VN Index recovers amid concerns about market direction

The information was released by Vietnamese Minister of Science and Technology Chu Ngoc Anh, who co-chaired the meeting, during an interview with Vietnam News Agency’s correspondent in Tel Aviv, Israel, on the sidelines of the event. The two sides noted with satisfaction the already fruitful cooperation between the two countries, with two-way trade increasing significantly during 2010-2016, he said. They also began negotiations for a free trade agreement with three meetings and are preparing for the next round, he said, noting Israel has recognised Vietnam’s market economic status. Both agreed that Vietnam and Israel hold a lot of potential for cooperation as the two economies are reciprocal. At the meeting, they agreed to work together to raise bilateral trade to US$3 billion as agreed by the two countries’ leaders and accelerate the signing of the trade deal, while seeking an agreement on labour cooperation.   The two sides also set forth measures to implement a financial protocol. Israel said the country stands ready to share its experience in launching and promoting start-ups. They also agreed on measures to step up cooperation in technology, agriculture, navigation and development. Anh said Vietnam and Israel will mark the 25th anniversary of their diplomatic ties in 2018 and the two sides will coordinate to implement cooperation programmes for the interests of each side. According to the minister, during his trip to Israel, the two countries’ ministries of science and technology signed a memorandum…... [read more]

Hanoi, July 28 (VNA) - The Ministry of Planning and Investment has proposed export tax cuts on cement while local producers are struggling with high stockpiles as supply has exceeded demand in the domestic market.  In a recent report submitted to the government, the ministry said that the export tax rate of five percent on cement was too high, which undermined competitiveness of Vietnamese cement in the global market.  Besides, cement is not eligible for input value added tax (VAT) deduction.  The ministry estimated that no deduction on input VAT coupled with five percent export tax rate pushed up prices of cement and clinker by 7.5 USD and 4.5 USD per tonne, respectively.  This made Vietnamese cement unviable and unable to compete with products from China, Thailand, Indonesia and Japan, according to the Ministry of Planning and Investment.  The ministry proposed to the Ministry of Finance that it consider VAT deduction and export tax cut to remove difficulties for local cement producers.  According to the Ministry of Construction, in the local market, supply exceeded demand by around 20 percent, putting local producers into a lot of difficulties.  Local producers were faced with fierce competition on both quality and prices not only in the export markets but also in the domestic market, especially from China which reportedly encountered overcapacity of hundreds of millions of tonnes.  The Vietnam Cement Association estimated that the total production capacity of the cement industry of Vietnam…... [read more]

Hanoi, July 28 (VNA) - Local private enterprises have improved their productions and operations, but half of them still must take operational and production loans, according to the Vietnam Chamber of Commerce and Industry (VCCI).  VCCI research surveys show that Vietnamese private enterprises had developed robustly since 2000, and they had registered to operate mainly in sectors of commerce, services and construction.  Few of them had joined the production and industry sectors, and local private enterprise contribution to the domestic economy remained limited, said the VCCI.  According to the survey roughly 50 percent of local private enterprises have taken loans. Large firms commonly took big loans. They have used the loans mainly to stabilise operations, but not to invest in updating equipment and technology.  At 2 percent, the portion of enterprises using high technology is very low compared to other countries in the region. Small and medium-sized private enterprises have invested only 0.2-0.3 percent of their revenue to technology reform.  Small and medium sized enterprises (SMEs) and private firms have paid attention to quality of products and strategies on products because of high market demand.  However, SME production has continued a low technology rate and has been mainly based on labour advantages.  Meanwhile, SME managers lack skills, management knowledge and reform experience, leading to a failure to implement regulations on tax, financial management, labour, product quality and intellectual property.  Dau Anh Tuan, Head of VCCI Legal Department, said according to…... [read more]

Hanoi, July 28 (VNA) - Representatives of the PetroVietnam Securities Incorporated (PSI) and the Vinacomin Power Holding Corporation told an investors’ conference on July 26 that they were encouraged by investors’ interest shown in purchasing Vinacomin shares.  Ngo Tri Thinh, general director of Vinacomin Power Holding Corporation - a subsidiary of the Vietnam National Coal-Mineral Industries Holding Corporation Ltd (Vinacomin), told more than 100 potential investors that his company is well aware of the pressure and competitive nature of the energy sector, and it strives to meet investor expectations with more effective management and operation systems.  The Vinacomin Power Holding Corporation became equitised in January 2016 with 6.8 trillion VND (302.4 million USD) in charter capital, under the stock code DTK on the Hanoi Stock Exchange’s (HNX) Unlisted Public Company Market (UPCoM).  The company now has 680 million common stocks trading on the UPCoM at 14,000 VND (0.6 USD) per share, same as its preferential price in 2016. According to its 2016 financial report, the company finished with 354 billion VND (15.74 million USD) in post-tax income, down by 29.36 percent from its 2015 result.  The Vinacomin Power Holding Corporation is operating seven thermo-electric plants across the country, generating more than nine billion kilowatts per year. The group is considered the third largest power supplier in the growing Vietnamese power market, following Electricity of Vietnam and the PetroVietnam.  The need for thermo-electricity in the country will reach 245 billion kilowatts in 2020 and a staggering…... [read more]

NDO - Taking advantage of the ASEAN - Australia - New Zealand Free Trade Area (AANZFTA) will help Vietnam to promote exports to the Australia and New Zealand markets. The Asia-Pacific Market Department held a seminar, in Hanoi on July 28, to publicise information regarding the markets in Australia and New Zealand and the AANZFTA, in a bid to boost Vietnam's exports to these countries. Deputy Director of the Asia-Pacific Market Department Nguyen Phuc Nam said that the Australian and New Zealand markets play an increasingly important role in trade relations with Vietnam. Nam noted that the two countries are potential markets for a number of Vietnamese exports, including agricultural products, seafood, coffee, cashew nuts, computers, phones, electronic products, garments and textiles, footwear, and construction materials, amongst others. Australia is also among the countries with the highest imports and depends greatly on imports to serve domestic production and consumption. In addition, the AANZFTA, effective from January 2010, plays a crucial role in fostering the commercial and investment relations between ASEAN, Australia and New Zealand. Nam emphasised that under the agreement, the relevant countries agreed to cut down 90-100% of tax lines from 2010 to 2020. Nam hoped that the dissemination of information regarding the advantages given by the agreement will help Vietnam to utilise these advantages and boost the export of goods to the two markets. According to the Ministry of Industry and Trade, Vietnam and Australia posted a two-way trade revenue of US$5.26 billion in 2016, up 6.5% compared…... [read more]

The information was released by Vietnamese Minister of Science and Technology Chu Ngoc Anh, who co-chaired the meeting, during an interview with Vietnam News Agency’s correspondent in Tel Aviv, Israel, on the sidelines of the event. Minister of Science and Technology Chu Ngoc Anh (left) and Israeli Ministerof Economy and Industry Eli Cohen. The two sides noted with satisfaction the already fruitful cooperation between the two countries, with two-way trade increasing significantly during 2010-2016, he said. They also began negotiations for a free trade agreement with three meetings and are preparing for the next round, he said, noting Israel has recognized Vietnam’s market economic status. Both agreed that Vietnam and Israel hold a lot of potential for cooperation as the two economies are reciprocal. At the meeting, they agreed to work together to raise bilateral trade to 3 billion USD as agreed by the two countries’ leaders and accelerate the signing of the trade deal, while seeking an agreement on labor cooperation. The two sides also set forth measures to implement a financial protocol. Israel said the country stands ready to share its experience in launching and promoting start-ups. They also agreed on measures to step up cooperation in technology, agriculture, navigation and development. Anh said Vietnam and Israel will mark the 25th anniversary of their diplomatic ties in 2018 and the two sides will coordinate to implement cooperation programs for the interests of each side. According to…... [read more]

NDO – Vietnam’s telecommunication carriers have installed approximately 43,000 base transceiver stations (BTS) of fourth generation (4G) technology across the country, covering an estimated 95% of the country’s population. The news was announced at an international conference on 4G long-term evolution (LTE) held in Hanoi on July 27 by the Vietnam Internet Association, the International Data Group (IDG) Vietnam, and the Ministry of Information and Communication. Under the theme ‘4G LTE service diversification towards enhancing efficiency and customers’ satisfaction’, the conference brought together more than 400 experts, managers and representatives of agencies, organisations and firms operating in the telecommunication market. The participants discussed both opportunities and challenges facing Vietnam during its roadmap in building and developing 4G LTE technology, which refers to the wireless communication of high-speed data used by mobile phones and data terminals. They also shared lessons learnt from the international community in managing 4G LTE technology as well as solutions to fully unlock the potential of advanced technology in Vietnam. Being aware of the important role of 4G LTE in connecting the world, in late 2016, the Ministry of Information and Communications licensed four telecommunication carriers, including Viettel, VinaPhone, MobiFone and Gmobile, to establish the network and provide 4G LTE-Advanced public land mobile telecommunication services. Addressing the event, Deputy Minister of Information and Communications Pham Hong Hai said that 2017 has seen significant development of 4G technology in Vietnam, which will create favourable opportunities for the growth of 4G services. It will not only benefit telecommunication carriers…... [read more]

Representatives of the PetroVietnam Securities Incorporated (PSI) and the Vinacomin Power Holding Corporation told an investors’ conference on Wednesday that they were encouraged by investors’ interest shown in purchasing Vinacomin shares. Vinacomin’s Cua Ong coal extraction rig in the northern province of Quang Ninh. - VNA/VNS Photo Minh Duc Ngo Tri Thinh, general director of Vinacomin Power Holding Corporation - a subsidiary of the Vietnam National Coal-Mineral Industries Holding Corporation Ltd (Vinacomin), told more than 100 potential investors that his company is well aware of the pressure and competitive nature of the energy sector, and it strives to meet investor expectations with more effective management and operation systems. The Vinacomin Power Holding Corporation became equitised in January 2016 with VND6.8 trillion (US$302.4 million) in charter capital, under the stock code DTK on the Ha Noi Stock Exchange’s (HNX) Unlisted Public Company Market (UPCoM). The company now has 680 million common stocks trading on the UPCoM at VND14,000 ($0.6) per share, same as its preferential price in 2016. According to its 2016 financial report, the company finished with VND354 billion ($15.74 million) in post-tax income, down by 29.36 per cent from its 2015 result. The Vinacomin Power Holding Corporation is operating seven thermo-electric plants across the country, generating more than nine billion kilowatts per year. The group is considered the third largest power supplier in the growing Vietnamese power market, following Electricty of Vietnam and…... [read more]

Saigon’s mayor has ordered its finance department to fork out VND500 billion ($22 million) to pay contractors working on a metro line who have not been paid by the government for a month. Nguyen Thanh Phong, the chairman of the city's People's Committee, has called on the authorities to ensure that construction of the city’s first metro line remains on schedule no matter what the cost. Instead of waiting for the government to pay up, the city has decided to take matters into its own hands. About two thirds of the line has been completed, which will run between Ben Thanh Market in District 1 and Suoi Tien Theme Park in District 9. The rest has been held up by a severe lack of funding, and the contractors are clamoring for payment, the project managers said. Prime Minister Nguyen Xuan Phuc last month promised to send extra official development assistance, but that has not materialized. Project managers said they are going to need more than VND5.4 trillion ($237.6 million) this year, but the government has only released VND2.1 trillion. The city has already spent around VND900 billion in advance to pay contractors and workers. The subway line was designed with an estimated cost of $2.49 billion, and more than 88 percent should have been paid for by Japanese official development assistance. After several delays, a new completion date has been set for 2020.... [read more]

Located in the wetlands of the Plain of Reeds in the Cửu Long (Mekong) Delta province of Đồng Tháp, Tràm Chim National Park is known for its spectacular diversity of bird species, attracting bird-watchers year-round. Conservation efforts: Grey Heron can be found year-round in Tràm Chim National Park. - VNS Photo Nguyễn Tiến Lễ Local farmers named the park Tràm Chim due to the great number of cajeput (tràm) trees and birds (chim). The 7,300ha park, flooded for half a year and dry for the other half, is home to more than 100 vertebrate species, 40 species of fish, and 213 species of water birds, including 16 rare birds like the Sarus crane, the greater adjutant, black-headed ibis, darter, and little egret. Nguyễn Thế Hạnh, vice director of the national park, said that thousands of Asian openbill storks, which were given priority for preservation, have flocked to the park. The park has a good environment for birds, containing a level of water conducive to the development of flora and aquatic creatures. Thanks to its diversity of bird species, the park holds bird-watching tours, attracting a great number of visitors. The number of visitors exceeded 60,000 in 2014, a five-fold increase compared to 2012, when it was recognised as Việt Nam’s fourth site under the Ramsar Convention of Wetlands of International Importance. In the first half of the year, the park welcomed…... [read more]




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