Development gap hinders linkages in APEC auto industry Addressing the opening ceremony of the 26th APEC Automotive Dialogue (AD26) in Hanoi on May 11, Le Huu Phuc, Director of the MoIT's Department of International Relations, said that APEC should give priority to assisting developing economies in boosting the auto industry. He called for APEC member economies to cooperate effectively in capacity building to study auto industry policies, focusing on priority areas such as market access, human resources and infrastructure, technology incentives as well as environment standards for sustainable development. Regarding the fourth industrial revolution, Phuc said it will lead to the restructuring of the global manufacturing system, not only in technology but also in management and placing of new business models. New technology trends may disrupt value chains, possibly shifting a significant part of global production from developing to developed countries, he said, adding that access to … [Read more...] about BUSINESS NEWS 15/5
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Social News 23/11
Programme promotes family's role in domestic violence prevention The Ministry of Culture, Sports and Tourism and the Vietnam Women's Union agreed to implement a programme to enhance the role of families in preventing domestic violence. The deal was signed by Minister Nguyen Ngoc Thien and President of the Union Nguyen Thi Thu Ha in Hanoi on November 21. The programme will be piloted in six provinces and cities across the nation, namely Ha Giang, Yen Bai, Quang Binh, Dak Lak, Tien Giang and HCM City. It aims to enhance awareness of the role of the family in educating attitudes, lifestyles and behaviours among family members, thus preventing domestic violence. It is also expected to help reduce the number of cases and the seriousness of domestic violence in the localities while utilising the resources of the two sectors to build happy families. Under the programme, legal documents will be completed to help women build happy families, with a focus on domestic violence prevention and … [Read more...] about Social News 23/11
BUSINESS IN BRIEF 27/8
Int'l exhibition on renewable energy and energy saving Hundreds of enterprises and leading Asian and European experts will take part in an international exhibition on renewable energy and energy saving in Vietnam to be held in November in Ho Chi Minh City. Various energy saving products and devices will be on display at the exhibition. A forum on energy and sustainable development in Vietnam will update the participants on trends in the development of Vietnam's energy market. Nguyen Van Ly, deputy general director of Ho Chi Minh City Power Corporation, said, "We hope that the exhibition will help to raise people's awareness and suggest practical courses of action to save energy in households and businesses. The event is also an opportunity for enterprises to exchange, and transfer technology and develop energy-saving products". The international exhibition on renewable energy and energy saving in Vietnam will coincide with the international exhibition on water and waste water … [Read more...] about BUSINESS IN BRIEF 27/8
Social News 6/5
Japan helps Vietnam deal with cassava diseases According to director general of the Agricultural Genetics Institute Le Huy Ham, who is also the project director, the project will focus on detecting cassava pathogens, seeking suitable technical measures to diagnosing cassava diseases, developing disease-free cassava varieties and providing knowledge for the farmers. A laboratory to develop disease-free varieties to meet domestic as well as Asian demands is included in the project, Ham said. Cassava diseases, especially the witches' broom disease, are posing great threats to yields, President of the Vietnam Cassava Association Nguyen Van Lang highlighted. Vietnam's cassava productivity only reaches 18.7 tonnes per hectare, much lower than Thailand and India, he stated, adding that the project will help improve cassava quality as it offers good disease management. Meanwhile, Keiji Takasu from Japanese Kyushu University, leading consultant of the project, highlighted that under the … [Read more...] about Social News 6/5
BUSINESS IN BRIEF 11/8
Pathogen wipes out Ca Mau clam farm Disease has wiped out the entire crop of clams farmed by 14,000 members of 16 cooperatives in a Ca Mau Province farm, and many of them face ruin. The local Department of Animal Health pinned the blame on Perkinsus marinus, a pathogen that degrades tissues. It said the pathogen originated from breeding stock provided by Khai Long clam farm's suppliers in Can Gio, Ben Tre, and Tien Giang Provinces. Khai Long's cooperatives spent US$1.45 million to buy breeding stock for this year's crop, which begins in July and ends 12 months later, Phan Quoc Viet, the farm's deputy manager said. But they only harvested dead clams in all three harvests (February, April, and June) this year, he added. Without assistance from the authorities, Khai Long farmers are likely to go bankrupt since they are not only poor but also in debt. Vietnam state monopoly in electricity to end Jan 1 As of January 1 next year, Vietnam will officially apply a competitive power … [Read more...] about BUSINESS IN BRIEF 11/8
BUSINESS IN BRIEF 21/7
Trade with Brazil surges by 35 percent Two-way trade between Vietnam and Brazil topped US$876 million during the first half of this year, representing a significant increase of 35 percent, according to Brazil's Ministry of Development, Industry and Foreign Trade. Vietnam exported $369.6 million worth of goods to the Latin American country, including footwear, frozen fillet fish and printing machines, up 23.4 percent year-on-year, while Brazil's imports from Vietnam rose by 45 percent, hitting US$507 million, said the ministry. In 2011, bilateral trade turnover exceeded US$1 billion for the first time, surging 53.8 percent against 2010. Businesses to join Paris food fair Deputy Prime Minister Hoang Trung Hai has approved a plan to showcase Vietnamese products at an international food trade fair in Paris and introduce local farm produce to markets in South America. During the 2012 SIAL Paris, the world's largest international food and beverage trade exhibition, a variety of … [Read more...] about BUSINESS IN BRIEF 21/7
BUSINESS IN BRIEF 6/4
BOT investors hastily return projects to gov't Many BOT (Build - Operate - Transfer) investors have transferred their infrastructure projects back to the Ho Chi Minh City government after operating them for a short time, far sooner than originally planned, due to poor effectiveness. In a BOT contract, a private company builds an infrastructure project, operates it, and eventually transfers the ownership of the project to the government. But many investors have practically skipped the operate stage and quickly jumped to the last stage -- transfer, since they have simply failed to recoup their investment from operating the projects. One of these is the Phu My Construction Investment Corporation (PMC), which has recently demanded to return the Phu My Bridge, which connects Ho Chi Minh City's District 2 and 7, to the municipal government, instead of operating it for 26 years as earlier contracted. Inaugurated in September 2009, the 2.4-km Phu My Bridge, which spans the Saigon … [Read more...] about BUSINESS IN BRIEF 6/4
BUSINESS IN BRIEF 30/9
PetroVietnam Construction in strife financial crisis PetroVietnam Construction Co (PVX) is facing a number of financial problems due to unwise investment in subsidiaries and non-core businesses that caused huge losses in the first half of this year. Auditors raised PVX's first half loss from VND254 billion (US$12.1 million) to VND468 billion ($22.3 million) after the report review, while its shares were excluded from margin trading across the entire market. In addition, officials from a subsidiary were arrested for alleged economic violations. According to the firm's second quarter report, the main losses were caused by Petroleum Machine Executing Co (PVC-ME). PVC-ME lost nearly VND457 billion ($21.7 million) during the period, almost equal to its charter capital. Four officers from PVC-ME are also facing arrest for allegedly contravening State economic regulations. Since 2008, operations at PVX have been unstable. While it earned VND630 billion in 2010, profits dropped to … [Read more...] about BUSINESS IN BRIEF 30/9
BUSINESS IN BRIEF 29/7
HCM City benefits from trade pact HCM City's bilateral trade with Australia and New Zealand has increased significantly, after more than two years of implementation of the ASEAN Australia New Zealand Free Trade Agreement, according to the Department of Industry and Trade. Many Vietnamese exports to the two countries recorded high growth after the two countries reduced import taxes to zero per cent in 2010 under the trade agreement, according to the department. Total import-export value between HCM City and Australia reached US$840.2 million last year, a surge of 59 per cent compared with $529 million in 2009. In particular, exports of cashew nuts reached $22.7 million, an increase of 25.9 per cent; textiles and garments, $22.4 million, a jump of 19.2 per cent; and footwear, $19.9 million, an increase of 36.1 per cent. Seafood reached $18.9 million, an 18.7 per cent increase; and wood and products made of wood, $16.7 million, a 37.7 per cent increase. Meanwhile, total … [Read more...] about BUSINESS IN BRIEF 29/7
BUSINESS IN BRIEF 17/4
HCM City property market stalls There are growing signs of a stalemate in HCM City's residential market, with prices in the primary market seeing little change in the first quarter. "What we are seeing is a face-off between developers and buyers," said Marc Townsend, managing director of CBRE Viet Nam. "Residential buyers will not buy property if they think prices will go down in the future. "They simply expect prices to be lower next quarter and thus will not re-enter the market, while developers are attempting to show, in some cases, there is little more to give for, for over a year, they have offered discounts, gifts and lucky draws, and that has not turned the residential market around." Adam Bury, CBRE's research and consulting senior manager, says with the economy now appearing more stable, calmer inflation, lower interest rates, and a rising stock market, developers, a couple of whom have had reasonable sales in March, may now feel the market is approaching the … [Read more...] about BUSINESS IN BRIEF 17/4