PM requests hastened disbursement of public investment

IREX Energy JSC, the country’s leading solar panel producer, has achieved its full-year revenue target in six short months, according to company director Dong Van Sen at their recent first-half review meeting. IREX exceeded the annual revenue target within half a year and is looking for more Particularly, in the first six months of this year, IREX signed a raft of major contracts to produce and export solar photovoltaic (PV) panels with a total capacity surpassing 20 megawatts. Additionally, the company signed other contracts with local partners with a combined capacity of 1.3MW. Moreover, in July alone the company has received a proposal on the production of 25MV solar PV panels, the largest ever contract it has ever signed so far. Many other contracts are under negotiation with the estimated production capacity touching 80MW. If things go as planned, 2017 is expected to witness a breakthrough in the development of five-year-old IREX. With its existing factory’s recent capacity expansion from 300MW to 800MV (500MW for PV modules and 300MW for solar cells) in parallel with employing cutting-edge automatic technology systems, the company ensures a successful completion of all afore-mentioned contracts. To secure such mega contracts for export and domestic supply, the company’s products have reached European and US standards issued by TUV Rheinland—a leading independent inspection and testing services provider, including IEC 61215:2005, IEC 61730:2004, and UL 1703. Despite having achieved…... [read more]

Seeing the rising demand for tapioca in Vietnam and the world, DAWU Corporation brought into operation five member tapioca production companies in Vietnam to unlock potential in this lucrative market and expand into the world. Consistently increasing added value for cassava To meet the huge market demand, DAWU has operated five member tapioca production companies: Truong Hung Co., Ltd, Truong Thinh Co., Ltd., Viet Ma Co., Ltd, Wusons Manufacturing Trading Co., Ltd and Nuoc Trong Joint Stock Company. After a long period of continuous technological development, these units are now rated the best tapioca producers in Vietnam, powered by cutting-edge technological systems imported from Germany and the Netherlands to reduce energy consumption, ensure environmental protection and enhance human health. Its production facilities are capable of turning out 300 tonnes of tapioca, 120 tonnes of modified tapioca and 100 tonnes of tapioca residues a day, and all are operated according to ISO 9001:2008 quality management standards. Being superior in quality, good for human health, DAWU tapioca products not only dominate the domestic market, but are also exported to many countries such as South Korea, the United Kingdom, Japan. China, Indonesia, the Philippines, Australia and Singapore. Its annual revenue has exceeded US$100 million and is expected to top US$300 million soon. However, DAWU Corporation also faced numerous hardships on general market demand. Although cassava is considered a poverty-ending crop in Tay Ninh province, farmers use traditional cultivating methods which are proven not to bring maximum productivity. Seeing domestic and…... [read more]

Lien Anh Rubber Production Co., Ltd, set up over 15 years ago, has become a prestigious brand name of Vietnamese and international rubber industries thanks to improved product quality based on core values: Strictly adhering to production process, quality management, modern technological investment, deep processing, cost control and high-quality human resources. By focusing on improving product quality and reducing production costs; continuously renovating production and business operations; and exercising dynamic and creative management, after 15 years of construction and development, Lien Anh Rubber Production Co., Ltd always maintains high and stable growth. Being aware of the importance of applying technologies to production and business development, in the past years, the management of the company always pays attention to modernising production machinery and equipment systems to have the largest centrifuge plant in the country with 30 centrifuges, capable of turning out over 30,000 tonnes a year. In addition, the company has boldly intensified the application of scientific and technological advances to production; proactively adopted the ISO 9001:2008-2008 international quality management system; and invested in standard product testing labs. All Lien Anh Rubber products such as centrifugal rubber, SVR 3L, SVR CV, SVR 10 and SVR 20 are always strictly tested from raw materials to finished products, which are appreciated by customers and partners for excellent quality. Not only occupying the domestic market, with well-asserted quality, Lien Anh Rubber products also exported to all over the world such as the United States, Japan, the United Kingdom, Russia,…... [read more]

With efforts to support companies and introduce solutions to create transparent, attractive and reliable investment environment, investment flows, particularly FDI, into Tay Ninh province picked up in the past years. This success is illustrated in the following conversation with Mr Bui Cong Son, Director of the Tay Ninh Department of Planning and Investment. Hoang Lam reports. In 2016, Tay Ninh province rolled out the “red carpet” policy to draw investment flows, particularly FDI funds. How has this effort been rewarded? Investment promotion works are always changed for better results. The province has created best conditions for investors to carry out and operate projects; promptly removed difficulties and problems; provided best public services; and supported existing investors to attract new ones to the province. In addition, Tay Ninh province has actively coordinated with relevant agencies, international organisations and multinational corporations successfully operating in Tay Ninh province to organise investment promotion delegations overseas to actively seek and promote the local image and business investment environment. In 2016, Tay Ninh successfully hosted three investment promotion delegations to India, Japan and South Korea, initially achieved positive results and drew the attention of large investors there. With the above efforts, investment flows into Tay Ninh province picked up and produced remarkable outcomes. By the end of the first quarter 2017, the province had 682 registered projects (259 FDI projects and 423 domestic projects) with a combined investment value of US$4,449.17 million and VND43,495.8 billion, of which 443 have…... [read more]

The path leading to Phia Thắp Village, home to 50 families from the Nùng ethnic minority in Cao Bằng Province, is surrounded by green rice paddy fields. Homestay of Hoàng Ngọc Kim in Phia Thắp Villgae, Cao Bằng Province.-VNS Photo Khánh Dương Nùng people live in stilt houses right next to their fields with domestic cattle being raised in the shade under the house. Hoàng Ngọc Kim’s home stands out. Outside the newly-repaired house constructed from brightly-polished wood hangs a small sign reading “Welcome to Homestay Mr Kim”. The traditional structure of Kim’s stilt house is still preserved. The house’s first floor, which used to be a cattle holding area, has been extended to make a cozy living room with wooden tables and chairs. The well-organised second floor is where tourists can sleep, providing more than 20 mattresses and eco-friendly decoration. Each mattress is well prepared with a pillow, a mosquito net, a lamp and an electricity socket. Kim is the only one in the village with a homestay facility. Community-based tourism (CBT) projects aided by the Centre for Rural Economy Development (CRED) have been implemented in the northern mountain provinces of Hà Giang and Cao Bằng, where ethnic minorities face many disadvantages. The model aims to create sustainable income sources and employment opportunities for ethnic minority communities, improve their sanitation and natural environment, and preserve traditional cultural identities. Everyone gets involved …... [read more]

Prime Minister Nguyễn Xuân Phúc agreed in principle that the three special economic zones being planned by the Government to spearhead the country’s economic growth should enjoy special regulations and fewer limitations to woo investments. Foreigners visit a fish source production facility in An Thới Town, Phú Quốc Insland. - VNA/VNS Photo Đình Huệ Phúc was speaking at a conference on Wednesday to discuss the draft Law on Special Economic Zones (or the Law on Special Administrative-Economic Units). Conference participants agreed that the law needed to provide additional incentives than those stipulated by current legislation in order to create outstanding advantages for special economic zones. For example, the Law on Land allows land lease of up to 70 years in economic zones, while many such zones in the world allow it for up to 99 years. Phúc agreed, saying that the Law on Special Economic Zones should consider lifting land lease duration and allowing the use of assets associated with land use right as mortgages at foreign credit institutions to create favourable conditions for investors but still comply with the Constitution 2013 as well as international regulations. In addition, the law must create a fair, transparent and stable investment environment and ease barriers to investments, Phúc said, adding that the compilation of the law must study the benefits and trade-offs in the short and long terms for the country and investors. Phúc…... [read more]

The Ministry of Planning and Investment (MPI) on Wednesday held its second biannual discussion of the Việt Nam-Japan Joint Initiative Phase VI, as well as future trade and investment opportunities between the two nations. Production chain at the Japanese-owned Yamato Industries at the Quế Võ Industrial Zone in the northern province of Bắc Ninh. - VNA/VNS Photo Danh Lam Nagai Katsuro of the Japanese Embassy to Việt Nam stressed that in recent years, co-operation between the two countries has been extremely close. The Joint Initiative Phase VI that ends this year is divided into main seven issues that Japan wishes to solve and implement together with Việt Nam, so that the latter can improve its business and investment environment in the near future, said Nagai. The initiative focuses on labour, salary, logistics, transportation, support for small- and medium-sized enterprises, restrictive rules applicable to foreign investors in the Investment Law and the Enterprise Law, and pharmaceutical distribution. One issue raised by Japan at the meeting was labour and wages. Commenting on this, Nguyễn Tiến Đăng, head of the Salary Department under the Ministry of Labour, Invalids and Social Affairs (MoLISA), said the current method of calculating base salary is not transparent, and that basic data and survey methods to calculate base living expenses for workers are yet to be completed, hence the lack of results. Đăng also said that the growth of the Consumer Price Index and the…... [read more]

The country’s total retail sales and services revenue reached VNĐ2.24 quadrillion (US$98.6 billion) in the first seven months of this year, a year on year increase of 10 per cent. Customers shop for fresh fruit and vegetables at AEON MALL in Hà Nội’s Long Biên District. - VNS Photo Thái Hà The revenue, excluding the price factor, gained a year-on-year increase of 8.7 per cent in the first seven months, 0.3 percentage points higher than the growth rate in the first seven months of 2016, reported the General Statistics Office (GSO). Of these, revenue of retail sales reached the highest at VNĐ1.68 quadrillion ($74 billion), accounting for the three-fourths of the total revenue, a year-on-year surge of 20 per cent. GSO’s domestic trade expert Vũ Mạnh Hà said growth in purchasing power of the people during the first seven months was due to surge in demand for accommodation and catering services in July because of high school graduation examinations. In addition, the volume of foreign and domestic tourists rose sharply in the summer months, Hà said. Therefore, the revenue from accommodation and catering services in July went up by 11.3 per cent while the revenue from tourism and travelling services managed the highest growth rate at 15.1 per cent. During the first seven months, the total revenue from accommodation and catering services stood at VNĐ278.6 trillion, an increase of 11.6 per cent against…... [read more]

First South Korean convenience store chain to enter VietnamQuoc Hung HCMC – GS Retail Co Ltd, a South Korean convenience store chain operator, is about to penetrate the Vietnamese market under a partnership with a local company. The Korean firm struck a deal with Son Kim Group to set up a joint venture with a plan to launch its first GS25 store in HCMC later this year, according to the Yonhap news agency. GS Retail, which holds a 30% stake in the joint venture, is expected to sign a master franchise agreement with its Vietnamese partner later to receive royalties on trademark rights and operation. Vietnam will become GS Retail’s first foreign market, according to the Inside Retail Asia. “We received requests from many countries, including China and other Southeast Asian countries, to export our brand. After months of research, we concluded that Vietnam has the largest potential for growth,” said a GS Retail spokesman. GS Retail, according to the Business Korea, chose Vietnam as its first overseas market, as the Vietnamese economy is growing rapidly and those aged 35 or less take up no less than 57% of its population, a demographic seen as favorable as youth tend to most likely shop at convenience stores. Korean media says an increasing number of Korea’s convenience store chains are creating a presence in overseas markets. As their domestic convenience store market is reaching a saturation point, they are exploring foreign markets to secure business growth. Vietnam’s large population and rising consumer…... [read more]

Workers process shrimps for export (Source: VNA) Hanoi (VNA) –The US Department of Commerce (DOC) has announced its decision to adjust antidumping duty on Vietnamese shrimp exported to the US between February 1, 2013 and January 31, 2014 from 1.16 percent to 1.42 percent. The decision was made following changes in dumping calculations, although on September 7, 2015, the DOC publicised results of its ninth administrative review (POR9) on frozen shrimp imported from Vietnam. The DOC has used a country with a similarly sized economy to set the level of anti-dumping duty on Vietnamese shrimp. In previous years, the department used rates from Bangladesh. However, this year, a group of US vessel owners and processors complained, prompting the department to replace Bangladesh with India. Companies that import products from Vietnam into the US have to pay cash deposits and the dumping margins will be taken from these deposits. The higher anti-dumping duty will increase the price of Vietnamese shrimp in the US, hurting the product’s competitiveness. Tran Van Linh, General Director of Thuan Phuoc Seafood and Trading Corporation, said Thuan Phuoc was one of three companies facing high anti-dumping tax rate during the POR9. With the re-evaluation, the duty imposed on concerned units may increase and differ, he added, explaining that export countries set anti-dumping tax aiming to protect domestic production. Linh noted that it is even harder for foreign seafood to…... [read more]

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