Vietnam has striven for 33 percent of renewable energy sources by 2030 according to the government’s National Strategy on Climate Change for the period to 2050.

According to the government’s national strategy, in the field of energy supply, the government requested to accelerate the implementation of solutions to develop clean energy and use energy and breakthrough technology solutions as well as using energy efficiently while ensuring national energy security.

Moreover, the Southeast Asian country will continue to develop small hydroelectric plants selectively, and expand medium and large capacity to maximize the efficiency of hydroelectricity.

Additionally, it will increase the capacity of concentrated solar power plants, rooftop solar power, onshore wind power, offshore wind power, biomass power, the development of hydrogen fuel technologies, tidal energy technologies, and ocean waves.

By 2030, the proportion of renewable energy sources including hydroelectricity, wind power, solar power, and biomass will account for at least 33 percent of total electricity generation.

More ports proposed for Ho Chi Minh City

The Ho Chi Minh City Department of Transport has just proposed investment in two more passenger ports on the Nha Be and Saigon rivers.

The Ho Chi Minh City Department of Transport has just proposed investment in two more passenger ports on the Nha Be and Saigon rivers.

According to the department, the two projects aim to develop waterway transport and tourism in the city.

"The international VND842 billion (USD36.65 million) port on the Nha Be River in District 7 would be built on an area of two hectares inside the Mui Den Do Park," the proposal said. "It could receive ships of up to 100,000 GT and will be invested in by Saigon Peninsula Joint Stock Company."

The second port will be built inside the Nha Rong-Khanh Complex in District 4. The port will be invested by Ngoc Vien Dong Urban Development Investment Co., Ltd. This port lies in the city centre and is a historic location.

Ho Chi Minh City Department of Transport have suggested the municipal people’s committee convey the proposal on the two projects to the prime minister.

MoMo becomes first e-wallet integrated for payment at Starbucks Vietnam

MoMo E-Wallet and Starbucks Vietnam have freshly announced their cooperation that turns the former into the first of its kind integrated in the payment method at all Starbucks shops nationwide.

Through cooperation with MoMo, Starbucks Vietnam can instantly connect with the Vietnamese unicorn firm’s ecosystem of tens of millions of users. It is expected that in the near future, the two sides will research and deploy more services, and improve new features and user experience.

MoMo is Vietnam's largest e-wallet by users. It sets to double the number of users to 50 million by 2023.

Can Tho eyes investment from Dutch businesses in agricultural sector

Vice Chairman of the People’s Committee of Can Tho city Duong Tan Hien has called for investment from Dutch businesses in mechanisation in agricultural production; post-harvest preservation technology as well as processing technology of agricultural and aquatic products to create high value-added products.

He made the suggestion at a working session with a delegation from the Netherlands Embassy in Vietnam, led by Deputy Ambassador Christoph Prommersberger on September 7.

The official said that in addition to offering preferential policies for investors who pour capital into the centre for production, processing and consumption of agricultural products in the Mekong Delta, Can Tho city is also carrying out many supporting policies to attract investment in the agricultural sector, especially those relating to the development of value chains of agricultural and aquatic products.

Regarding to the establishment of a logistics centre for linkage, production, processing and consumption of agricultural products in the Mekong Delta, Hien said that the draft project has been submitted to the Prime Minister for approval. Once it is approved, local administration will publicise information on mass media.

For his part, the Dutch diplomat invited the municipal People's Committee to arrange a working delegation to visit and learn about agricultural production and processing centres in the Netherlands to have a better view of this model.

He also suggested Dutch businesses and investors explore opportunities for cooperation and investment in Can Tho, especially in the agricultural sector.

Police urge Tan Hoang Minh fraud victims to speak up

The police have urged victims in the Tan Hoang Minh Group fraud case to give information and documents to help with the investigation.

Investors who bought bonds from three affiliates of Tan Hoang Minh Group — Viet Star Co.,Ltd, Hotel Soleil JSC, and Winter Palace JSC, are seen as victims, the police said in a notice on September 7.

The victims are requested to report to the police and send relevant documents to the economic crimes police department C03 at 47 Pham Van Dong Street, Cau Giay District, Hanoi, or contact them on 0793 688 688 or 055 993 3333.

Do Anh Dung, chairman of Tan Hoang Minh Group, allegedly took advantage of the three affiliates to launch nine bond issues with a total value of VND10.3 trillion between July 2021 and March 2022.

The money was not used for the purposes stated in the bond sale documents, said local news reports.

Regarding the method of raising capital from investors, the three affiliates of Tan Hoang Minh Group falsified the financial statements and bond security documents, according to the Ministry of Finance.

After that, Tan Hoang Minh Group bought the majority of the bonds issued by its affiliates and sold them to individual investors through business cooperation contracts.

The chairman of Tan Hoang Minh Group and six senior executives of Tan Hoang Minh-affiliated companies have been arrested on alleged charges of fraud.

Firms advised to apply effective dispute settlement resolutions

Vietnamese enterprises should study the use of different dispute resolutions to settle disputes with foreign partners more efficiently, especially as commercial disputes are tending to rise in line with Vietnam’s deeper integration in the global economy through free trade agreements (FTAs).

To date, Vietnam has signed 15 FTAs with many countries and regions, of which the UK-Vietnam Free Trade Agreement (UKVFTA) was the latest put into force in May last year.

Nguyen Ngoc Son, standing member of the Science, Technology and Environment Committee of the National Assembly, said in the international business and investment environment, disputes are inevitable and Vietnamese businesses must comply with the "rules of the game" in the global market.

Transactions involving foreign partners are subject to different legal systems, commercial practices and business cultures which increases the risk of disputes. New business models and Industry 4.0 are leading to changes in dispute resolution methods (e-Courts, online adjudication…) and the scope of jurisdiction to resolve disputes.

Currently, there are four methods of trade dispute resolution, including negotiation, mediation, court or arbitration. Each has certain advantages and limitations, depending on the choice of the parties who have the need to resolve disputes.

According to the Vietnam International Arbitration Center (VIAC), the practice shows that the use of alternative dispute resolution (ADR) is a popular trend in the global business community given its effectiveness and efficiency.

ADR means any procedure, agreed to by the parties of a dispute, in which they use the services of a neutral party to assist them in reaching an agreement and avoiding litigation. They include arbitration, mediation, negotiated rulemaking, neutral factfinding and minitrials.

IMF optimistic about Vietnam's economic growth

The first half of this year saw a swift economic rebound as Vietnam’s pandemic restrictions eased follow source ing the adoption of a living-with-COVID strategy and a robust vaccination drive, according to an article published on the website of the International Monetary Fund (IMF), imf.org.

Supportive policies such as low interest rates, strong credit growth, and the government’s Programme for Socio-economic Recovery and Development have been accompanied by strong manufacturing output and a recovery in retail and tourism activity, the article said.

The IMF has recently raised Vietnam growth forecast to 7% this year, lifting it by a full percentage point from three months earlier and the only significant upward revision among major Asian economies.

The fund lowered the projection for next year by 0.5 percentage points to 6.7%, but that still contrasts with dimming prospects elsewhere and would be the fastest pace among Asia’s major economies.

By way of contrast, growth estimates for Asia were lowered to 4.2% and 4.6% for this year and next in the IMF’s latest World Economic Outlook Update, the article noted.

Vietnam’s inflation pressure has been mostly limited to some goods like fuels and related services like transport. Consumers are largely insulated from the global surge in food prices because of ample domestic supplies, pork prices declining from last year’s peak, and a preference for rice, which remains cheaper than other grains like wheat. Further, price gains for services, such as health and education, have also been very mild.

Consumer prices in the first seven months of the year rose, but remain below the central bank’s 4% target for the year. The economy’s delayed recovery last year has kept core inflation, which strips out volatile food and energy costs, below regional peers.

Inflation, however, could pick up as economic activity gets back to full speed. Higher costs for transportation and commodities such as fertilizers and animal feed could also raise prices for a broader range of goods and services, adding inflationary pressure.

Vietnam’s recovery also faces headwinds from global growth decelerating from 6.1% last year. The IMF’s World Economic Outlook lowered estimates to 3.2% this year and 2.9% next year amid the Russia-Ukraine conflict, and the slowdown in China and major advanced economies. Such a slowdown implies reduced demand for Vietnam’s exports, especially from key trade partners like the US, China, and the European Union.

In addition, financial conditions are tightening as interest rates in the US and other advanced economies rise to curb inflation. That in turn increases financing costs and can lead to capital outflows.

Finally, greater uncertainty about global trade and financial markets could weigh on the recovery, especially if some industries lose access to needed intermediate goods because of further supply-chain disruptions. That could curtail foreign investment in Vietnam, slowing production and technological growth.

AgroViet 2022 to open next week

The 22nd Vietnam International Agricultural Trade Fair (AgroViet 2022) will open next week in Hanoi, featuring 100 exhibitors, including those from Australia, Russia, Japan, China, Thailand and Indonesia.

Slated for September 15, the trade fair will feature around 170 pavilions, 28 of which run by foreign exhibitors who will display a wide range of agricultural products, such as abalone, Manuka honey, olive oil, spices, mushroom drinks, palm oil and fresh Salak fruit, alongside publications on agricultural technologies, farm supplies and support services.

The event will also showcase various “One Commune, One Product” (OCOCP) and organic products from Vietnam, including rice, honey, chili sauces and salangane nests.

This year, there will be a zone for agricultural startups where entrepreneurs can share information about their businesses and seek partnership opportunities.

Power, maritime expos underway in HCM City

Three leading international exhibitions and conferences on energy & electrical solutions (EPV); heating, ventilation, air-conditioning, air filtration & purification, refrigeration systems (HVACR), and maritime (INMEX) for the first time opened simultaneously at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City on September 7.

Organised by the UK-based Informa Markets, the three expos are forming a series of events, gathering the participation of 200 firmss, with 80% of whom from 22 foreign nations including Germany, Turkey, the Republic of Korea, China, and Singapore.

Throughout the three-day course of the events, the participants are set to introduce a diverse range of machinery and technology that are considered breakthrough and new in the world.

The EPV, HVACR and INMEX are expected to offer updated specialised information, and opportunities for businesses to connect with and find potential partners.

A host of sidelines activities and seminars are also scheduled.

Moon cake market warming up ahead of Mid-Autumn Festival

The moon cake market is getting vibrant as there are only a few days left before the Mid-Autumn Festival, which falls on September 10 this year.

Thanh Tai, owner of a moon cake shop in District 5 of Ho Chi Minh City, said the store has delivered cakes to wholesale buyers since the start of September. Since moon cakes have a short preservation period, most of these customers want to receive products only one or two weeks ahead of the Mid-Autumn Festival.

Wholesale customers and those placing pre-orders often buy moon cakes as gifts, so they have strict requirements for quality, food safety, and design, he said, noting that the market has warmed up one or two months ahead of the festival in recent years.

Meanwhile, some trade centres, supermarkets, and cake store chains in HCM City have recorded a doubling number of buyers compared to the end of August.

Boxes of four, six or eight cakes are priced at 250,000 - 550,000 VND (10.6 - 23.3 USD) each at present.

Such distribution networks as Co.opmart, Co.opXtra, MM Mega Market, LOTTE Mart, Aeon Mall... have reserved eye-catching positions for displaying moon cakes, helping consumers easily choose products according to their demand.

The market also sees the presence of a wide range of home-made cakes which feature both traditional and modern flavours. These products attract buyers thanks to their novel ingredients, design, and packaging.

Some bakery brands in HCM City reported that this year, consumers prefer small- and medium-sized cakes with less sugar and natural ingredients. Such producers as ABC, Givral, SweetHome Bankery, Nhu Lan, KIDO's have also launched vegan cakes with unique taste to meet consumers’ demand.

Some businesses forecast the purchasing power will stay at the current level or become more vibrant from now to the festival.

Can Tho to spend 58 billion VND to develop fruit farming

The Mekong Delta city of Can Tho will spend 58 billion VND (2.5 million USD) from now until 2025 to develop intensive farming of orchards and create brand names for fruits.

A new plan announced by the municipal its People’s Committee also envisages development of production codes for fruits, which would help promote brand names and increase the competitiveness of the fruits to foster exports, focusing on the domestic market, production of fruit-related products for exports, and attracting tourists to orchards.

To achieve the targets, it has instructed localities to strengthen advocacy to link up farmers and establish concentrated fruit areas of at least 10ha and develop production codes, Deputy Chairman of the Can Tho People’s Committee Nguyen Ngoc He said.

Seafood exports to Russia see signs of recovering

Seafood exports to the Russian market have recorded strong signs of recovery, with export revenue this year estimated to reach over US$190 million.

August alone witnessed seafood export growth to Russia double compared to the same period from 2021.

The Russia-Ukraine conflict beginning at the end of February had dealt a blow to Vietnamese seafood exports, causing them to nosedive 86% and 46% in March and April respectively compared to the same period from last year.

However, Vietnamese seafood exports to Russia gradually recovered in May and started to reverse in July with an increase of 36%.

Statistics show eight month Vietnamese seafood exports to Russia rose 20% to more than US$94 million.

Russian enterprises remain keen on Vietnamese market

Several Russian firms on September 7 showed their interest in investing in Vietnam by unveiling plans to do business in the country at a working session on the Vietnam – Russia business cooperation as part of the 7th Eastern Economic Forum in Vladivostok city.

At the event, representatives of Russian enterprises expressed their optimism about bright prospects ahead for strengthening business co-operation between the two countries, on the back of the Vietnam – Russia long-standing traditional friendship, a dynamic Vietnamese economy, and a large Vietnamese market of roughly 99 million consumers.

Erkozha Akylbek, chairman of the Board of Directors of Udokan Copper Company, which specialises in metallurgy and mining, said the firm has already mapped out plans for the consumption of its finished products in countries in the Asia-Pacific region, including China, India, and Vietnam.

Meanwhile, Oleg Deripaska, chairman of the Supervisory Board of Stolypin Institute for the Economy of Growth, pointed out Vietnam is a key Russian partner in the Indo-Pacific region, and there is a diverse range of co-operation fields between the two sides, such as energy, oil and gas, manufacturing, and agriculture.

Vietnam becomes an increasingly attractive market for Russian products thanks to its steady economic growth, while Vietnamese enterprises also have a wealth of opportunities in the Russian market, particularly those with highly competitive products in terms of quality, he added.

At present, Russia is one of the leading suppliers of raw materials in the world, ranging from energy to metals and polymers. Ensuring a sustainable supply source of low-carbon raw materials remains a critical step towards achieving net-zero emissions by 2050.

PV GAS supplies first propane batch to southern petrochemical complex

PV GAS Trading, an affiliate of the PetroVietnam Gas Joint Stock Corporation (PV GAS), recently provided the first batch of propane for the southern petrochemical complex of the Long Son PetroChemicals Co. Ltd (LSP).

PV GAS said PV GAS Trading has successfully connected a pipe from the liquefied petroleum gas vessel BU SIDRA with the propane taking system of the southern petrochemical complex.

The batch of commercial propane, departing from Al Amindi Port of Kuwait, is the first of PV GAS Trading to arrive at Long Son Port and also the first batch of material to be supplied for the southern petrochemical complex to serve this complex’s pilot operations.

Ireland pledges to create breakthrough in Vietnam’s dairy sector

Ireland will provide high-quality dairy products for the Vietnamese market, thus creating a breakthrough in the dairy sector, Minister of State at the Irish Department of Agriculture, Food and the Marine, Martin Heydon T.D. told a seminar in Hanoi on September 6.

Ireland exports more than EUR5 billion (US$4.93 billion at current exchange rate) worth of dairy products each year. These products have been shipped to 150 markets around the world.

Nguyen Do Anh Tuan, Director of the Department of International Cooperation under the Ministry of Agriculture and Rural Development, said that Vietnam has a fairly developed agriculture, with the export value of agro-forestry-fishery products increasing continuously. Vietnam has strengths in rice, coffee, rubber, cashew nuts, pepper, tea, and tropical fruits.

He expressed his hope that Irish partners will strengthen cooperation with Vietnam in improving management and training capacity; shared experience in the development of green agriculture and circular agriculture as well as in building a safe and traceable food management system, and developing livestock production, including dairy cows.

Over 2.3 billion USD disbursed under national socio-economic recovery programme

More than 55 trillion VND (2.33 billion USD) has been disbursed so far to financially support people and enterprises hurt by the COVID-19 as part of the national socio-economic recovery and development programme, according to a report by the Ministry of Planning and Investment. 

Of the total, over 10.07 trillion VND has been provided in soft loans through the Vietnam Bank for Social Policies. Nearly 4.54 million affected labourers have received over 3.04 trillion VND in housing rental assistance.

Value-added tax (VAT) and environment tax on jet fuel have been lowered, resulting in a total tax reduction of some 34.97 trillion VND as of August 26.

The State Bank of Vietnam has been pursuing flexible fiscal and monetary policies while focusing on addressing legal and institutional issues to accelerate the disbursement of public investment and forge for the effective use of the funding sourced from the programme. 

Hanoi to host Vietnam International Agricultural Fair 2022

The 22nd Vietnam International Agriculture Trade Fair (AgroViet 2022) is scheduled to kick off on September 15 in Hanoi, according to a press conference held on September 7.

The event is anticipated to attract the participation of nearly 100 domestic and foreign companies from around the world to showcase their products across 170 pavilions.

On display will be a wide range of agricultural products such as abalone, Manuka honey, olive oil, vinegar oil, spices, publications on cultivation technology, prickly pear juice technology, health drinks from natural mushrooms, wine and tea plants, palm oil, and fresh Salak fruit, as well as organic rice products such as Nang Sen Rice, ST 25, ST24, ST21, and Japonica.

Moreover, machinery and equipment for agricultural production will also be introduced at the event including plows, combine harvesters, multi-purpose tillers, and water filtration systems in aquaculture.

Golf course real estate setting trends

The openness in policies, the explosion in the number of golfers, and the trend of resorting and enjoying high-class services have created an impetus for golf real estate to develop rapidly and become an investment channel for the market.

Appearing in the 15th century in Scotland, golf quickly developed throughout Europe and North America before reaching Asia – the fastest-growing market today.

In Vietnam, the first golf course built was the Dalat Palace Golf Course in 1990. From 2010 onwards, golf entered its golden age in Vietnam. Dozens of courses were built, the number of players spiked to tens of thousands, golf tourism was promoted heavily, and production and distribution activities of related products were born.

According to statistics from the Vietnam Golf Association (VGA), there are around 80 golf courses in operation across the country. It is expected that the number will reach 200 by 2025. The localities with the strongest golf development are Hanoi, Hoa Binh, Bac Giang, Quang Ninh, Danang, Vung Tau, Dong Nai, and Binh Duong. Participating in this game are big names such as Geleximco, Vingroup, BRG, FLC, Sun Group, and Sovico Holdings, as well as overseas names such as Asian Coast Development and Tanzanite International.

In 2019, Vietnam welcomed around 1.5 million international golfers, bringing revenues of VND4.5 trillion ($195 million), according to the Vietnam Golf Tourism Association.

The boom of golf has promoted the related real estate segment. Golf course projects with integrated real estate and services were born and quickly created an investment fever.

Three groups of customers who have a high demand for this type of real estate include investors who have a hobby of collecting special, rare properties, golf enthusiasts, and investors who are looking for green living space but full of facilities and services.

There are many factors that make up the special attraction of golf course real estate. Among those are a unique location, limited products, the ability to rent with high yield thanks to a focus on high-class customers, and the great potential for increasing the asset’s value.

Statistics from the VGA show that among the 80 golf courses in operation across the country, 32 courses meet regional and international standards and half of that can be combined with residences.

According to real estate company DKRS, worldwide golf courses are considered "diamond businesses" because the average selling price of this product is always higher than other high-end products in many countries. For example, in the US, a golf course project has a selling price about 10 per cent higher than other products.

Meanwhile, the selling price of a golf course villa in the UK can be double the price of an ordinary one in the same area. Villas and apartments next to golf courses in the world often cost millions of dollars.

In Vietnam, according to a survey by DKRS, golf resort projects have a selling 19 per cent higher than other high-end resort products, and from 20-35 per cent in projects located near big cities.

Many investors choose to buy golf course villas as a second home so that they can both relax every weekend with family and friends, and can make a profit by renting while real estate value increases steadily every year from 10-25 per cent depending on each project and location.

Nguyen Le Hai Dang, an independent real estate strategist, said that majority of golf real estate hunters were the ones who have a hobby of collecting special and limited properties and golfers.

He added that real estate projects combined with golf courses must be classy and fully equipped to serve the needs of investors as well as their partners. In addition, the project must be convenient for traffic and well connected to economic business areas.

The strong increase of the rich class in Vietnam makes the demand for real estate associated with golf courses even greater.

According to Knight Frank’s latest Wealth Report released in March, the number of ultra-high-net-worth individuals in Vietnam is set to grow by 26 per cent between now and 2026. The growth in Vietnam is mirrored by the dynamic Asia-Pacific region, which trails only North America in the growth of this demographic.

Hoang Duc Viet, sales director of Tran Anh Group, shared that compared with other countries around the region, the number of players and golf courses in Vietnam is still very modest, with nations like Thailand boasting many hundreds of golf courses and millions of players.

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