry cargo ships (88 per cent of total tonnage). A majority of its fleet was either built or purchased prior to 2010 with an average service life of 20 years.

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