Hanoi capital city is aiming to lead the nation during the industrialisation and modernisation process.

Chairman of the municipal People’s Committee Tran Sy Thanh signed on May 9 a plan to carry out the municipal Party Committee’s February 2 Programme of Action on the implementation of the Party Central Committee’s Resolution No.29, dated November 17, 2022, on continuing to step up Vietnam’s industrialisation and modernisation to 2030, with a vision to 2045.

The plan specifies criteria assessing the implementation of industrialisation and modernisation in the capital city, and defines works associated with specific tasks and responsibilities of each agency, official and Party member in carrying out the action programme.

Specifically, there are a total of 26 criteria, including eight related to economic development, nine on culture development, five on urban development, and four on environmental protection and management.

In terms of building and perfecting relevant mechanisms and policies, the municipal People's Committee assigned the Department of Justice to coordinate with other agencies to accelerate the making of the Law on the Capital City (revised) with the principle of only including specific issues that are typical or not covered by other laws. The city will also study and apply pilot models of public investment - private governance, and private investment - public use. It will improve standards, regulations and technical norms of industries and fields close to the reality and characteristics of the capital city as well as international standards.

The Department of Science and Technology is required to work with relevant agencies to build incentive mechanisms for science - technology development and innovation to encourage enterprises to invest in research and development. The department was also to consult the municipal People's Committee to continue proposing to the upper level on assigning Hanoi to manage Hoa Lac Hi-Tech Park, and build and develop creativity and innovation centres.

The Hanoi People's Committee also assigned the Department of Industry and Trade to build industries and industrial products that use modern, environmentally friendly technologies with high added value; and give priority to develop concentrated industrial production.

In addition, the city will develop supporting industries in three key areas of manufacturing components and spare parts. These include the textile, leather and footwear sectors, high-tech industries, and several low-carbon industries that use land and resources economically.

By 2025, Hanoi aims to boost the proportion of trained and skilled labour force to 75-80% and keep the urban unemployment rate below 3%. The city also intends to fully digitise its government agencies and establish itself as a smart city while promoting the development of the digital economy and society.

To support national digital transformation, Hanoi plans to nurture technology-based businesses and aid enterprises in researching, developing, and mastering core technologies, digital products, and services. The city will also focus on building modern, integrated infrastructure to support rapid and sustainable urbanisation, which will serve as a strong foundation for industrialisation and modernisation. This involves completing the Belt Road No.4 project before 2027 and preparing for the investment and construction of Belt Road No.5 before 2030.

Hanoi’s plan also aims to achieve a modern, advanced, and eco-friendly public transportation system that caters to 30-35% of the travel demand by 2025 and 45-50% by 2030. The city also intends to shift intake from underground to surface water from the Red River, Da River, and Duong River for a clean water supply to all households.

Another objective is to have three to five urban districts by 2030. The plan emphasises the importance of sustainable development, environmental protection, and cultural preservation in industrialisation.

It is crucial to enhance the efficient utilisation of natural resources, protect the environment, and address climate change during the development process, with the cultural and human values of the Vietnamese people playing a central role in the industrialisation process, stated the plan.

Meat producers forecast to see more positive results

Analysts expect meat producers to record more positive business results in 2023 thanks to lower input costs and higher average live hog prices.

According to Ha Thu Hien, an analyst from VNDIRECT Securities Joint Stock Company, global agricultural product prices would maintain a downward trend in 2023 thanks to the increase in the supply of most food items.

In addition, Ukraine continues to return to supplying agricultural products to the world market.

Corn and soybean meal prices are forecast to decrease by 7.9% and 1.8% respectively in 2023. Therefore, VNDIRECT expects that feed costs will gradually decrease from the second quarter of 2023. Meat producers will record improved gross profit margin this year.

In addition, low feed costs will have a positive impact on smallholder farmers. However, in the long term, the farmers will be cautious in re-herding because they observe price fluctuations of live hogs in the market.

The farmers also do not have enough capital to immediately re-herd on a large scale because they have suffered losses for two consecutive years because of low hog prices.

The experts from VNDIRECT still believe that the supply will not be significantly affected next year.

An expert from Agribank Securities Joint Stock Company (Agriseco) also said that the price of input materials for animal feed production gradually cooled down. Besides that, a reduction in the animal feed tax was expected.

The Vietnam Animal Feed Association has recently proposed reducing the import tax on soybean meal from 2% to zero to support businesses.

Agriseco expects live hog prices to recover after bottoming out. The live hog price now is at 50,000 VND per kilo. It believes that hog prices may recover this year because the demand for food increases again when the tourism and service industries resume.

Hien from VNDIRECT said the domestic hog price had recovered after six consecutive months of decline. The volume of pigs sold off to the market due to the impact of African swine fever had gradually decreased. While concerns about oversupply had subsided as farmers stopped re-herding activities. The large livestock enterprises also had not yet planned to expand their pig herd.

In addition, supply from smallholder farmers dropped sharply after a long period of losses due to a sharp increase in feed prices while live hog prices remained low.

At present, there is no sign of a shortage of pork supply as in the first quarter of 2023, the total pig herd in the country still increased by 6.2% on year, equivalent to the period before African swine fever (ASF) and live hog production increased by 7.5% on year, according to the expert.

After the price drop in the first quarter of 2023, the domestic live hog prices started a slight increase from the beginning of April of 5.3% on month and 0.1% compared to the beginning of this year. But it was still below 3.5% on year.

The live hog price is expected to increase slightly in the second quarter of 2023 and will improve further in the third quarter of 2023 when the demand for pork recovers.

In the basic scenario, VNDIRECT believes that the live hog price will increase by 5% on year to 59,000 VND per kilo this whole year thanks to a recovery in China pork prices when this economy reopens.

However, the average production cost of the smallholder farmers now is about 55,000-60,000 VND per kilo of pork.

Therefore, VNDIRECT does not expect the farmers to re-herd strongly in the short term.

The Vietnam Livestock Association said that there were about 45-50% of large farms suspending production while 70-75% of mid and small farms and livestock households temporarily stopping re-herding. Because the input costs have surged while the selling price is low.

Despite the prospect of recovery, meat producers are hesitant to make plans to expand production, according to VNDIRECT.

The two leading enterprises in the livestock industry, the Dabaco Vietnam Group Joint Stock Company (stock code: DBC) and the Masan MEATLife Joint Stock Company (stock code: MML), have not yet announced specific expansion plans.

Most businesses believed that the meat industry faced difficulties in the first six months of 2023 due to weak demand.

This is also the reason why 3F companies developing feed - farm - food (3F) model postponed making production expansion plans, except for players that want to penetrate deeper into the domestic meat industry such as the BaF Vietnam Agriculture Joint Stock Company (stock code: BAF) and the Hoang Anh Gia Lai Joint Stock Company (stock code: HAG).

In 2023, the BaF Vietnam Agriculture Joint Stock Company plans to build three new farms including one in Bin Phuoc with a capacity of 6,250 breeding pigs and 30,000 meat pigs. Two others are in Nghe An with a total capacity of 5,000 breeding pigs and 90,000 meat pigs.

In addition, the company also targets to expand its distribution network through the Siba supermarket system and the Meat shop system.

Meanwhile, its new rival, the Hoang Anh Gia Lai Joint Stock Company, has also planned to build its own distribution system in 2022-2023.

However, at a recent shareholders meeting, Hoang Anh Gia Lai announced that it would increase franchised stores to 80% of its total stores instead of building its own branded stores due to insufficient capital.

According to VNDIRECT experts, the livestock enterprises still face risks such as prolonged tension between Russia and Ukraine affecting shipping activities in the Black Sea that could put pressure on global grain prices. African swine fever outbreaks could affect meat supply in 2023. Additionally, consumers tightening spending could lead to weaker-than-expected meat demand, including pork.

Vietnamese shrimp products hold highest market share in RoK

East year sees the Republic of Korea (RoK) import over 100,000 tonnes of shrimp worth between US$800 million and USS$1 billion, with Vietnamese shrimp products always accounting for the highest market share at over 50%.

Shrimp represents a key export seafood product of the nation, with the annual export turnover of this item accounting for 40% to 45% of the total export turnover of the entire seafood industry.

Vietnamese shrimp is currently exported to 100 countries globally, with the five largest markets including Europe, the United States, Japan, China, and the RoK.

Constituting 14% of total Vietnamese shrimp exports, just behind the US, the EU, and Japan, the RoK is one of the important export markets for Vietnamese shrimp products.

During the period from 2018  to 2022, Vietnamese shrimp exports to the Korean market grew quite steadily from US$386 million in 2018 to US$468 million in 2022, up 21%.

Most notably, whiteleg shrimp products exported to the highly lucrative market have grown continuously since 2019.

In 2022, the RoK was a market boasting stable shrimp consumption demand, with the added advantage of close transportation distance and inflation not being as intense as Western countries.

Vietnamese shrimp exports to the RoK reached US$468 million last year, up 26% compared to the previous year.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnamese shrimp exports to the RoK during the initial months of this year followed a general downward trend amid the global economic downturn, rising inflation, and decreasing purchasing power.

The initial two months of the year saw Vietnamese shrimp exports to the Korean market hit just over US$46 million, a decline of 25% over the same period from last year.

Most notably, according to detailed information from local businesses, Vietnamese shrimp products imported into the RoK are being "entangled" with quota regulations, even though the Vietnam-Korea Free Trade Agreement (VKFTA) has been carried out since 2015.

Therefore, the VASEP has requested that the Vietnamese Government and competent agencies propose that the Korean side consider the abolition of quota placed on shrimp imports from Vietnam, or alternatively devise solutions related to the adjustment of the tax rate to 0% for Vietnamese shrimp in the VKFTA, the same as Peru.

In order to consolidate and improve market share for Vietnamese shrimp, the Vietnam Trade Office in the RoK also recommended that ministries, and localities move to implement trade promotion activities for shrimp products in the Korean market. This includes attending a number of prestigious seafood fairs, as well as organising a broad array of promotional activities, marketing, and tasting products processed from shrimp.

This is in addition to helping shrimp exporters research and develop new products in order to support logistics costs, along with costs for attending trade promotion activities in this potential market.

EVN proposes to prioritise coal supply for power production

The Electricity of Vietnam (EVN) has proposed the Viet Nam National Coal and Mineral Industries Group (Vinacomin) and the Northeast Corporation to ensure coal supply for power production in the coming summer months.

EVN has also proposed those two coal suppliers reduce coal supply for other sectors and to increase the amount of coal supplied for power production in the second quarter of 2023. Other sectors will be compensated in the last months of the year.

At the same time, it is recommended that these partners share financial difficulties by considering reducing coal fuel prices for EVN's power production activities.

According to the plan, in the three months of May, June and July, the mobilised output of coal-fired power plants is expected to remain high.

The total expected output of EVN's anthracite-using thermal power plants in these three months will be 14.77 billion kWh, corresponding to the coal demand of 7.17 million tonnes.

However, the total coal supply under the contracts signed between EVN with TKV and Northeast Corporation is only 6.59 million tonnes.

EVN said that although it has just entered the peak period of the dry season, the power supply to the system is already difficult. Hydrological developments are not favourable because the water in hydroelectric reservoirs is lower than planned.

To ensure power supply, EVN has had to mobilise maximum power supply, including power from plants having high-priced production due to the use of diesel and fuel oil.

According to EVN, its power generation companies have signed a coal purchasing contract for power production in 2023 with TKV and the Northeast Corporation.

The total volume of coal is 17.98 million tonnes under contract with TKV and 7.05 million tonnes with Northeastern Corporation 7.05 million tonnes. Most are imported coal.

According to EVN Deputy General Director Ngo Son Hai, the coal supply in the first quarter of 2023 met the volume under the contract. However, it is still lower than the power system's actual requirements.

EVN said that the efforts of TKV and Northeast Corporation to supply coal have made an important contribution to EVN's production and supply of electricity for economic development and serving people's lives.

However, total electricity production from coal in the first four months of 2023 reached 40.06 billion kWh, lower than the plan for electricity supply and operation of the national power system in 2023 issued by the Ministry of Industry and Trade.

Do Manh Kham, general director of Northeast Corporation, said the Corporation is always to ensure coal supply for power generation. However, the corporation has also faced many difficulties in mining, so it has not increased coal output.

Meanwhile, Dang Thanh Hai, Vinacomin's general director, said that Vinacomin would make efforts to ensure the supply of coal for power production.

At the same time, he has expressed that the two sides would continue to exchange information on production and business situations regularly and promptly remove difficulties in implementing business cooperation.

EVN General Director Tran Dinh Nhan hopes that in the dry season months of 2023, Vinacomin and Northeast Corporation will ensure enough coal supply for electricity production to serve the country's economic development and people's daily life.

Nhan also hopes that the parties will continue to closely coordinate, and increase exchange to constantly improve cooperation efficiency towards the goal of ensuring national energy security. 

Fruit farmers must follow planning to prevent prices from falling

Fruit farming must follow planning to prevent prices from falling due to oversupply, according to the Ministry of Agriculture and Rural Development.

Recently, many farms in the southern province of Tra Vinh Province reported losses because the prices of many kinds of fruits such as mango, orange and pomelo continued to drop.

Nguyen Van Thuc, a farmer in Hoa Tan Commune, Cau Ke District, said that his 0.2-hectare farm of Cat Chu mango was entering a harvest season, but the price of mango was falling to VND13,000 per kg (US$0.55), VND5,000 lower than the end of April.

He said that with such a low price, farmers suffered a loss of around VND30 million for 1-ha mango farm.

Farms of orange and green-skin pomelo also suffered losses from VND50 million to VND70 million per hectare, with the price of orange falling from VND15,000 per kg to VND5,000, and pomelo from VND25,000 to VND15-18,000.

According to Nguyen Nhu Cuong, Director of the ministry’s Department of Crop Production, many types of fruits were planted spontaneously in recent years as farmers did not follow planning but raced for short-term profit, bringing several consequences.

The increase in fruit plantation area and output resulted in oversupply and made it difficult for consumers, Cuong said. As a result, the prices of many fruits plummeted.

In 2018, the department asked localities to maintain the orange plantation area at around 84,000 ha as planned, but now the orange plantation area has been expanded to 97,000 ha.

The plantation area of durian was increasing rapidly without proper control, especially after the Ministry of Agriculture and Rural Department signed a protocol with China on the official export of durian to this market.

Cuong cited statistics that the durian plantation area increased from 17,6000 ha with a total output of 107,600 tonnes per year to 90,000 ha with an output of 1.3 million tonnes yearly.

In Ha Noi, for example, the plantation area of citrus, mostly pomelo and orange, increased by five times from 2,000 ha with an output of 10,000 tonnes in 2007-08 to 10,000 ha with an output of 100,000 tonnes in 2021-22.

Le Xuan Truong, Deputy Director of the municipal Department of Cultivation and Plant Protection, said that the increases in plantation areas and output of citrus made it difficult for farmers.

Cao Van Mai, a farmer in Van Ha Commune, Phuc Tho District, Ha Noi, said that 10 years ago, the price of dien pomelo was at around VND30-40,000 but due to the increase in plantation, the price fell to VND10,000.

The Ministry of Agriculture and Rural Department’s statistics showed that prices of some fruits continued to drop in April compared to March, such as Hoa Loc mango from VND51,000 per kg to VND22,700, Cat Chu mango from VND24,700 to VND8,100.

The price of durian started to cool down as the main harvest season was coming. Currently, Ri6 durian is priced at VND97,500 per kg, down by VND4,200 from last month.

“The massive increase in the plantation area of fruits causes oversupply and price decreases. Moreover, when fruit trees are grown in unsuitable areas, their quality and productivity will be affected,” Cuong said.

Coping with the uncontrolled massive expansion of fruit plantations, the Minister of Agriculture and Rural Development approved a project on the development of major fruit trees by 2025 with a vision to 2030. Key fruits include 14 types, such as dragon fruit, mango, banana, lychee, longan, orange, pomelo, durian and jackfruit.

Nguyen Thanh Cong, Deputy Chairman of the Son La Province People’s Committee, said that the focus should be placed on developing plantation areas with high quality and meeting requirements for exports.

In addition, it was necessary to create favourable conditions to attract investments in processing in line with the development of plantation areas.

According to Cuong, instead of increasing plantation areas, farmers and enterprises should focus on building brands, increasing added value and standardizing production from cultivation to harvest, processing and distribution to establish a value chain in fruit production.

Minister of Agriculture and Rural Development Le Minh Hoan said that it was necessary to gradually change the thinking of farmers to switch to sustainable agriculture.

He said that communication campaigns must be enhanced to encourage farmers to produce following planning, together with providing support to build brands for fruits and increase quality to meet export requirements. In addition, trade promotions must be stepped up to expand markets.

Viet Nam has targeted to earn US$4 billion from vegetables and fruits export this year, from $3.1 billion in 2022. Vegetables and fruits export reached nearly $1 billion in the first quarter. 

Rice exports to China skyrocket

After enduring a period of stagnation, China is purchasing additional rice from the Vietnamese market, with several local enterprises continuously negotiating new export contracts, according to industry insiders.      

Specifically, Trung An Hi-tech Agriculture Joint Stock Company exported high-quality shipments of over 2,000 tonnes to the Chinese market in early March.

Pham Thai Binh, general director of Trung An Company, revealed that China and other countries have resumed purchasing rice from Vietnam  after several months of being at a standstill.

Binh added that the company is continuing to negotiate the shipment of roughly 20,000 tonnes to China in the time ahead, while the Philippines, Indonesia, Malaysia, and Middle Eastern countries are also showing their keen interest in importing rice from the nation.

According to information given by the General Department of Vietnam Customs, the country exported 2.9 million tonnes of rice worth more than US$1.5 billion during the first four months of the year, duly representing a rise of 40.7% in volume and 51.6% in value on-year.

Of the figure, the nation exported more than 506,000 tonnes of rice worth US$292.5 million to the Chinese market alone.

Most notably, the average export price of rice to the Chinese market during the first quarter of the year stood at US$589 per tonne, up more than 18% against the same period from last year.

According to data compiled by the China Customs, China reduced rice imports from India, Pakistan, and Thailand, whilst moving to sharply increase imports from Vietnam, a factor which helped raise the Vietnamese market share as part of China’s total imports to 19.2% from 6.7% compared to the same period in 2022.

Binh assessed that China represents a traditional market with very high consumption demand due to the country importing up to five million tonnes of rice each year. This has made the average export price of rice to this market increase remarkably, he noted.

Moreover, India - China's major rice supplier, is currently banning broken rice exports, while Pakistan is reducing rice output,  a move that has also contributed to the robust growth recently. Furthermore, China's reopening of its borders in recent timeshas been a positive signal for rice exporters.

Insiders analysed that rice exports to China are anticipated to enjoy major breakthroughs moving forward due to the prolonged drought, with the northern neighbour expected to increase imports by six million tonnes of rice in the 2022 to 2023 crop.

In a recent report, Fitch Solutions revealed that that the global rice market will face a shortage of 8.7 million tonnes of rice in the 2022 to 2023 crop, which is expected to create further opportunities for Vietnamese rice exports moving forward.

Nguyen Van Thanh, director of Phuoc Thanh IV Production - Trading Co., Ltd, anticipated that rice exporters will see bright export prospects this year due to the Philippines being able to import 3.1 million to 3.2 million tonnes of rice from Vietnam, while Indonesia and China also plan to purchase rice for reserves due to extreme weather.

He predicted that this year's rice export turnover is likely to edge up by 10% to 15% to reach between US$3.85 billion and US$4 billion.

However, he advised local rice enterprises to strictly monitor the market situation and control inventories in order to sell rice at a good price and avoid suffering losses in the coming time.

Vietnamese, Malaysian oil and gas service companies enter joint venture

Vietnamese offshore support vessel service provider Hai Duong Petroleum and Marine Corporation (Haduco) and Malaysia’s oil and gas marine service provider RMS Synergy Sdn Bhd (RMS) on May 11 signed a cooperation deal in Kuala Lumpur to form a joint venture between the two companies.

The Haduco-RMS joint venture aims to support, provide services and gradually develop a large fleet of vessels, fully meeting the requirements of oil and gas contractors in Malaysia.

Under the cooperation agreement, Haduco will provide ship services for oil and gas exploration and production, such as technical management, maintenance, and safety. In return, RMS will provide crew, logistics, and commercial services to the Haduco-RMS joint venture.

This is the first time a Vietnamese oil and gas company has signed a cooperation agreement with a Malaysian partner, which affirms the prestige and quality of Vietnam's maritime services.

Established in 2000, Haduco owns a fleet of 42 vessels operating on a global scale including in Malaysia, Myanmar, Thailand, Russia, India, and Japan.

The company has been aggressively expanding its fleet which has doubled since 2018 despite the global slowdown due to low crude oil prices and the COVID-19 pandemic.

Hanoi’s exports fall slightly in first four months

Hanoi recorded a slight year-on-year decrease of 1.3% in exports to 5.3 billion USD in the first four months of 2023, according to its Department of Industry and Trade.

The revenue comprises 2.9 billion USD by the domestic sector, up 0.8%, and 2.4 billion USD by foreign direct invested firms, down 3.8%.

Commodities that posted export declines during the period include apparel, vehicles and spare parts, timber and wood products, footwear, and leather products.

In April alone, the capital city earned nearly 1.52 billion USD from overseas shipments, rising 3.6% month on month and 2.3% year on year, statistics show.

Tran Thi Phuong Lan, Acting Director of the department, elaborated that the fall in four-month exports was due to the downward trend since the last months of 2022. Though Hanoi witnessed a trade surplus in January and February, the export value of most groups of commodities dropped, with many staples’ turnover plummeting by double-digit rates from the same period last year.

Meanwhile, wholesale and retail still enjoyed good growth, she said, adding that total retail sales of goods and consumer service revenue in Hanoi reached some 184.4 trillion VND (over 7.8 billion USD) in the first quarter, up 12.6% from a year earlier.

That includes 118.9 trillion VND in retail sales, accounting for 64.4% of the total and growing 12.2% year on year.

Thanks to domestic consumption stimulus programmes, retail sales and consumer service revenue have risen, helping enterprises address difficulties and boost production and business activities and contribute to local economic growth, the official added.

Hanoi targets 7 million sq.m of housing this year

The capital city of Hanoi targets to build nearly 7 million sq.m of housing this year, in order to raise the per capita housing area to 28.2 sq.m.

The target is set in a housing development plan for 2023, which has been approved by the municipal People’s Committee.

The new housing area will include 4.5 million sq.m of floor of independent houses, over 2.33 million sq.m of commercial housing, 32,000 sq.m of social housing 94,000 sq.m of resettlement housing.

The city administration will focus on rolling out mechanisms and policies to remove difficulties in the implementation of urban projects that have been stalled for a long time while encouraging new housing projects.

It will also accelerate the approval of investment plans for building social housing or housing for workers. Investors’ responsibilities will be clarified and projects that are behind the schedule will be strictly dealt with.

Departments, agencies and People's Committees of districts will be tasked with promptly relocating households out of old apartment buildings that are deemed dangerous and devise planning relating to the renovation of old apartment buildings, namely those in Giang Vo, Trung Tu and Khuong Thuong residential areas.

According to the municipal Department of Construction, the city added 1.3 million sq.m of housing in 2022, which was equivalent to 109% of the year’s target. The figure includes 985,000 sq.m of commercial housing in 16 projects and 257,000 sq.m of social housing in three projects.

From 2010-2020, the city completed approximately 50 million sq.m of residential housing. However, it is predicted that from 2021 to 2030, the capital city will need around 89 million sq.m of housing.

The housing demand for 2021-2025 is projected to be 44 million sq.m, while the demand for 2021-2030 is estimated to be around 45 million sq.m.

In line with the housing development plan for 2021 - 2025, which has been endorsed by the municipal People’s Committee, the city aims to have an average housing area of 29.5 sq.m per person.

Hanoi will spend 437 trillion VND (18.3 billion USD) to implement the plan.

The capital city will also build 550,000 sq.m of housing for the purpose of relocating residents and speed up the renovation of old apartment buildings, especially those deemed dangerous for living.

Regarding commercial projects, the city will strive to complete 109 projects with 19.4 million sq.m of floor.

Hanoi will continue to abolish makeshift houses and raise the permanent housing rate in the city to 90%.

Of the total investment of 437 trillion VND, 5.8 trillion VND will be used for social housing, resettlement housing projects, and apartment upgrading. The investment will be sourced from the city’s budget.

The city will also mobilise investment from possible sources for the development of commercial houses and other real estate projects.

The municipal People’s Committee requested that agencies comply with the city's housing development plan to ensure a balance between housing supply and demand as well as to fulfill the set targets. Legal documents will be reviewed to remove difficulties relating to housing and construction investment management of infrastructure works.

Between now and 2030, the city will focus on developing satellite towns and areas that are expected to become urban districts while diversifying housing types to meet the needs of people of different income levels. Priority will be given to social housing, apartment buildings and housing for workers in industrial zones.

The development of apartment buildings in the downtown area will be limited to minimise population growth and infrastructure overload, except for those aimed at renovating and rebuilding old apartment buildings and resettlement projects. Meanwhile, the development of apartment buildings in other areas will be given priority so as to use the land effectively.

Urban and residential areas will be planned and invested in line with building technical and social infrastructure.

Hai Phong shares investment attraction experience with Cuba

A delegation of officials from Cuba had a working session with representatives of the Hai Phong Economic Zone Authority (HEZA) on May 11 on the occasion of their trip to the northern port city of Hai Phong.

At the meeting, HEZA Head Le Trung Kien gave participants an overview of industrial parks and economic zones in Hai Phong.

Accordingly, the city is home to Dinh Vu - Cat Hai Economic Zone, which covers an area of 22,450 ha, including tariff zones, non-tariff zones and other areas.

The economic zone has a system of deep-water ports serving the transport of goods directly from Vietnam to the US and European countries, Kien said, adding that Hai Phong also has industrial parks located outside the economic zone (EZ).

IPs and EZs in Hai Phong have so far lured 477 foreign direct investment (FDI) projects and 205 domestic investment projects worth over 23.35 billion USD and over 12.63 billion USD, respectively.

Along with implementing general guidelines and policies of the Vietnamese Government, Hai Phong has always paid attention to improving the business and investment environment to lure big investors which use high and fuel-saving technologies, and less labour-intensive production lines, Kien stressed.

For investment promotion, Hai Phong has worked hard on introducing opportunities and potential for investing in the city through direct meetings with investors in China and the Republic of Korea, or investment promotion and dialogue programmes with foreign investors held in Vietnam, as well as via using virtual reality technologies, he went on.

Members of the Cuban delegation shared issues related to investment incentive policies, human resource training, priority fields for investment attraction.

Yanet Mazquez Valdes, Deputy Director of the Mariel Special Development Zone’s Office, who is also head of the delegation, expressed her impression for achievements in developing IPs and EZs in Hai Phong, saying that these will be valuable experience for Cuba to map out policies for developing EZs.

She presented a brief introduction about the Mariel Special Development Zone, noting that this is the only special economic zone of Cuba so far, which has attracted investors from 21 countries worldwide, including those from Vietnam.

The main areas of the zone are logistics services, biotechnology, biopharmaceutical industry and advanced manufacturing, she added.

Petrol prices further decrease

Petrol prices continued to be revised down from 3pm on May 11, following the latest adjustment of the Ministry of Industry and Trade, and the Ministry of Finance.

Specifically, the retail prices of RON 95-III and E5 RON 92 were cut by 1,320 VND and 1,300 VND to 21,000 VND (0.89 USD) and 20,130 VND per litre, respectively.

Diesel is now sold at 17,650 VND per litre, down 600 VND, and kerosene 17,970 VND per litre, down 550 VND.

Meanwhile, the price of mazut decreased by 640 VND to 14,860 VND per kg.

The two ministries decided to extract 300 VND per litre from all of the above fuels for the petrol price stabilisation fund.

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