Vietnamese Minister of Agriculture and Rural Development Le Minh Hoan and Marc Mealy, Senior Vice President for Policy at the US-ASEAN Business Council (USABC), co-chaired a seminar connecting agricultural enterprises of Vietnam and the US on May 13 in Washington D.C.

The event took place on the sidelines of Prime Minister Pham Minh Chinh’s trip to the US to attend the ASEAN-US Special Summit. It was attended by representatives from agencies, businesses and associations in the agricultural sector of the two countries and several banks and investment funds, and representatives from some major US industry associations such as the Soybean Export Council, the Grains Council, the National Pork Producers Council and multinational agricultural corporations.

At the seminar, a representative of the Ministry of Agriculture and Rural Development informed participants about the priority strategy for the development of Vietnam's agricultural sector in the coming time as well as opportunities and challenges in promoting bilateral investment and trade.

With the desire that the two sides will become a reliable and sustainable partner of each other, representatives from businesses and industry associations straightforwardly exchanged ideas, especially about difficulties and obstacles in production, business and investment in Vietnam.

Minister Le Minh Hoan pledged to accompany US businesses and investors in handling difficulties and barriers so as to create a favourable production, business and investment environment for the international business community in general and US firms in particular.

At the event, four cooperation agreements were signed, namely a Memorandum of Understanding (MoU) between the Partnership for Sustainable Agriculture in Vietnam (PSAV) with Pepsico and Care International on enhancing food production cooperation in Vietnam; an MoU between Bac Giang province and ERG group on promoting trading of local agricultural products; an MoU between Moc Thinh Phat furniture production joint stock company and Grasslands Farms company on promoting trade in agricultural products; and an MoU between Nevist Vietnam International Import-Export Company and AGP on trade and investment promotion in the sector.

Enterprises of the two countries also discussed the possibility of cooperation to promote trade, seek investment opportunities, transfer technology, and explore the possibility of cooperation between large US and multinational groups to bring Vietnamese agricultural products to the global value chain.

Efforts made to promote dragon fruit exports to Australia, New Zealand

Demand for Vietnamese dragon fruit in foreign markets is increasing, with many importers interested in high-quality fruit from Vietnam.

The Vietnam Trade Promotion Agency, the Department of Industry and Trade of southern Long An province, and the trade offices of the Vietnamese Embassies in New Zealand and Australia jointly organised an online consulting session on exporting dragon fruits to Australia and New Zealand recently.
 
Speaking at the event opening, Vietnamese Ambassador to New Zealand Nguyen Van Trung emphasised the importance of promoting agricultural cooperation, agricultural product trade and market opening for the strategic partnership between Vietnam and New Zealand.

Vietnam wants New Zealand to share its experience and support Vietnam in building an international brand and value chain for the global commercialisation of dragon fruit, following the successful model of New Zealand's kiwi fruit, which is recognised worldwide.

Vietnamese trade agencies in Australia and New Zealand shared business practices and consumption habits of the regional market and trade promotion of dragon fruit.

They also suggested development orientations, including diversification of derivative product lines such as dragon fruit powder, frozen dragon fruit, dried dragon fruit, and dragon fruit juice to reduce pressure in the main cropping season.

Agencies recommended that businesses and localities develop advertising and industry branding strategies on the nutritional properties of their products to enhance consumer awareness and expand customers in addition to the traditional Asian customer group.

Japan increases banana imports from Vietnam

Japan imported more than 1,500 tonnes of bananas from Vietnam worth JPY166 million (US$1.3 million), a year-on-year rise of 38.5% in volume and 30.2% in value, reports Japan Customs.

According to Soichi Okazaki, executive officer of AEON Co Ltd, Japan is importing bananas from several markets, such as Ecuador, Mexico, Guatemala, Peru, and Costa Rica. However, Vietnamese bananas gain foothold in Japan thanks to their competitive prices, and a good taste.

Despite recording strong growth, Vietnamese bananas make up only 0.6% of Japan's total banana imports.

Japan Customs reports Japan spent JPY22.4 billion (roughly US$171.2 million) on importing 244,000 tonnes of bananas in the first quarter of 2022, a decline of 2.5% in volume and an increase of 3.5% in value.

The Philippines is Japan’s largest supplier of bananas, while Vietnam is their seventh largest supplier of the fruit.

Seminar seeks ways to facilitate greater RoK investment

Financiers from the Republic of Korea (RoK) have expressed hope that local authorities in Southcentral and Central Highland provinces will remove barriers in order to boost their investment in future.

Representatives from numerous RoK businesses raised their hope during the “Meet Korea-Binh Dinh 2022” programme which was co-organised by the Ministry of Foreign Affairs, the RoK Embassy in Vietnam, and the People's Committee of Binh Dinh province, on May 13.

Lee Jong-seob, president of the Korea Trade-Investment Promotion Agency (KOTRA) in Southeast Asia-Oceania cum general director of KOTRA in Hanoi, revealed that apart investing in Hanoi and Ho Chi Minh City, RoK enterprises have also unveiled plans to invest in the central and Central Highland regions.

Representatives from these businesses and associations called on local authorities to simplify administrative procedures and create the optimal conditions possible for them to operate efficiently. They also suggested that localities step up the training of skilled workforce as 70% of RoK enterprises have so far invested in the manufacturing sector.

Leaders of the southcentral coastal and Central Highland provinces pointed out that RoK’s investment in these localities remains limited. They expressed their desire to see RoK firms inject fresh capital in fields such as hi-tech agriculture, the processing industry, tourism, seaports, services, industrial park infrastructure, and waste treatment in the future.

At present, Binh Dinh province hosts four RoK projects with a total registered capital of roughly US$100 million, said Nguyen Phi Long, chairman of Binh Dinh’s Provincial People's Committee.

Ho Ngoc Thanh, vice chairman of the Gia Lai Provincial People's Committee, expressed his wish to receive more Korean investors in order to develop hi-tech agriculture and tourism infrastructure that falls in line with international standards.

Dao My, vice chairman of the Phu Yen Provincial People's Committee, suggested that RoK financiers remain determined to expand their investment scale, whilst establishing a chain of development co-operation with other provinces in the region.

Forbes: Hoa Phat Group among 2,000 largest global firms globally

Hoa Phat Group (HPG), a private economic group specialising in steel production, has been included in this year's list of the world’s 2,000 largest listed firms as compiled by Forbes.

According to the magazine, HPG recorded the largest revenue and profit among the five Vietnamese representatives to feature in Forbes Global 2000. It is the only Vietnamese manufacturing enterprise that has won the honour.

During the first quarter of the year, HPG earned VND44.4 trillion, equivalent to over US$19 billion, in revenue, a rise of 41% over the same period last year. Its after-tax profit enjoyed an annual increase of 17% to VND8.2 trillion. In addition, steel production and related products contributed 90% to the group's overall gains.

Forbes Global 2000 ranks the largest companies in the world using four metrics, namely sales, profits, assets, and market value.

Ministry tells HCM City to reconsider discriminatory customs fee
     
The Ministry of Finance has called on HCM City to reconsider its collection of customs declaration fee from businesses.

It said the fee is discriminatory, citing complaints by import-export companies in Dong Nai Province that they have to pay double if they make declarations locally for goods they ship through HCM City.

For goods declared in HCM City, the rates ranges from VND15,000 (US$0.65) to VND500,000, exactly half the rates of declarations made elsewhere.

The ministry said the disparities have significant consequences for both enterprises and the economy.

It urged the city People's Committee to soon ask the People's Council to amend the fees to create a level playing field for all businesses in accordance with the laws.

Since April 1, the city has been collecting port infrastructure fees.

For goods imported for re-export, deposited in bonded warehouses and transit and transhipment, the fees are VND50,000 ($2.19) per tonne for liquid and bulk cargo, VND2.2 million ($96.5) for a 20-foot container and VND4.4 million ($193) for a 40-foot container.

Goods meant for national defence, disaster relief and some other purposes are exempt from the fees.

The city expects to collect over VND3 trillion a year.

Big customers to buy electricity directly from generators
     
Big customers could buy electricity directly from the generators in a pilot programme to develop a mechanism for a direct power purchase agreement (DPPA).

This was a highlight in a recent draft Prime Minister’s decision about the direct power purchase mechanism between renewable energy generators and big customers, which was raised for public comment.

Under the draft, the total capacity of power plants to join in the pilot programme would be less than 1,000MW.

The e-portal for registration would be opened for 30 working days to receive application files.

After that, the Ministry of Industry and Trade would announce the pilot mechanism within 15 working days and the list of generators and customers to join the pilot programme within 30 working days.

Power generators and customers could negotiate and sign contracts, including the completion of renewable energy plants’ construction and commercial operation.

The pilot direct power purchase would be implemented within one year from the time when power plants were put into commercial operation.

From the pilot implementation results, the Ministry of Industry and Trade would evaluate the market; and technical, financial and legal aspects; and complete the DPPA mechanism.

Viet Nam was underway to develop a power competitive market and now entering its third phase of a competitive retail power market which would be piloted in 2022-25 after implementing a competitive power generation market and competitive wholesale power market.

Authority targets tax evasion by high earners
     
The tax authority is to clamp down on tax evasion by Vietnamese nationalities who generate income on international e-commerce and social media platforms, according to the head of the General Department of Taxation Cao Anh Tuan.

Tuan said, for the time being, his department strongly advises and encourages taxpayers to come forward and seek instructions from tax authorities on how to fulfil their duties.

According to the department, collection from high-income individuals, who mostly operate in the fields of marketing, IT, service industries, digital commerce and social media, was nearly VND500 billion during the first ten months of 2021.

Notably, the department has collected up to VND23.4 billion (US$1 million) in late penalties from one individual who reported earnings of VND330 billion in 2020, along with several others whose incomes were reported to be north of half a million dollars in 2021.

Tuan has demanded his subordinates start gathering information to build a database of high-income individuals, who will soon be contacted by the country's tax authority about their financial and potential legal obligations.

Ha Noi's tax authority said it has a list of more than 460 individuals with exceptionally high income generated from operations on international e-commerce and social media platforms. The department said it will soon add more than 500 other individuals to the list, who will be given notice.

HCM City said it has contacted a number of Google, Facebook and YouTube users who have not declared income or failed to meet tax duties.

The country's tax authority said many among the list will likely face not just a collection of unpaid income tax for the previous years but heavy financial penalties for attempts at tax evasion.

A YouTuber who goes by the name of Thai Chuoi TV was made to pay income tax and fines in the amount of VND810 million for failing to declare income in the last four years. 

IFC supports Mavin Group to expand sustainable pig farming operation
     
The International Finance Corporation (IFC) and the investment fund managed by IFC Asset Management Company - IFC Emerging Asia Fund - will be investing US$52 million in common equity in 

As part of IFC’s crisis response to the highly contagious African Swine Fever impacts on the regional pork industry, the funding will support the expansion of Mavin’s genetic pig breeding stock and breeding farms in Viet Nam.

In addition to financing, IFC will also support the company to pioneer improved animal welfare conditions, including group sow housing in Viet Nam in line with European animal welfare standards.

"Our target is to become a safe, nutritional and hygienic food producer. That's why we need sufficient resources to quickly increase farming capacity and improve the quality of our pork to meet the market demand for safe and traceable products," said David John Whitehead, Mavin Group's Chairman.

"IFC’s support in financing and their knowledge and expertise can help us become the leader in safe food production under the 'From Farm to Table' supply chain in Viet Nam and assist Mavin to meet international best practices in pig farming."

The project will support Mavin’s three pig breeding farms in Gia Lai, Nghe An and Dong Thap provinces. With IFC's financial support, by 2025, Mavin's pig farm expansion is anticipated to increase the company's genetic herd by 7,500 heads (total great-grand (GGP) and grandparent (GP) stock of 15,600 and parent (PS) raising capacity by 72,000 heads (to a new total of 87,400 heads).

The increase in breeding stock will result in a threefold increase in contracted porker farms to an anticipated 150 operating units, or around 900,000 heads.

Steel companies report decline in Q1 profits

The cost of raw materials and transportation fees have skyrocketed, causing the first-quarter profits of most steel companies to decline.

Data from the Viet Nam Steel Association (VSA) showed that in the first quarter of this year, finished steel consumption reached 8.137 million tonnes, up 11.9 per cent over the same period in 2021.

Of the estimate, steel exports reached about 2.275 million tonnes, with export value reaching US$2.3 billion, decreasing by 22.15 per cent in volume but up by 12.53 per cent in value over the same period last year. However, the business performance of many enterprises in the industry did not move in the same direction.

The first-quarter business results report of Viet Nam Steel Corporation (TVN) showed a sharp decline in profit at member units, especially in the construction steel and galvanised steel segments.

In the construction steel segment, Southern Steel One Member Co. Ltd. reported a profit before tax of VND5 billion ($216,500), only equal to 7 per cent of the same period last year.

VNSTEEL – VICASA JSC (VCA) pre-tax profit reached VND11.1 billion, down 21.76 per cent while VNSTEEL – Thu Duc Steel JSC (TDS) made a profit of more than VND8 billion, down 37.21 per cent over the same period last year.

In the galvanised sheet segment, Thai Nguyen Iron And Steel JSC (TIS) also witnessed its profit down by 35 per cent, to only VND29.2 billion. Viet Thang Corporation (code TVT) recorded a profit of only VND73 million, while in the same period last year, the figure was VND27.6 billion. Phuong Nam Steel Sheet Company also saw a 23 per cent drop in profit to reach VND30.1 billion.

Viet Nam Steel Corporation attributed the profit decline of many of its members to the world's economic and political volatility, especially the influence of the Russia-Ukraine conflict that had pushed up the prices of input materials in the steel industry, such as iron ore, coal, gas and increased freight costs.

Tien Len Steel Group Joint Stock Company (TLH) achieved revenue of VND1.8 trillion in the first quarter, up 83 per cent over the same period, but profit after tax reached VND86.3 billion, down 27 per cent over the same period last year.

Viet Nam Steel Corporation targets this year's revenue to reach VND38 trillion, a pre-tax profit of VND500 billion, down 6.4 per cent and 51.6 per cent, respectively, compared to 2021.

VNSTEEL – VICASA JSC (VCA) sets its after-tax profit target at VND16.56 billion, down nearly 55 per cent compared to 2021. VCA's cautiousness comes from the declining steel price forecast in 2022, and competition in the market is expected to be more fierce.

VNSTEEL – Thu Duc Steel JSC (TDS) set a profit after tax target this year of more than VND19 billion, down 56 per cent compared to the performance in 2021.

Thai Nguyen Iron And Steel JSC (TIS) set a revenue target of VND20.10 trillion this year, up 56 per cent compared to the previous year, and profit before tax of VND110 billion, a decrease of 29.4 per cent.

Tien Len Steel Group Joint Stock Company (TLH) set a target of a total revenue of VND5.5 trillion, an increase of 18 per cent compared to the revenue last year, and profit after tax of VND300 billion, down 35 per cent compared to the profit achieved in 2021. Thus, by the end of the first quarter, TLH has fulfilled 28 per cent of the profit target and 32 per cent of the revenue target.

Hoa Sen Group (HSG) predicts three business scenarios for this year, in which the planned output is two million tonnes and the revenue is VND46.4 trillion for all three scenarios. For the profit target, there are three scenarios: VND1.5 trillion, VND2 trillion and VND2.5 trillion, depending on the price of input materials.

HSG this year’s targets recorded a decrease of 11.1 per cent in output, nearly a 5 per cent decline in revenue and a decrease of 42-65 per cent in profit after tax compared to the results of the 2020-21 fiscal year.

Nam Kim Group Joint Stock Company (NKG) plans total revenue of VND28 trillion this year, equivalent to the previous year and profit after tax of VND1.6 trillion, down 28 per cent year-on-year.

SMC Trading Investment Joint Stock Company (SMC) sets a revenue target of VND20 trillion this year, down 6.2 per cent; profit after tax of VND300 billion, down 66.8 per cent compared to 2021.

Viet Nam Steel Corporation said world raw material prices will continue to rise when supply is tight, rising costs will continue to affect the purchase of raw materials and business performances would continue to be affected.

For the export market, due to the influence of the Russia-Ukraine conflict, the demand for steel in the European and American markets increased, but competitive pressure also increased as many countries, including China, are expected to increase capacity.

In the first quarter, the two leading steel enterprises still recorded good profit growth.

Specifically, Hoa Phat Group (HPG) achieved VND44.4 trillion in revenue, up 41 per cent over the same period last year, and profit after tax reached VND8.2 trillion, up 17 per cent.

HSG recorded revenue of VND10.85 trillion, up 88 per cent; profit after tax reached VND1.04 trillion, up 415 per cent over the same period. 

Construction starts on new bridge linking Hai Phong and Quang Ninh

Authorities in the northern city of Hai Phong on Friday held the groundbreaking ceremony for the Ben Rung Bridge which will connect the city's Thuy Nguyen District and Quang Yen Town in the neighbouring province of Quang Ninh.

The project, which has a total investment of nearly VND2 trillion (USD87 million), will span 1,865 metres with six lanes across the Da Bach River.

It is expected to be completed in 2024.

Hai Phong commences construction of logistics service centre worth 32 million USD

JD Future Explore V Ltd Co. from Hong Kong (China) held a ground-breaking ceremony on May 12 for a logistics service centre for e-commerce activities in the non-tariff zone and Nam Dinh Vu Industrial Zone.

The JD Property Logitics Park Hai Phong 1 will be built at a cost of 32 million USD on an area of 97,000m2 and is expected to be completed within the third quarter of 2024.

This logistics service centre will serve investors from many different countries and specialising in e-commerce activities – a booming area in Hai Phong with many advantages.

According to Head of Hai Phong Economic Zone Management Board Le Trung Kien, the implementation of this large project in Hai Phong contributes to creating attractive infrastructure and luring further investors to the city.

JD Property is owned by JD.com Group - one of China’sleading e-commerce groups. JD.com Group is also known as the largest strategic shareholder of Tiki.vn in its Singapore branch.

HCM City looks to bolster waste treatment cooperation with Indian firm

Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan on May 4 met with Alla Ayodhya Rami Reddy, a member of the upper house of India, who was leading a business delegation, including representatives of the Ramky Group, to the city to explore cooperation chances in waste treatment.

The host official said Ho Chi Minh City welcomes Indian enterprises coming to explore opportunities and make long-term investment and business. It is always ready to create the best possible conditions for Indian firms to invest in industrial park infrastructure and convert old industrial parks into the ones that apply modern and advanced technologies.

The Ramky Group’s intention to build a hi-tech waste treatment plant highly matches the demand and development orientations in the city and Vietnam as a whole, Hoan said, adding that Ho Chi Minh City highly values Indian businesses’ experience and technological capabilities in waste treatment.

Ho Chi Minh City hopes that Ramky will consider, give advice, and implement waste treatment projects at existing landfill sites while constructing a large-scale wastewater treatment system for the city, according to the Vice Chairman.

For his part, Reddy, who is also the founder of Ramky, affirmed his wish to enhance cooperation with Ho Chi Minh City and other southern localities of Vietnam in the treatment of urban, medical, and industrial waste, along with wastewater, by using advanced technology.

The group looks to raise its investment in Vietnam to 1 billion USD from the initial 150 million USD committed in a memorandum of understanding on cooperation signed in December 2021, he noted.

Conference on Sustainable Ocean Economy and Climate Change Adaptation held

An International Conference on a Sustainable Ocean Economy and Climate Change Adaptation “Solutions for a climate resilient Blue Economy” took place in Hanoi on May 12.

More than 400 domestic and international delegates discussed ways to promote the sustainable use of ocean resources and the key challenges posed by the COVID-19 crisis, climate change, and environmental pollution.

Under the framework of the conference, scenarios for Vietnam’s maritime economy were outlined in a report launched at a ceremony jointly held by the Vietnam Administration of Seas and Islands at the Ministry of Natural Resources and Environment and the UN Development Programme (UNDP).

“The blue economy scenarios for Vietnam” report covers the six major sectors of fishery, renewable energy, oil and gas, tourism, transport, environment, and eco-system.

UNDP Resident Representative in Vietnam Caitlin Wiesen said Vietnam has huge potential for aquaculture, marine renewable energy, especially in offshore wind, biodiversity ecosystem services and tourism.

She suggested the country speed up maritime spatial planning and roll out policies to make use of this potential.

Research studies show that blue scenarios bring about higher interests than basic ones in terms of the GDP contribution from economic sectors.

Ta Dinh Thi, Vice Chairman of the National Assembly's Committee on Science, Technology and Environment, said the report is valuable for managers, policymakers, scientists and those who are interested in this sphere.

Given the impacts of the COVID-19 pandemic, the coastal and sea-based economic sectors have played an increasingly important role in recovering socio-economic activities and spurring the country’s economic growth.

The report also offers recommendations to promote the maritime economy in Vietnam.

Digital Business Development Programme for Ho Chi Minh City launches

The BambuUP innovation platform, in association with HEPZA Business Association (HBA) and Digital Transformation Alliance (DTS), launched the Digital Business Development Programme - Go Digital on May 12 to support digital transformation and innovation in Ho Chi Minh City in 2022.

The programme is in response to the prime minister’s call to develop support programmes for industrial production enterprises to research and apply digital technologies and help select priority industries to develop new technologies to improve operational efficiency and competitiveness.

It is also to comprehensively support more than 1,600 enterprises in export processing zones (EPZ), industrial zones (IZ) and high-tech zones in Ho Chi Minh City with digital transformation solutions and applications suitable for each type and size of business.

Vietnam’s foreign trade surges 16% in Jan-Apr

Vietnam’s foreign trade in the first four months of this year expanded 15.9% year-on-year to US$242.43 billion even though its economy had yet to be at full throttle due to the lingering impact of the Covid pandemic.

Data from the General Department of Vietnam Customs showed that in the second half of April alone, the nation’s import-export value picked up 4.4% compared to the first half of the same month, reaching US$33.57 billion.

Foreign-invested enterprises (FIEs) contributed some US$168.37 billion to the total value of foreign trade, up 14.9% year-on-year, while the figure of domestic businesses was US$74.06 billion, up 18.1%. This indicates FIEs remained the biggest contributor of the import-export sector.

FIEs exported US$89.62 billion worth of goods in January-April, accounting for 73.2% of Vietnam’s total of US$122.48 billion.

In 2021, the export turnover of domestic companies was US$91.09 billion, representing 27.1% of the country’s total, and the FDI sector (including crude oil) posted a total export value of US$$245.22 billion.

Over the past 10 years, FIEs have played the leading role in the export sector, normally contributing about 70% of Vietnam’s total export revenues.

Regarding import, in the year to end-April, Vietnam’s total import spending had amounted to US$119.95 billion, up 15.3% year-on-year. FIEs accounted for 65.7%.

Local budgets sought for three expy projects

The Government has proposed the National Assembly (NA) allow the provinces where three expressways will pass through to use their own budgets to partially fund these projects.

On May 13, the NA’s Standing Committee discussed the Government’s plans to execute the first phase of the Chau Doc-Can Tho-Soc Trang, Khanh Hoa-Buon Ma Thuot and Bien Hoa-Vung Tau expressway projects. They require a total of over VND84 trillion, the local media reported.

As proposed by the Government, the Chau Doc-Can Tho-Soc Trang expressway project will be 188.2 kilometers long, have six lanes and need nearly VND44.7 trillion.

Meanwhile, the 53.7 kilometer Bien Hoa-Vung Tau expressway project was designed to have six to eight lanes and require an estimated VND17.8 trillion.

In addition, the four-lane Khanh Hoa-Buon Ma Thuot expressway project will have a length of 117.5 kilometers and need more than VND21.9 trillion in the first phase.

Thus, these projects will use capital from five sources—the mid-term public investment in the 2021-2025 period allocated for the Ministry of Transport, the capital from the socioeconomic recovery and development, local budgets, the State budget savings in 2021 and the capital for 2026 from the mid-term public investment in the 2026-2030 period.

Work on the three projects is expected to start next year and be completed in 2025.

Vinhomes pledges to build 500,000 budget homes at below VND1 billion each

Vinhomes Joint Stock Company (VHM) will strive to complete the construction of 500,000 social homes valued at VND300-950 million each across Vietnam in the next five years, said a VHM leader.

The housing developer yesterday, May 12, held its 2022 annual shareholders meeting, where its board chairman Pham Thieu Hoa said that one of the new strategic orientations of Vinhomes in the upcoming time is focusing on developing social housing projects for low-income people in the country. The low housing price will be made possible owing to the land being allocated free of land use fees.

According to Hoa, “HAPPY HOME” has been chosen as the brand name of Vinhomes social housing products.

Earlier at the meeting, Vinhomes announced its business plan for 2022. It targets VND75 trillion of revenue and VND30 trillion of after-tax profit this year, both down 12% and 23% year-on-year.

The company also passed a plan to pay a cash dividend of 20% to shareholders. The payment will be made in the third or fourth quarter of the year.

Thu Duc’s budget revenue higher than Dong Nai, Binh Duong

Thu Duc City, under the jurisdiction of HCMC, reported VND27 trillion in budget revenue in the first four months of the year, double that of District 1 and higher than that of Dong Nai and Binh Duong provinces, said Nguyen Hoang Hai, director of the HCMC State Treasury.

At a meeting with the municipal delegation of National Assembly deputies on May 12, Hai said Thu Duc looked to attain VND72 trillion in budget revenue in all of 2022, the local media reported.

In the January-April period, Thu Duc’s budget revenue accounted for 18% of HCMC’s total budget revenue and ranked fifth nationwide, followed by HCMC, Hanoi, Ba Ria-Vung Tau and Haiphong.

Can Tho wants rail link with HCMC to be kicked off before 2030

Work on the 174-kilometer HCMC-Can Tho railway project should start before 2030, said Can Tho Vice Chairman Nguyen Ngoc He.

At a meeting with the Railway Management Board under the Ministry of Transport and the consulting firm for the HCMC-Can Tho railway project on May 12, He said the railway would be used to transport cargo for the Mekong Delta and connect the region with other parts of the country.

Le Tien Dung, director of the Can Tho Department of Transport, said that as planned, the railway would not be kicked off until 2030. However, preparations should be done before 2030, including the prefeasibility report.

He added that the railway should be developed in the 2025-2030 period if capital and investors are available.

Earlier, a representative of the consulting consortium which developed the prefeasibility report for the project said the railway was designed to start at the Tan Kien Station in HCMC’s Binh Chanh District and end at the Cai Rang Station in Can Tho. The project, which requires an estimated US$7 billion, will pass through six cities and provinces: Binh Duong, HCMC, Long An, Tien Giang, Vinh Long and Can Tho.

The double-track rail line would allow a maximum speed of 190 kilometers per hour for passenger trains and 120 kilometers per hour for cargo trains. It would take 75-80 minutes to travel between HCMC and Can Tho by train, while road travel currently takes 180-240 minutes.

The section in Can Tho will have a length of some 6.5 kilometers, including a four-kilometer elevated segment.

Ministry calls for Korean investors to pour money into South Central region

The Ministry of Foreign Affairs yesterday coordinated with the People's Committee of the Central Province of Binh Dinh to organize a conference ‘Gap go Han Quoc’ ( Meet Korea in 2022) with the participation of nearly 200 delegates in Quy Nhon City with the aim to call for Korean investors to pour investment in the South Central region - Central Highlands.

On this occasion, leaders of 12 provinces and cities in the South Central Coast - Central Highlands had two meetings and many working sessions as well as met bilaterally with Korean organizations and businesses to promote cooperation and development programs. The provinces focus on introducing and inviting investment in many fields such as renewable energy, tourism, high-tech agriculture, mining, afforestation, medicinal herbs, tourism exploitation from natural heritages, marine economy, industry, and smart city.

Representatives of Korean organizations and businesses also had opinions and development plans with the South Central - Central Highlands provinces. The parties pledged to step up the search and call for Korean projects and businesses to invest in order to help the region get a foundation for sustainable and stable development, heal wars, reduce poverty sustainably and fight climate change…

Also at the conference, a representative of the Korean investors voiced a number of difficulties that this country's businesses encountered when investing in Vietnam including investment procedures, visa mechanisms, and visas. Therefore, they proposed the Vietnamese Government and local leaders create better conditions when attracting businesses for investment.

Ministry announces list of 10 inland ports in Vietnam

According to the Ministry of Transport, the inland dry port model is considered an ‘extended arm’, helping to share pressure in seaports as well as increase the speed of cargo release. Inland ports are built in association with the main transport corridors, connecting directly with the seaport.

The list of Vietnamese inland ports currently has 10 ports, including inland ports Hai Linh and Km3+4 Mong Cai in the Northern Province of Quang Ninh, Hai Phong New Port and Hoang Thanh in the Northern City of Hai Phong, Dinh Vu in the Central Province of Quang Binh, Long Bien in Hanoi, Tan Cang in the Northern Province of Ha Nam, Phuc Loc in the Northern Province of Ninh Binh, Nhon Trach New Port in the Southern Province of Dong Nai and Que Vo in the Northern Province Bac Ninh.

Thus, compared to the List of Vietnam's inland ports announced in 2020, the Vietnamese inland port system is supplemented with Que Vo. This is an inland port located downstream of the Duong River, adjacent to National Highway 18, located near industrial parks in Bac Ninh and Bac Giang.

Que Vo dry port is a destination port, a centralized inspection center, container gathering both cargo and empty, and a customs clearance point for import and export goods of Bac Ninh, Bac Giang, and neighboring provinces. The operation of  Que Vo inland port and other river ports will be associated with the operation of transporting containers by a barge on the inland waterways of Cam river - Kinh Thay river - Duong river.

According to the Ministry of Transport, being considered an ‘extended arm’, the dry port will help seaports increase the speed of cargo release. In particular, the inland port must have at least two modes of transport to facilitate multimodal transport or directly connect with a high-capacity mode of transport.

The inland port must be designed and planned with the total area of subdivisions to ensure the functions such as receiving/sending, loading/unloading goods, consolidating odd goods for goods with many owners in the same container, gathering container goods and other goods for transportation to a seaport or another place as prescribed, temporary storage of import and export goods and containers and inspect and carry out customs procedures for imported and exported goods.

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