Ministry prepares plan for restructuring service sector

The price of pepper in Vietnam has gone up and down recently, allegedly due to unexpected Chinese purchases. Pepper harvest at Loc Phat cooperative in Loc Hiep commune, Loc Ninh district, Binh Phuoc province According to the Vietnam Pepper Association (VPA), the pepper market has witnessed fluctuations of between 10-20 percent in pepper prices since late July. Tran Huu Thang from Xuan Tho commune, Xuan Loc district, the southern province of Dong Nai said the pepper price in the province hit 95,000 VND (4.18 USD) per kg on August 8, climbing from 75,000 VND (3.3 USD) per kg a month ago. Sometimes, the pepper price moved by 10,000 VND (44 cents) a day, Thang said. According to pepper exporters, a group of Chinese businessmen offered to buy a large quantity of pepper at any price, and asked local businesses to deliver the goods as soon as possible, prompting the business to purchase from farmers at higher prices. At the same time, the Chinese businessmen had promised to sell pepper to local dealers at low prices. However, they only sold a small amount at low prices, then raised the price claiming scarcity. Hoang Phuoc Binh, Vice President of the Chu Se district’s VPA chapter in the Central Highlands province of Gia Lai said the Chinese tricks were not new, however, farmers and local businesses still fell for it. Nguyen Mai Oanh, VPA Vice President said the association has called on its members to be cautious when dealing with Chinese pepper traders.…... [read more]

Vietnamese Ambassador to Japan Nguyen Quoc Cuong speaks at the event (Source: VOV) Tokyo (VNA) – A workshop focusing on the 50-year history of the Association of Southeast Asian Nations (ASEAN) was held in Tokyo, Japan on August 8 on the occasion of the bloc’s jubilee anniversary. The event, jointly organised by the ASEAN Japan Centre (AJC) and the Economic Research Institute for ASEAN (ERIC), was attended by ambassadors and embassy representatives of the ten ASEAN nations and its dialogue partners, and 300 delegates of the government, academic and business circles in Japan. Opening the workshop, Vietnamese Ambassador to Japan Nguyen Quoc Cuong, who is also Chairman of the ASEAN Committee in Tokyo, described the event as one of the significant activities to mark the ASEAN’s 50th anniversary. From the first five founding members, the bloc has continuously, overcome difficulties and challenges, maintained its solidarity in diversity, and grown into the ASEAN Community with 10 member nations, with open external relations. The ambassador noted that while ASEAN Community has become a model for successful regional cooperation, it is also facing challenges in the context of fast changes in the region and the world, along with the ongoing fourth Industrial Revolution 4.0. He affirmed that Japan is one of the leading and closest partners of ASEAN. At the event, participants analysed the achievements and challenges of ASEAN, and envisioned the prospects for the growing relationship between Japan and ASEAN in the next decades.-VNA... [read more]

VietNamNet Bridge - Economists have said that the increased trade deficit with South Korea is not expected to lead to changes in Vietnam’s economic structure. China remains Vietnam’s biggest supplier of goods, but South Korea has the highest growth rate of exports to Vietnam. In the first six months of the year, Vietnam imported $22.5 billion worth of products from South Korea, an increase of 51.2 percent over the same period last year. Nguyen Thi Ngoc Linh, secretary general of VEXA (Vietnam Exporters’ Association), commented on Tuoi Tre that while the volume of goods Vietnam exports to SK has increased modestly, the imports have risen sharply. Bui Trinh, an economist, commenting about the ‘import wave from SK’, noted that the structure of the imports remains unchanged. The only change is that Vietnam now imports more products from South Korea instead of China. China remains Vietnam’s biggest supplier of goods, but South Korea has the highest growth rate of exports to Vietnam. In the first six months of the year, Vietnam imported $22.5 billion worth of products from South Korea, an increase of 51.2 percent over the same period last year. “The figures show the changes in Vietnam’s import partners – Vietnam has shifted to importing more from South Korea instead of China – but they don’t mean changes in economic structure,” he said, adding that the imports are still mostly machines, equipment and input materials that serve domestic production.  Some experts think that Vietnam would rather have a trade deficit…... [read more]

Visitors at the event (Source: VNA) HCM City (VNA) – More than 500 businesses from 20 countries and territories are taking part in the 21st International Exhibition on Food & Processing & Packaging Technology in Ho Chi Minh City from August 9-12. The presence of new participating countries such as the Republic of Czech, Brazil, France and the United Arab Emirates is expected to draw more visitors. Various kinds of products and new technologies in agro-forestry-fisheries, beverages, nutritious and medical food, food additives, and food preserving, packaging and manufacturing equipment are offered at the event. Director of the municipal Department of Industry and Trade Pham Thanh Kien said the annual exhibition aims to promote trade among domestic and foreign businesses and enable them to expand market and transfer technology to develop the food and beverage industry. The food and beverage processing industry has great potential in Vietnam. Being a tropical agricultural country, Vietnam has abundant resources – a significant input for the processing industry.  The exhibition was first held in 1996. After 20 exhibitions witnessing significant and rapid changes in the market, from the initial purpose of serving consumers' basic needs, the food and beverage industry has become a sector with considerable market share accounting for 15 percent of the gross domestic product, and it will continue to grow.-VNA... [read more]

Galaxy Studio refutes putting Galaxy Cinema on sale for $25 million No negotiations took place over Galaxy Cinema , says Galaxy Studio This was announced by Galaxy M&E’s general director Dinh Thai Huong reacting to the rumours about the sale. “No negotiations between Galaxy Studio, the subsidiary of Galaxy M&A, and private equity firms took place. We do not want to waste more time to explain this rumour,” Huong added. Previously, Destreetasia published information revealed by a source that Galaxy Studio was negotiating with a private equity firm about $25-million sale. Being the third largest operator in Vietnam, followed by CGV with 38 multiplexes and Lotte Cinema with 29 units, Galaxy Cinema currently runs 10 multiplexes across the country. Galaxy Cinema will open six more multiplexes in Ho Chi Minh, the central province of Nghe An’s Vinh, Haiphong, and Ca Mau in 2017 and five or six more in 2018. Previously, Galaxy Cinema received an undisclosed amount of funding from Ho Chi Minh City-based private equity firm Vietnam Investment Group, which has recently funded another low-cost cinema chain called Beta Media, along with Hong Kong’s Blue HK Investments. Galaxy Cinema is a brand of Galaxy Studio, a film making and distribution firm which is a part of Thien Ngan (Galaxy) Group. In 2013, Vietnamese media reports said that Golden Screen Cinemas, a unit of Malaysia’s PPB Group, acquired 25 per cent…... [read more]

About $15-20 billion of state divestment, the strongly rising private sector, and at the same time, a number of investment funds planning to divest, all of these promise to significantly contribute to the development of the sizable mergers and acquisitions (M&A) market in Vietnam. Reforms help M&A landscape to shine Danang M&As help overcome delays Increasing M&A for financial institutions Inside Habeco's factory in Me Linh, Vinh Phuc province (Photo by Duc Thanh) The M&A market in Vietnam reported a record value of $5.8 billion in 2016. In the first half of 2017, there have been concerns that the market may not exceed $5 billion. However, KPMG Vietnam forecasted that the second half of 2017 will witness more sizable M&A deals. Le Viet Anh Phong, head of Financial Advisory Services of Deloitte Vietnam, said that although the first half of 2017 did not see any breakthrough M&A deals, there were numerous small- and medium-sized ones. If huge transactions involving Hanoi Beer Alcohol and Beverage Joint Stock Corporation (Habeco), Saigon Beer, Alcohol and Beverage Corporation (Sabeco), and a number of other firms are implemented as scheduled, the value of the M&A market in 2017 could easily exceed the 2016 record. Vietnam M&A Forum 2017's research team was optimistic, saying if there were a breakthrough in state divestment, the M&A market could reach…... [read more]

Vietnamese fibre and yarn have been exported to nearly 20 countries worldwide. — Photo baodautu.vn The nation’s fibre and yarn exports reached 750,000 tonnes, worth more than US$1.85 billion over the past seven months, surging 17 per cent in volume and 26.5 per cent in value against the same period last year. Over 341,000 tonnes of fibre and yarn were shipped abroad for $933.4 million in the first half of this year alone, up 18.5 per cent in volume and 29.47 per cent in value, according to the General Department of Customs. Vietnamese fibre and yarn have been exported to nearly 20 countries worldwide. Of them, mainland China is the leading importer, accounting for 54.4 per cent of the total value. South Korea and Turkey were the two other largest importers of Vietnamese fibre and yarn. Other markets recording positive import turnovers included Taiwan, Hong Kong and Pakistan. Baodautu.vn quoted the Viet Nam Cotton and Spinning Association as saying that Vietnamese businesses have shifted their export targets from Turkey to China and Pakistan after its anti-dumping duties were imposed in recent years. Although Turkey remaied the third largest consumer of Viet Nam’s fibres and yarns, exports to the market slumped signficantly by 37.5 per cent in volume to 30,000 tonnes and 28.3 per cent in value to $67.9 million from January to June period. — VNS ... [read more]

Pepper harvest at Loc Phat cooperative in Loc Hiep commune, Loc Ninh district, Binh Phuoc province (Source: VNA) HCM City (VNA) - The price of pepper in Vietnam has gone up and down recently, allegedly due to unexpected Chinese purchases. According to the Vietnam Pepper Association (VPA), the pepper market has witnessed fluctuations of between 10-20 percent in pepper prices since late July. Tran Huu Thang from Xuan Tho commune, Xuan Loc district, the southern province of Dong Nai said the pepper price in the province hit 95,000 VND (4.18 USD) per kg on August 8, climbing from 75,000 VND (3.3 USD) per kg a month ago. Sometimes, the pepper price moved by 10,000 VND (44 cents) a day, Thang said. According to pepper exporters, a group of Chinese businessmen offered to buy a large quantity of pepper at any price, and asked local businesses to deliver the goods as soon as possible, prompting the business to purchase from farmers at higher prices. At the same time, the Chinese businessmen had promised to sell pepper to local dealers at low prices. However, they only sold a small amount at low prices, then raised the price claiming scarcity. Hoang Phuoc Binh, Vice President of the Chu Se district’s VPA chapter in the Central Highlands province of Gia Lai said the Chinese tricks were not new, however, farmers and local businesses still fell for it. Nguyen Mai Oanh, VPA Vice President said the association…... [read more]

HCM City, August 9 (VNA) – Businesses should cooperate closely with the Government to usher in a second export wave of products with higher added-value and promotion of brands, participants at a seminar in HMC City said on August 8.  According to Nguyen Phu Hoa, deputy head of the Ministry of Industry and Trade’s Import and Export Department, the second wave is crucial given the world has entered the tech-based Fourth Industrial Revolution that is tranforming society, services and trade.  For example, in Japan and the US, humans are working with robots while China is targeting more modern production similar to the Republic of Korea’s and Japan’s.  Vietnam’s first export wave, in which businesses exported raw material, is over.  The seminar pointed out that certain foundations would need to be established to successfully develop the second wave.  The first is setting up a system to share know-how innovated with the support of the Government, according to participants.  This kind of sharing will enable companies to access new technologies, talents and scientists.  Thus, all research outcomes must be shared and published so that they could be applied.  The second requirement is creating trust and confidence since now many consumers doubt the origin and quality of goods.  Thirdly, a competitive infrastructure needs to be developed.  Hoa said one huge thrust would be needed to upgrade roads, bridges, ports, and logistics facilities to serve production and exports.  "But exports cannot…... [read more]

VietNamNet Bridge – The Deputy Minister of Defence has urged all military units to comply with the Central Military Commission’s regulations on management and use of military land near HCM City’s Tan Son Nhat Airport. The Ministry of Defence has promised to turn over military-owned land near HCM City’s Tan Son Nhat Airport, if required by the government. A golf course, which opened in 2015, is located on the land.  Speaking at a conference yesterday in the city, Lt. Col Tran Don said that military units would not be allowed to sign new leases of the land until 2020. “This is the main goal of the Central Military Commission,” he said at the conference, held to discuss land use around the airport. To ease traffic congestion near the airport, Don has asked military units and local authorities to remove three gas stations and 50 kiosks along Truong Chinh Street in Tan Binh District within a month. He said the Ministry of Defence would hand over the cleared land to Tan Binh District authorities, and would work with the city government to repair airport fences. Land owned by the military in the city totals more than 1,000 hectares, according to the Ministry of Defence. “However, these land areas have not been planned well and are under management of many units,” Don said. The management and use of military land for economic purposes in the Tan Son Nhat Airport has been a contentious issue since 1975. But, in recent years, management has…... [read more]




Links Topics : http://news.c10mt.com/2017/08/ministry-prepares-plan-for.html