Deputy Minister of Agriculture and Rural Development Le Quoc Doanh has stressed the need to develop Vietnamese ginseng into a product with national brand.

According to the Ministry of Agriculture and Rural Development, a number of Vietnamese localities have cultivated ginseng, mainly Ngoc Linh ginseng grown in the central province of Quang Nam and the Central Highlands province of Kon Tum with more than 6,000 hectares.

The planting and development of ginseng have initially created jobs and increased income for local people, especially ethnic minorities in remote areas, improved infrastructure, and contributed to new-style rural area building.

However, the consumption and processing of Ginseng has yet to meet potential and strengths.

Therefore, the conference was organised to bring into full play potential and advantages of natural conditions and the endemic plant species with high economic value.

The Ngoc Linh ginseng (Panax vietnamensis, or Vietnamese ginseng), a rare medical root containing 52 saponin compounds helpful to health, was found on Ngoc Linh Mountain on the boundary between Kon Tum and Quang Nam in the late 1960s.

Besides saponin, Ngoc Linh ginseng contains 17 amino acids, 20 trace minerals and 0.1 percent of attar. The ginseng has high effects in anti-stress and anti-aging conditions. It helps improve immunity, enhance liver function, and lower cholesterol. Besides, it also works well with antibiotics and diabetes medications.

Ngoc Linh ginseng is one of the world’s most precious ginsengs. It was approved as a national treasure under the Prime Minister’s Decision 787/QD-TTg dated June 5, 2017.

Vietnam's credit growth expands by over 17 percent

Vietnam’s credit growth as of June 9 expanded by 17.09 percent against the same period last year, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu said on June 15.

He revealed the figure at a press conference held by the central bank to review the performance of the banking sector in the first six months of this year, adding that it is in line with the more positive developments of the economy.

According to the SBV Deputy Governor, during the period, credit and monetary policies have gradually been harmonised with the new normal, focusing on increasing investment in various fields of the economy. Since the beginning of this year, the SBV has directed institutions to concentrate credit on business and production, and prioritised fields as well as strictly controlling credit for potential risk areas.

In the coming time, positive credit growth along with the impact of the economic stimulus package will support the nation's economic recovery, he said.

By the end of April, credit institutions have extended the payment deadline and reduced interest rates for debts worth over 695 trillion VND (29.8 billion USD) for 1.1 million customers. Banks have also frozen and waived interest rates for about 490,000 clients with combined outstanding loans of nearly 91 trillion VND.

Vietnam is likely to face the risk of inflation in the future, he said, adding that the global monetary and financial situation has many fluctuations that will affect the country because its economy is open.

Digital payment priority of Vietnamese consumers

In the context of the extensive digitalisation of services as well as multidimensional impacts of the COVID-19 pandemic, the behaviour and expectation of Vietnamese consumers have changed, turning digital payment into an evitable trend of the economy and their priority.

The Cashless Day, which has been organised every June 16 since 2019, has affirmed its significance and pervasiveness when receiving great attention and response of people and enterprises.

This year’s Cashless Day has a series of events, including Dance Cover contest, which kicked off on May 27; two cashless markets, held in Ho Chi Minh City Hi-Tech Park on June 4 and Tan Thuan Export Processing Zone on June 12; a national workshop on "Cashless Day" in Hanoi on June 16; and a cashless bus that will depart from Hanoi on June 19 to Vinh city of Nghe An province, Da Nang, Khanh Hoa province’s Nha Trang city and arrive in Ho Chi Minh City on July 3.

In the first four months of this year, cashless transactions increased by 32.37 percent in value. The country now has over 347,000 Points of Sale (POS) and more than 100,000 points that accept payments through QR Code.

HCM City’s number of firms grows over 26 percent from 2016

The number of businesses in Ho Chi Minh City amounted to 216,170 in 2021, up 26.2 percent from 2016, according to the city’s economic census for last year.

Of the total figure, there were 270 State-owned enterprises, down 22.9 percent from 2016.

By contrast, the numbers of non-state and FDI enterprises were at 208,609 and 7,291, up 25.1 and 75.2 percent, respectively.

The decrease of state-owned firms during this period reflected the policy of the Party and State in arranging, transforming, and equitising the group in order to improve their role and business production efficiency.

Among localities, Thu Duc city posted the highest number of operating companies, at 30,729, followed by District 1 (18,184 firms), Tan Binh district (16,745), and Binh Tan district (15,333).

Binh Duong GRDP grows 6.85 percent in first half

The southern province of Binh Duong’s gross regional domestic product (GRDP) grew 6.85 percent in the first six months against the same period last year.

In the first half, the local industrial production sector maintained positive growth. Its import and export revenues were over 19.1 billion USD and 12.7 billion USD, respectively, as heard at the provincial Party Organisation’s conference, 

Binh Duong is part of the key southern economic region, which includes Ho Chi Minh City, Binh Phuoc, Tay Ninh, Dong Nai, Ba Ria-Vung Tau, Long An and Tien Giang provinces.

RoK firms expand investment in research and development in Vietnam

Leading enterprises from the Republic of Korea (RoK) including Samsung Electronics, Naver and Revu Corporation have further promoted investment in research and development (R&D) centres in Vietnam to fully tap high-quality and low-cost human resources.

A report released recently by the Korea Trade-Investment Promotion Agency (KOTRA) said with stable economic growth, Vietnam has continuously trained young R&D staff to a high level.

Vietnam ranked second in the world in terms of software outsourcing for information technology development in 2020.

Meanwhile, the Vietnam IT Market Report 2021 conducted by TopDev, a Vietnamese market research company, shows that the average salary of programmers with less than two years of experience in Vietnam is at least 430,000 won (332.6 USD) per month, and the salary for those with more than 10 years of experience is 3.27 million won (over 2,500 USD). Meanwhile, the average salary of a new employee working at a mid-range IT firm in the RoK is about 3.5 million won (over 2,700 USD) per month.

Samsung Electronics has started construction of the largest R&D centre in Southeast Asia in Hanoi, which is expected to be completed in 2022.

LG Electronics opened the LG Vehicle Component Solutions Development Centre Vietnam in the central city of Da Nang in 2020.

Naver and NCsoft have also established R&D organisations in Vietnam. In 2021, Naver collaborated with Vietnam's information technology research institutes, the Posts and Telecommunications Institute of Technology (PTIT) and the Hanoi University of Science and Technology to set up an artificial intelligence research centre. Meanwhile, NCsoft is operating NC Vietnam Visual Studio - an R&D agency focusing on graphics technology in HCM City.

Opportunities await Vietnam’s exporters in French market

Vietnamese enterprises can find opportunities for exporting many commodities, from consumer goods to fishery, agricultural, and food products, to France, heard a seminar on post-pandemic chances for accessing the French market on June 15.

Nguyen Tuan, Deputy Director of the Trade and Investment Promotion Centre of Ho Chi Minh City, said France is currently the fifth largest European trading partner of Vietnam, which has continually recorded a trade surplus with this market in recent years - over 1 billion USD during 2013 - 2027 and still rising now.

Last year, Vietnam shipped about 3.2 billion USD worth of goods to France. The figure was 1.1 billion USD in the first four months of 2022, up 10.3 percent year on year.

Meanwhile, France’s exports to Vietnam approximated 1.6 billion USD in 2021, up 5.3 percent, and stood at 450 million USD in the January - April this year, down 16 percent, according to the General Department of Vietnam Customs.

Nguyen Hai Nam, Chairman of the Vietnamese Entrepreneurs’ Association in France, pointed out that as socio-economic and population changes have affected the agricultural and food consumption trend in the European country, Vietnamese firms can find opportunities for exporting fishery, fruit, confectionery, and cereal products.

Apart from essential goods, France also has great demand for high-end products for high-income earners and tourists. This segment can generate considerable profits for Vietnamese exporters, Nam noted, adding that organic agricultural and fishery products will also have more chances to increase their presence there.

Le Van Thanh Tra from the Source of Asia company advised businesses to review their capacity before accessing new markets like France in the post-pandemic period, connect with well-informed partners in those markets, and thoroughly learn about the business culture in France.

Project launched to help Vietnam better financial market supervision

A project to improve early warning and risk management capacity for Vietnam's financial sector was launched at a ceremony held by the National Financial Supervisory Commission (NFSC) and the Korea International Cooperation Agency (KOICA) in Vietnam on June 15 in the northern province of Quang Ninh. 

This is a non-refundable official development assistance project funded by the government of the Republic of Korea (RoK) through KOICA Vietnam. The direct beneficiaries are financial management and supervision agencies of Vietnam, the Ministry of Finance, the State Bank of Vietnam (SBV), and the Ministry of Planning and Investment.

The five-year project aims to early detect risks and have a plan to respond to uncertainties in the financial sector of Vietnam, thereby helping to ensure the stability of this area and support Vietnam's development goals to 2030.

IFAD supports Vietnam’s agriculture and rural development to respond to climate change

“Vietnam has been a good example on how to move from vision to action in strengthening communities with climate resilient, economic growth and decrease of poverty,‘’ said Ms Reehana R. Raza in her first official visit to Vietnam this week as the new Regional Director at the International Fund for Agricultural Development (IFAD) in Asia and Pacific.

While meeting Vietnamese leaderships in Hanoi, Raza reaffirmed IFAD’s support to the country in the programme for 2021-2025 national target programme on sustainable poverty reduction and praised Vietnam’s efforts in moving the development agenda forward.

“IFAD is proud of its successful collaboration with Vietnam for almost three decades. We wish to deepen, enlarge and expand this cooperation and partnership with Vietnam in a sustainable ways”, added Raza.

The purpose of the visit was to strengthen relationships with Vietnam going forward by meeting with UN development partners and line ministries that IFAD works with at both national and local levels.

Since 1993, IFAD has supported 15 programmes and projects in the Vietnam for a total of USD 362 million, directly benefiting 738,470 rural households.

Lai Chau’s Nam Xi Lung I hydropower plant put into operation

Nam Xi Lung Hydroelectric JSC held an inauguration ceremony for its Nam Xi Lung I hydropower plant in Pa Ve Su Commune, Muong Te District, in the northern province of Lai Chau, on June 14.

The plant has a capacity of 29MW and received a total investment of over 1 trillion VND (43 million USD). The construction of the plant commenced in December 2018 and was completed in late 2021.

Nam Xi Lung Hydroelectric JSC was approved for investment in building three hydroelectric power plants with a total capacity of 90MW and a total investment of 3 trillion VND on Nam Xi Lung Stream in Pa Ve SuCommune.

Quang Nam’s tourism sector faces severe labor shortage

The tourism recovery effort in Quang Nam Province is underway, but the local tourism sector is facing a severe shortfall of human resources, with some enterprises lacking up to 80% of personnel.

Anton Besbalov, general manager at TUI BLUE Nam Hoi An Resort in the province’s Nui Thanh District, said the resort is finding it tough to recruit an adequate number of employees post pandemic.

The resort had around 190 employees before the pandemic but some 50 of them have quit their jobs.

As shared by the TUI BLUE Nam Hoi An manager, following the reopening of domestic and international tourism, all hotels and resorts in Danang and Hoi An have launched their recruitment plans, resulting in fierce competition for people.

Besides, the resort is far from the city center. In addition, the lack of vocational schools has worsened the shortage, he added.

To cope with the current shortfall, the resort has taken measures to attract laborers. The resort will also coordinate with universities in Quang Nam and neighboring Danang City to provide training to and recruit freshmen.

Facing the same situation, Le Pavillon Hoi An Group saw its workforce decline from some 300 in the pre-pandemic period to 140 now and is struggling to hire 100 more for its hotel, according to Do Nhu Chau, CEO of Le Pavillon Hoi An.

Chau attributed the labor shortage to many employees moving to other jobs and the strong competition in hiring among businesses in the field.

According to Van Ba Son, deputy director of the Quang Nam Department of Culture, Sports, and Tourism, the local tourism sector had around 18,000 employees before the pandemic, reported Lao Dong newspaper.

THG fined for tax rule violations

The Tien Giang Tax Department has fined Tien Giang Investment and Construction JSC, which trades its shares on the Hochiminh Stock Exchange with the code THG, for its tax-related administrative violations and get the firm to pay hundreds of millions of Vietnam dong in tax arrears.

THG got a total fine of VND147 million for its violations of corporate income tax regulations in 2018, 2019 and 2020; value-added tax regulations in December 2017 and December 2020; and contractor tax regulations in 2018, the local media reported.

The construction firm was also requested to pay VND669 million in tax arrears and VND222 million for its late tax payments.

In the first quarter of 2022, THG posted over VND351 billion in revenue, down 5% year on year, and VND31.5 billion in after-tax profit, down 11.9%.

In 2022, the firm looks to obtain VND1.6 trillion in revenue and VND172 billion in after-tax profit.

HCMC Chairman directs to remove obstacles to social housing projects

The Office of the People's Committee of Ho Chi Minh City yesterday said that Chairman of the municipal People's Committee Phan Van Mai had just directed departments and agencies to remove obstacles to the construction of 13 social housing projects for workers in the city.

Specifically, the City People's Committee Office was assigned to review, summarize and advise on handling before June 30 for three projects including the residential area of Long Truong Ward in Thu Duc City, Nguyen Son residential area in Binh Hung Commune in Binh Chanh outlying district) and Hiep Phuoc 1 residential area in Hiep Phuoc port urban area in Nha Be suburban district.

The Chairman of the City People's Committee also assigned the Department of Construction to guide the investors on how to carry out the next construction investment procedures, after having the results of the design appraisal by the Ministry of Construction for two projects comprising residential area in Phu Huu Ward in Thu Duc City and Tan Thuan Tay residential area in District 7.

Simultaneously, the Department of Planning and Investment was assigned to review the procedures for approving the investment policy and submit it to the city People's Committee for consideration of two projects including the social housing area of Exim Company in Phu Huu Ward in Thu Duc City and residential apartments Social Lot C1 Long Thoi residential area - Nhon Duc.

For the housing project in Truong Thanh Ward in Thu Duc City, the city chairman assigned the Housing Development Fund to coordinate with the Department of Construction, the Department of Planning and Investment, and other relevant bodies to set up bidding procedures to select investors according to the order of procedures for the investment project to build social housing approved by the City People's Committee.

Departments should submit their reports to the city administration before June 30.

Hanoi targets 7 million foreign tourists by 2025

Hanoi eyes to welcome over 30 million visitors, including 7 foreigners, by 2025, according to the municipal Party Committee’ draft conclusion on tourism development for 2016-2020 and following years.

The visitors are expected to spend more than 130 trillion VND (5.59 billion USD) while in the capital.

At a conference collecting feedback on the conclusion held on June 15, participants basically agreed with the targets and solutions drafted.

They said it is necessary for the local sector to boost public-private partnership, formation of new products, and tourism connectivity.

The capital city hosted 6.53 million tourists in the first five months of 2022, more than double the figure in the same period last year.

It greeted 126,200 foreign visitors, particularly during SEA Games 31 held this May. As a result, the city earned an estimated 18.9 trillion VND (815.36 million USD) from tourism, doubling the previous year's figure.

Denmark supports green strategic partnership with Vietnam

Denmark is willing to support green transition in Vietnam and wishes to establish a green strategic partnership with the Southeast Asian nation. 
      
Kristoffer Böttzauw, director general of the Danish Energy Agency, was speaking while hosting Vietnamese Ambassador to Denmark Luong Thanh Nghi on June 13.

Böttzauw affirmed that Vietnam is one of Denmark’s most important and potential partners in the field of energy development.

He shared Denmark’s experience in green transition and said the European state is ready to share its knowledge and experience as well as to promote cooperation projects with Vietnam to help the Southeast Asian nation realize its climate change commitments at COP26.

In Asia, he said that Denmark has signed a Green Strategic Partnership with India and a Green Cooperation Agreement with Indonesia, and that Danish leaders place high priority on promoting a green strategic partnership with Vietnam.

Such a successful model would motivate other countries in the region to put forward more environmentally friendly and sustainable development agendas and strategies, he said.

Ambassador Luong Thanh Nghi briefed his host on Vietnam’s development strategy from now to 2030, with a vision to 2045, emphasizing green transformation as one of the long-term and high-priority options in the country’s socio-economic development strategy.

He recalled Prime Minister Pham Minh Chinh’s commitments to reducing greenhouse gas emissions to zero by 2050 at COP26 which he said demonstrate Vietnam’s long-term vision that the country does not trade off development at all costs but has a suitable, balanced and sustainable development roadmap for future generations.

Ambassador Luong Thanh Nghi highly appreciated Denmark’s support and cooperation with Vietnam in recent times, especially in key areas such as climate change response, sustainable development, renewable energy development, and green transition. He hoped that Denmark would continue to provide practical support for Vietnam in the coming time.

He welcomed the Danish side’s proposal to promote the establishment of the Vietnam-Denmark green strategic partnership, and said Vietnam would study and give response soon. 

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