Vietnam Attracts Nearly US$22 Bln in FDI in First Seven Months

Life insurance premiums in the first seven months rose by 31.4 per cent. — Photo VNA The total premium collected by insurance companies in the first seven months of 2017 surged by 20.9 per cent year on year to VND57 trillion (US$2.5 billion). Of the total sum, the Ministry of Finance’s Insurance Supervisory Authority (ISA) reported, revenue from life insurance premiums was VND34.4 trillion and from non-life insurance premiums VND22.7 trillion, up 31.4 per cent and 10.44 per cent, respectively. During this period, insurance companies invested VND218.57 trillion into the economy, a rise of 20.2 per cent, compared to the corresponding period in 2016. Insurance firms are not only maintaining a high, sustained growth rate, their financial status has improved too, in the past seven months. Their total assets have grown by 15.8 per cent year on year to VND267.64 trillion, with life insurers accounting for VND197.3 trillion. The Insurance Association of Viet Nam predicts that this year, the growth for life insurance will be 25 per cent and that of the non-life insurance sector will be 14 per cent. The growth is a result of increased awareness among people and companies about the role of insurance, the association said. The country’s economic growth, targeted at 6.7 per cent in 2017, will be an added advantage for the growth of the insurance market. Also, new Government policies, such as public property and natural disaster insurance, will send out a positive…... [read more]

Press conference to announce plans for the aquaculture 2017 show in Can Tho. — VNS Photo Thu Ngan The country’s premier international aquaculture industry show, Aquaculture Viet Nam 2017, will take place in the Cuu Long (Mekong) Delta Province of Can Tho in late October with an expected 4,000 visitors. Seventy per cent of around 120 companies at the exhibition will be from Viet Nam, with the rest from other countries. Aquaculture companies, especially those from the Mekong Delta, will introduce their brands and products to partners and consumers, while farmers will have a chance to update their knowledge and seek markets and technologies. Rose Chitanuwat, group director of UBM Asia, an organiser of the exhibition, said the exhibition would present an overview of the aquaculture industry with topics related to feeding, processing, marketing, services and finished products. Chitanuwat also said the exhibition would present the latest production innovations, new cost-effective solutions for quality control, and ideas and insights to grow companies’ business through a comprehensive programme, including business-to-business exhibitions and conferences. At the event, an international aquaculture conference, with the theme “Aquaculture – Profitable and Sustainable Business”, will be held. Domestic and international experts will discuss industry topics, including the use of technologies in breeding and processing products. The exhibition will be held from October 25-27 at the Can Tho International Exhibition and Fair Centre. It is organised by UBM Asia with the co-operation of the Directorate of…... [read more]

Authorities handle an illegal parking car in HCM City (Photo: thanhnien.vn) HCM City (VNS/VNA) - Many roads and pavements in Ho Chi Minh City have again been encroached by illegal parking areas and street vendors after the city's authorities halted their campaign to clear the pavements four months ago. On many streets, including Nguyen Thai Binh, Pho Duc Chinh, Nguyen Hue, Nguyen Trai, Hai Ba Trung, parking violations are rampant, occupying most of the pavements and forcing pedestrians to walk on the roads. On Nguyen Du Street, the pavement on both sides has been taken over by street vendors from early morning to late at night. Many coffee shops have put tables and chairs out to attract and accommodate customers, leaving no space for pedestrians. The situation is no better on Dong Du, Ton That Dam, and Huunh Thuc Khang streets. In the area around HCM City’s Fine Arts Museum in Nguyen Thai Binh ward, street vendors are out in full force, despite the ban. Doan Ngoc Hai, vice chairman of district 1’s People’s Committee, said that the encroachment was even worse four months after the inspection teams paused their pavement clearing drive. On August 7 evening, Hai said he, along with the district’s interdisciplinary inspection team, conducted a raid on pavement encroachment on Hoang Sa, Hai Ba Trung, Ly Tu Trong, Nguyen Thai Hoc, Vo Van Kiet, Nguyen Thi Nghia streets. …... [read more]

Vietnam imported petroleum mainly from the ASEAN and South Korea in the first seven months of 2017, which together accounted for 90 per cent of the imports. Vietnamese petroleum firms increased imports from ASEAN countries and South Korea to enjoy preferential taxes.  Statistics from the General Customs Department show that the country imported 5.1 million tonnes of petroleum from the ASEAN and 1.72 million tonnes from South Korea between January and July. In the ASEAN, Singapore was the biggest petroleum exporter, with 3.06 million tonnes; Malaysia followed with around 1.5 million tonnes; and Thailand with 567,500 tonnes. Singapore’s petrol exports in the seven-month period was 2.79 million tonnes higher compared to the same period last year. However, Malaysia saw a sharp drop in petrol exports to Vietnam  This is because Vietnam has increased its petrol imports from South Korea as it enjoys a preferential import tax. Under the Free Trade Agreement (FTA) between the ASEAN and South Korea, signed in May 2015, Vietnam reduced import tariff on gasoline from South Korea to 10 per cent from 20 per cent for other markets, effective December 20, 2015. By the end of July, Vietnamese firms had imported around 1.72 million tonnes of petroleum from South Korea, double that of the same period last year and close to touching the total amount of 1.9 million tonnes imported in 2016. The country’s petrol imports from the ASEAN countries in the January-July period accounted for 68 per cent of its total imports, while from South…... [read more]

VietNamNet Bridge – Many roads and pavements in HCM City have again been encroached by illegal parking areas and street vendors after city authorities halted their campaign to clear the pavements four months ago. Authorities handle an illegal parking car in HCM City.  On many streets, including Nguyen Thai Binh, Pho Duc Chinh, Nguyen Hue, Nguyen Trai, Hai Ba Trung, parking violations are rampant, occupying most of the pavements and forcing pedestrians to walk on the roads. On Nguyen Du Street, the pavement on both sides has been taken over by street vendors from early morning to late at night. Many coffee shops have put tables and chairs out to attract and accommodate customers, leaving no space for pedestrians. The situation is no better on Dong Du, Ton That Dam, and Huynh Thuc Khang streets. In the area around HCM City’s Fine Arts Museum in Nguyen Thai Binh Ward, street vendors are out in full force, despite the ban. Doan Ngoc Hai, vice chairman of District 1’s People’s Committee said that the encroachment was even worse four months after the inspection teams paused their pavement clearing drive. On Monday evening, Hai said he, along with the district’s interdisciplinary inspection team, conducted a raid on pavement encroachment on Hoang Sa, Hai Ba Trung, Ly Tu Trong, Nguyen Thai Hoc, Vo Van Kiet, Nguyen Thi Nghia streets. Hai said cars were parking illegally along the streets and pavements of District 1 regardless of warning signs that have been placed in trouble spots.…... [read more]

According to Mr. Phong, Can Gio received nearly 840,000 visitors in the first seven months this year, up 44 percent over the same period last year. Despite the highly increase in number, the district’s tourist revenue makes up 0.54 percent of the city. A visitor to the HCMC spends an average of VND20 million ($880) but it is only VND400,000 ($17.6) in Can Gio. That has been because Can Gio has sea but visitors cannot swim in the sea. Most of them just come, have seafood and leave within the day with not much shopping. Mr. Phong said that is a problem which Can Gio needs to review. If the district considers tourism to be important in local economic structure, it should have suitable solutions to create higher added value. Chairman of the district People’s Committee Le Minh Dung said that in July, Can Gio attracted 130,000 visitors, increasing 94 percent over the same period last year. Revenue was estimated to reach VND52 billion ($2.29 million), comprising VND16 billion from hotels and services renting chairs, hammocks, lifebuoys and sunshades. Visitors in Can Gio (Photo: SGGP)  The district is working to complete an ecotourism development project in the phase of 2017-2020. Can Gio is the largest district in 24 districts of HCMC, occupying one third of the city’s area. It is home to Can Gio mangrove forest recognized by UNESCO as the world’s Biosphere Reserve.By DUONG LOAN – Translated by Hai Mien... [read more]

Vietnamese petroleum firms increased imports from ASEAN countries and South Korea to enjoy preferential taxes. — Photo vnmedia.vn Viet Nam imported petroleum mainly from the ASEAN and South Korea in the first seven months of 2017, which together accounted for 90 per cent of the imports. Statistics from the General Customs Department show that the country imported 5.1 million tonnes of petroleum from the ASEAN and 1.72 million tonnes from South Korea between January and July. In the ASEAN, Singapore was the biggest petroleum exporter, with 3.06 million tonnes; Malaysia followed with around 1.5 million tonnes; and Thailand with 567,500 tonnes. Singapore’s petrol exports in the seven-month period was 2.79 million tonnes higher compared to the same period last year. However, Malaysia saw a sharp drop in petrol exports to Viet Nam. This is because Viet Nam has increased its petrol imports from South Korea as it enjoys a preferential import tax. Under the Free Trade Agreement (FTA) between the ASEAN and South Korea, signed in May 2015, Viet Nam reduced import tariff on gasoline from South Korea to 10 per cent from 20 per cent for other markets, effective December 20, 2015. By the end of July, Vietnamese firms had imported around 1.72 million tonnes of petroleum from South Korea, double that of the same period last year and close to touching the total amount of 1.9 million tonnes imported in 2016. The country’s petrol imports from the ASEAN countries…... [read more]

Ca Mau, August 10 (VNA) - Authorities in the southernmost province of Ca Mau should accelerate the administrative reform process and offer the most beneficial policies for investors, business leaders have said.  The provincial People’s Committee has held a dialogue with nearly 100 representatives from businesses and cooperatives in the province to detail the province’s socio-economic situation and investment attraction policies as well as to fix difficulties for enterprises.  Many enterprises in the province expressed concerns, proposing that provincial authorities take measures to support firms and remove difficulties in investment, production and business.  Nguyen Tien Dung, a representative from Thuan Nhat Ca Mau Specialties Company Limited, suggested that Ca Mau authorities continue implementing supportive policies, especially those relating to financial support for startups.  Huynh The Gioi, a representative of Ca Mau Housing Investment and Development JSC, lauded the province’s efforts to improve the investment environment and administrative reform, creating favourable conditions for investment projects in the province.  However, he said, there remained inappropriate policies and regulations related to planning and the implementation procedure of projects, wasting firms’ time and risking a loss of investment opportunities for the province.  Prolonged procedures to grant land use rights for projects and degraded infrastructure also affected investment activities in the province, Gioi said.  Nguyen Duc Nam, a representative of Hoa Hiep Passenger Company, complained about unhealthy competition in passenger transportation in the province, adding that drivers often fight amongst themselves for passengers, causing traffic disorder…... [read more]

Authorities in the southern province of Ca Mau should accelerate the administrative reform process and offer the most beneficial policies for investors, business leaders have said. Farmers harvest shrimp in the Mekong Delta province of Ca Mau. Ca Mau People’s Committee pledged to continue creating favorable conditions and policies to support investors and businesses.  Ca Mau Provincial People’s Committee on Tuesday held a dialogue with nearly 100 representatives from businesses and co-operatives in the province to detail the province’s socio-economic situation and investment attraction policies as well as to fix difficulties for enterprises. Many enterprises in the province expressed concerns, proposing that provincial authorities take measures to support firms and remove difficulties in investment, production and business. Nguyen Tien Dung, a representative from Thuan Nhat Ca Mau Specialties Company Limited suggested that Ca Mau authorities continue implementing supportive policies, especially those relating to financial support for startups. Huynh The Gioi, representative of Ca Mau Housing Investment and Development JSC, lauded the province’s efforts to improve investment environment and administrative reform, creating favourable conditions for investment projects in the province. However, he said, there still remained inappropriate policies and regulations related to planning and the implementation procedure of projects, wasting firms’ time and risking a loss of investment opportunities for the province. Prolonged procedures to grant land use rights for projects and degraded infrastructure also affected investment activities in the province, Gioi said. Nguyen Duc Nam, representative of Hoa Hiep Passenger Company, complained about unhealthy competition in passenger transportation in the…... [read more]

Farmers harvest shrimp in the Mekong Delta province of Ca Mau. Ca Mau People’s Committee pledged to continue creating favorable conditions and policies to support investors and businesses. — photo tuoitre.vn Authorities in the southern province of Ca Mau should accelerate the administrative reform process and offer the most beneficial policies for investors, business leaders have said. Ca Mau Provincial People’s Committee on Tuesday held a dialogue with nearly 100 representatives from businesses and co-operatives in the province to detail the province’s socio-economic situation and investment attraction policies as well as to fix difficulties for enterprises. Many enterprises in the province expressed concerns, proposing that provincial authorities take measures to support firms and remove difficulties in investment, production and business. Nguyen Tien Dung, a representative from Thuan Nhat Ca Mau Specialties Company Limited suggested that Ca Mau authorities continue implementing supportive policies, especially those relating to financial support for startups. Huynh The Gioi, representative of Ca Mau Housing Investment and Development JSC, lauded the province’s efforts to improve investment environment and administrative reform, creating favourable conditions for investment projects in the province. However, he said, there still remained inappropriate policies and regulations related to planning and the implementation procedure of projects, wasting firms’ time and risking a loss of investment opportunities for the province. Prolonged procedures to grant land use rights for projects and degraded infrastructure also affected investment activities in the province, Gioi said. Nguyen Duc Nam, representative…... [read more]




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