HCM City: retail sales, services revenue up 10.2 percent in H1

NDO - The National Oil and Gas Group (PVN) has sold a total 355 million tonnes of crude oil since the first batch of crude oil was extracted from the Bach Ho field in April 1987, bringing about a huge source of foreign currencies for the country. According to PVN Deputy General Director Nguyen Sinh Khang, a total 355 million tonnes of crude oil has been extracted from various oil fields over the past 30 years and has been sold at a total value of approximately US$145 billion. Khang noted that the successful and safe exploitation and trading of crude oil is thanks to the considerable efforts of the PetroVietnam Oil Corporation (PVOil), PetroVietnam Exploration Production Corporation (PVEP), the Vietnamese-Russian joint venture Vietsovpetro, and Bien Dong Petroleum Operating Company (Bien Dong POC), among others. In the first 6 months of 2017, a total of 7.48 million tonnes of crude oil extracted both at home and abroad was sold, bringing in US$3.17 billion, accounting for nearly 29% of PVN's total revenue. In addition, 3.04 million tonnes of crude oil was provided for Dung Quat Oil Refinery to help increase the added value for Vietnam's crude oil. According to PVN, the average price of Vietnam's crude oil reached US$54.4 per barrel in the first half of 2017, higher than the estimated price of US$50 per barrel and also higher than the average world price. The average price of crude oil is forecast to fluctuate from US$46 to US$50 per barrel in the…... [read more]

Vietnam’s fruit and vegetable exports reached approximately US$1.85 billion as of July 15, triggering hopes that the figure for the whole year will surpass US$3 billion, for the first time ever. As updated by the General Department of Customs, in the first half of July, Vietnam saw a sharp rise in its fruit and vegetable export revenue, which hit US$180 million, up 37.7 per cent compared to the latter half of June. Earlier, the country profited approximately US$1.67 billion from fruit and vegetable exports in the first six months of 2017, representing a considerable hike of 44.4 per cent against the same period last year. Among the total export value at present, fruits accounted for a large proportion, with dragon fruit ranking in first place with more than 50 per cent of the total fruit export revenue. According to the Industry and Trade Information Centre under the Ministry of Industry and Trade, fruits and vegetables have remained as the strongest growing agricultural items in terms of export value. The export value in the first half of the year was close to matching the figure for the entire 2015 (US$1.84 billion). China remains the largest importer of Vietnam’s fruit and vegetable products, accounting for 74.9 per cent of the country’s total fruit and vegetable export revenues, and a 55.4 per cent increase compared to the first sixth months of 2016. It is followed by Japan, the United States, the Republic of Korea…... [read more]

The government’s perpetual efforts to improve the local business climate, remove hurdles, and reduce business costs have brought vitality to newly-established firms. Bui Anh Tuan, deputy director of the Ministry of Planning and Investment’s Business Registration Management Agency, told VIR’s Khanh Linh about the progress made, as well as the issues that still remain. The first half of 2017 saw a jump in newly-established businesses, but the rate of firms going out of business also remains high. What do you think about this? Looking on the whole period from 2013 to 2017, newly-established firms are maintaining forward growth momentum. In the first six months of this year, the number of newly-established firms rose 150 per cent, and reached nearly 300 per cent growth in registered investment capital compared to the corresponding period in 2013, while average capital size rose by a multiple of 1.8. From a macro perspective, the rate of firms going out of business is less than the rate of those entering the market. Firms exiting the market numbered 72.9 per cent of firms entering the market in 2014. This figure fell to 61.2 per cent in 2015, 57.5 per cent in 2016, and 56.6 per cent in 2017, which is positive compared to other countries that top the Market Facilitation Index. For instance Hong Kong, which ranked fourth in the ‘doing business’ category for 2017, had 144,883 new business startups last…... [read more]

That is nearly a 50% increase over the number of Chinese outbound tourists for 2016, the report noted, adding that Hong Kong, Thailand, the Republic of Korea and Japan are the most-visited destinations. Vietnam was the 10th most visited country by Chinese tourists for 2016 after a policy change by the Chinese government loosened the requirements to allow increasing numbers to visit its southern neighbour. Other factors driving the spike in the Chinese tourist numbers included eased travel restrictions, a greater desire for experiencing diverse cultures and activities as well as a change in employment policies where workers are getting extra holiday time each year. The numbers of tourists crossing the China-Vietnam border in the first half of 2017 have continued to mount—increasing by 42% year-on-year to an estimated 4.66 million, according to the Xinhua News Agency. The top 10 destinations stand to gain from the spending power by Chinese tourists, the report said. The CLSA study polled more than 400 experienced international Chinese travellers across 25 cities with an average age of 35 years and monthly earnings of US$2,900 (20,000 yuan). Over the past three years, 32% of respondents spent more than US$885 (6,000 yuan) per trip on shopping abroad, three percentage points below 2015 and a dramatic 10 percentage points down against 2014. The drop was partly due to the weaker yuan, which weakened 7% against the US dollar last year, but also because of tightened scrutiny on luggage…... [read more]

Ambassadors of ASEAN in Italy take photo at the meeting (Photo: VNA) Rome (VNA) – The Embassy of Vietnam has fulfilled its missions of increasing the role and position of ASEAN in Italy while chairing the ASEAN Committee in Rome (A​CR) in the first half of 2017. This is the evaluation of the Ambassadors from the ASEAN member countries at a meeting in Rome on July 21 for Vietnam to hand over the ACR Chair to Ambassador of Thailand to Italy Tana Weskosith. During its term, the Vietnamese Embassy focused on forging relations between ACR and the Italian government, legislature, and localities. The Southeast Asian country also shared its experience in expanding inter-regional cooperation via working trips to Ancona city and Marche region. Ambassador Cao Chinh Thien said the Vietnamese Embassy will continue actively coordinating with the new Chair to host activities to strengthen friendship and solidarity of the bloc and among the embassies of the ASEAN member countries in Rome. He noted that 2017 is an important year for ASEAN as it marks the 50th founding anniversary of the bloc. Therefore, ACR activities will have significant meaning in disseminating knowledge about ASEAN, which is considered a community of dynamic countries and playing a crucial role in the Asian-Pacific region, in Italy, he added. Established in August 2011, ACR includes Ambassadors from six ASEAN countries in Italy, namely Indonesia, Malaysia, Myanmar, the Philippines, Thailand and Vietnam.  The ACR Chair’s term…... [read more]

Binh Son Refining and Petrochemical Company Limited (BSR), which owns the $3-billion Dung Quat Oil Refinery, reported positive business results in the first half of 2017 and revealed its plans for an IPO. Positive business results According to the released financial statement, in the first six months of 2017, BSR generated nearly VND38.7 trillion ($1.5 billion) of net revenue and more than VND3.8 trillion ($152 million) of after-tax profit, up 15 and 266 per cent, respectively, compared to the same period last year. At the end of the second quarter of 2017, BSR’s cash and cash equivalents were more than VND15 trillion ($600 million), which accounted for 28 per cent of its total assets. The huge amount of cash and operating cash flows help BSR pay off matured debts and ensure its ability to pay off debts, as well as support its plan on investment and business expansion. Regarding financial structure, BSR’s liabilities declined due to the gradual reduction of the principal portions of long-term borrowings. At the end of the second quarter of 2017, liabilities decreased to over VND13.5 trillion ($540 million) from more than VND41 trillion ($1.6 billion) in 2010. Besides, the reduction of principal portions leads to a decrease in interest expenses. In particular, in 2016, BSR’s total interest expenses were VND605 billion ($24.2 million), a reduction of 63% in comparison with 2011. In the first half of 2017, BSR’s interest expenses decreased by 18% compared to 2016. BSR’s financial statements revealed that in recent years, BSR’s…... [read more]

The Hanoitimes - The Association of Southeast Asian Nations (ASEAN) is ready to further speed up the process to create a legally binding code of conduct (COC) in the East Sea with China. ASEAN Secretary General Le Luong Minh made the remarks in a recent written interview with Kyodo News. He said the 10-member grouping welcomes the proposal of Chinese Foreign Minister Wang Yi to fast-track consultations on the code of conduct (COC), including the development of a framework for the code by mid-2017. ASEAN Secretary General Le Luong Minh "ASEAN and China have agreed to intensify consultations on the COC to meet the deadline,” he said, adding that the bloc is even ready to further accelerate the COC process by presenting specific contents of the code. He confirmed that three joint working group meetings on the COC have been scheduled in the first half of 2017. He stressed ASEAN looks forward to concluding a COC that is comprehensive and legally binding to govern the conduct and behaviour of the involved parties in the East Sea to help create a favourable environment for a comprehensive and durable settlement of disputes. ASEAN remains seriously concerned over recent and ongoing developments in the East Sea, including over land reclamations and an escalation of activities in the area, which have eroded trust and confidence, increased tensions and may undermine peace, security and stability in the region, Minh said. That is why ASEAN keeps consistently and actively engaging China in its efforts to maintain…... [read more]

Hanoi (VNA) – The Association of Southeast Asian Nations (ASEAN) is ready to further speed up the process to create a legally binding code of conduct (COC) in the East Sea with China. ASEAN Secretary General Le Luong Minh made the remarks in a recent written interview with Kyodo News. He said the 10-member grouping welcomes the proposal of Chinese Foreign Minister Wang Yi to fast-track consultations on the code of conduct (COC), including the development of a framework for the code by mid-2017. "ASEAN and China have agreed to intensify consultations on the COC to meet the deadline,” he said, adding that the bloc is even ready to further accelerate the COC process by presenting specific contents of the code. He confirmed that three joint working group meetings on the COC have been scheduled in the first half of 2017. He stressed ASEAN looks forward to concluding a COC that is comprehensive and legally binding to govern the conduct and behaviour of the involved parties in the East Sea to help create a favourable environment for a comprehensive and durable settlement of disputes. ASEAN remains seriously concerned over recent and ongoing developments in the East Sea, including over land reclamations and an escalation of activities in the area, which have eroded trust and confidence, increased tensions and may undermine peace, security and stability in the region, Minh said. That is why ASEAN keeps consistently and actively engaging China in its efforts to maintain and promote peace and stability in…... [read more]

VietNamNet Bridge - Securities investors found it easy to make money in the stock market in 2016, and they may have even bigger opportunities in 2017. The VN Index reached 664.37 point threshold on December 23, 2016, which represented a 29.3 percent increase in comparison to earlier this year. The index exceeded a 9-year peak in 2016 with numerous opportunities for securities to make money.Optimistic signs Donald Trump will officially become the 45th US President on January 20, 2017. He wants to protect domestic production and is anti-trade liberalization. If the US President rejects the TPP, this will have an impact on Vietnamese enterprises in the fields of textiles & garments, seafood, footwear and logistics. Securities investors found it easy to make money in the stock market in 2016, and they may have even bigger opportunities in 2017. Analysts forecast that in the second half of 2017, the US FED would two times raise the prime interest rate, which means that the domestic market would not bear big effects in the first half. Vietnam’s economy has been performing well recently, while the expected GDP growth rate in 2017 is 6.6 percent. The target of obtaining stock market capitalization value of 70 percent of GDP by 2020 shows the government’s strong determination to turn the stock market into an important channel for businesses to mobilize capital. Analysts say the P/E in the Vietnamese stock market is at low level, but the growth potential is great. With many enterprises with high capitalization…... [read more]

Viet Nam News Phạm Viết Hương, deputy director of the Overseas Labour Export Department under the Ministry of Labour, Invalids and Social Affaris, speaks to the Thời báo Kinh tế Việt Nam (Việt Nam Economic Times) newspaper about Việt Nam's resolve to improve the skills of its workers abroad. What lessons were learned in the export of labour in 2016? In 2016, we sent a total of 126,296 workers abroad, with women accounting for 36.45 per cent. That surpassed the target of 26.29 per cent. Taiwan, Japan, Malaysia, Saudi Arabia and South Korea are top the list of Việt Nam's labour export markets. Taiwan ranks first with 68,244 workers, followed by Japan with 39,938, and then by South Korea with 8,482 workers. I should say that the signing of a programme on Employment Permit System (EPS) between Việt Nam and South Korea in 2016 was remarkable. Việt Nam organised two Korean language examinations to select 2,100 workers for the manufacturing sector in South Korea and 1,300 for the fishery sector. They are expected to go to South Korea in the first half of 2017. However, more than 16,000 Vietnamese workers have completed their labour contracts in South Korean companies under the EPS programme, but refuse to return home. The Ministry of Labour, Invalids and Social Affairs (MOLISA) has worked closely with relevant agencies and localities to reduce the number of illegal Vietnamese workers in South Korea. Japan is a tough labour export market for Việt Nam as its requirements are…... [read more]




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