Mining industry indicator continues to dip

City posts high FDI attraction Van Nam By Van Nam - The Saigon Times Daily HCMC – Total foreign direct investment (FDI) capital in industrial parks (IPs) and export processing zones (EPZs) in HCMC in the first quarter is estimated at US$250 million, Nguyen Tan Dinh, deputy head of the HCMC Export Processing Zones and Industrial Parks Authority (Hepza), said. The forecast figure as such jumps 110% year-on-year and realizes 50% of the 2013 plan, Dinh told a conference on the January socioeconomic results in HCMC on Thursday. Dinh noted that Japan’s Nidec Tosok Company in Tan Thuan EPZ a few weeks ago applied for a capital increase by US$95 million. Similarly, he said, Japan’s Saigon Precision Company in Linh Trung EPZ had asked for approval for scaling up capital by US$120 million. “The fact that the two entities, who have already invested in Vietnam, continue putting money into new projects is a positive sign for the city’s investment attraction in 2013,” Dinh told the Daily on the sidelines of the conference. Total FDI poured into EPZs and IPs citywide from January 1-23 including fresh and additional capital was US$26.1 million, surging 2.25 times year-on-year, he said. Hepza in 2013 has set the target of drawing FDI of US$500 million into local IPs and EPZs. The authority also set the same target last year but it finally saw only 85% of the goal achieved as a result of the current difficult economic conditions. Most FDI schemes approved in HCMC this…... [read more]

Although the gross domestic product (GDP) expanded 4.89 per cent in the first quarter of this year, the Vietnamese economy is showing many worrying signs. Both agricultural and industrial production growth rates are lower than the same period of 2012. Production decline Vietnam's GDP growth reached 4.89 per cent in the first quarter of this year, higher than the same period of 2012 with 4.75 per cent. But, economic difficulties are reflecting in slowing agricultural and industrial production indicators. According to a report by the Ministry of Planning and Investment, as of the end of March 2013, agriculture - forestry - fishery sectors expanded 2.24 per cent; industry and construction sectors increased 4.93 per cent (industrial sector increased 4.59 per cent and construction sector advanced 4.79 per cent);and service sector leaped 5.65 per cent. Except for service sectors, all growth rates were lower than the same period of 2012. Agriculture - the backbone of the economy - had lower first-quarter growth than previous years. The index of industrial production (IIP) in the first quarter of 2013 climbed just 4.9 per cent from a year ago, lower than the growth of 5.9 per cent in the same quarter of 2012. This worrying signal indicates potential economic stagnation. In couple with shrinking market and weakening purchasing power, capital is the biggest difficulty of enterprises. According to the State Bank of Vietnam (SBV), as of March 21, 2013, the total means of payment increased more than 3 per cent, and outstanding loans rose…... [read more]

PANO – A two-day international conference on the East Sea (South China Sea) concluded on November 15 in Nha Trang city of Khanh Hoa province. This is the eighth conference of this kind held by the Vietnam Diplomatic Academy, the Foundation for East Sea Studies and the Vietnam Lawyers’ Association. Regarding recent developments in the East Sea, scholars shared their views that the situation seems to have been easing since the issuance of the award of the Permanent Court of Arbitration (PCA) on the suit that the Philippines filed against China. However, they also pointed out that the nature of the conflicts in the East Sea remains unchanged. In economic and political terms, participating scholars agreed that self-restraint policies should be practiced by related parties in order to maintain security and stability in the area and the parties should refrain from altering the status quo of the area as well as from resorting to unilateral actions such as militarizing entities in the East Sea or declaring the air defense identification zone, etc. Such factors as the development of science and technology, the adjustment of the global oil price and initiatives to improve cooperation in the East Sea will have great impact on the efforts to solve and manage maritime disputes in the coming time. The scholars also stressed the importance of the establishment of a mechanism for conflict management in conflict-prone fields, such as fishing, natural gas exploitation and maritime environment protection. In legal terms, participants shared the view that…... [read more]

Industrial production index up 6.7% The Saigon Times Daily HCMC – The General Statistics Office estimated Vietnam’s industrial production index in August has grown 6.7% against the same period last year, with manufacturing and processing industries up 8.4% but mining rising a mere 0.1%. Industrial production index for the January-August period also grew about 6.8% year on year. In specifics, manufacturing and processing industries rose 8.1%; and electricity generation and transmission up 11.2%. Eight-month indicators of some industries increased rapidly compared to last year such as production of computer, electronic products and optical devices up 34.5%, and motor vehicles and leather production up 20.2%. Statistics showed coal mining fell by 0.3%, crude oil and natural gas exploitation decreased 1%, and tobacco production dropped by 11.1%. In the last eight months, some products posted higher sales than the same period of 2013, with some categories achieving staggering growth rates, like mobile phones up 40.4%, automobiles up nearly 28%, rolled steel up 22.8 %, and television sets up 20.1%. Other products with high growth included leather shoes up 17.6%, fresh milk up 16.9% and natural fiber cloth up 15.6%. Industrial production grew the strongest in Haiphong at 11.5%, followed by Danang with 10.9%, Hai Duong 9.7%, Binh Duong 8.1%, Can Tho and Dong Nai 7.7%. However, two leading economic centers Hanoi and HCMC saw their indexes expand by only 4.5% and 6.5% respectively. Reports also stated the overall consumption index of manufacturing and processing industries in July had been restored, rising 2.7%…... [read more]

State-run oil and gas group PetroVietnam last week announced its complete acquisition of US’ Chevron-owned assets and rights in three gas developments in Vietnam, after almost one and a half years of negotiations on the foreign partner’s pull-out. Illustration photo These companies include Chevron Vietnam (Block B) Ltd, which holds a 42.4 per cent operating interest in the Product Sharing Contract (PSC) covering blocks B and 48/95; Chevron Vietnam (Block 52) Ltd, holding a 43.4 per cent operating interest in the PSC covering Block 52/97; and Chevron Southwest Vietnam Pipeline Co. Ltd, holding a 28.7 per cent working interest in a $1 billion pipeline construction project that will deliver natural gas from offshore to onshore power and fertiliser plants. Industry insiders said that Chevron’s pull-out of its gas developments in Vietnam was mainly due to the firm’s failure to negotiate with PetroVietnam on the selling price of natural gas exploited from the three blocks. However, neither PetroVietnam nor Chevron has confirmed this as the reason. Previously, PetroVietnam held 23.5 per cent in the first PSC while Japan’s Mitsui Oil Exploration held 25.6 per cent, and Thailand’s PTTEP Kim Long Vietnam held the remainder. In the second PSC, the ownership stake for PetroVietnam, Mitsui Oil Exploration, and PTTEP Southeast Vietnam was 30, 19.6, and 7 per cent respectively. In the pipeline project, PetroVietnam held 51 per cent, while Mitsui Oil Exploration and PTTEP owned the remaining stake. With PetroVietnam’s acquisition of Chevron’s assets, the other partners retain their stakes in the…... [read more]

In the month, the production index of the mining sector decreased 5.2 percent, processing and manufacturing rose 6.9 percent, electricity and fuel production and distribution was up 8.4 percent, and water supply, water waste and rubbish treatment rose 9.5 percent. Major products recorded high increases include natural gas exploitation up 7.4 percent, milk and milk product processing up 10.6 percent, beer production up 10.9 percent, cotton-woven fabrics up 34 percent, and chemical fertilizers up 11.1 percent. Meanwhile, products hit a decrease including coal exploitation down 1.2 percent, crude oil down 9.1 percent, iron, steel and pig-iron production down 1.8 percent, and cable wire and electric wire production down 7.6 percent./.... [read more]

Vietnam's industrial production is on the mend, with growth recorded in the manufacturing and processing sectors. Huynh Tat Thang, deputy head of the Ministry of Industry and Trade's Planning Department made the positive assessment at a Hanoi conference on September 3 reviewing the sectors' activities in the first eight months of the year. The ministry's figures showed that industrial production last month rose 4.4 percent over July. The Index of Industrial Production (IIP) in the eight-month period increased 5.3 percent year-on-year. The beverage production, natural gas exploitation, paper and chemical production sectors saw a high growth rate. Thang stated that the inventory index of processing and manufacturing sectors rose 9 percent against the corresponding period last year. The milk production inventory rose 25.7 percent while that of automobiles and motorbikes rose 81.6 percent. However, he added that some industries are still facing difficulties, including steel, fertiliser and chemicals despite industrial production recovery. Nguyen Tien Nghi, vice chairman of the Viet Nam Steel Association said his sector had coped with high inventories because of decreasing consumption. The ministry also reported that exports last month hit 11.5 billion USD, bringing the total export revenues in the first eight months of the year to 84.82 billion USD, a 14.7 percent rise over the same period last year. It said import turnover last month rose 5.2 percent to 11.8 billion USD. Total import turnover in the period reached 85.4 billion USD, increasing 14.9 percent over the corresponding period last year. Á a result, the…... [read more]

HA NOI(VNS) — Viet Nam's industrial production is on the mend, with growth recorded in the manufacturing and processing sectors. Huynh Tat Thang, deputy head of the Ministry of Industry and Trade's Planning Department made a positive speech at a Ha Noi conference yesterday reviewing the sectors' activities in the first eight months of the year. The ministry's figures showed that industrial production last month rose 4.4 per cent over July. The Index of Industrial Production (IIP) in the eight-month period increased 5.3 per cent year-on-year. The beverage production, natural gas exploitation, paper and chemical production sectors saw a high growth rate. Thang stated that the inventory index of processing and manufacturing sectors rose 9 per cent against the corresponding period last year. The milk production inventory rose 25.7 per cent while that of automobiles and motorbikes rose 81.6 per cent. Manufacturing sector shows greater stability The Purchasing Managers' Index survey for August released yesterday by HSBC Vietnam signalled a near stabilisation in the country's manufacturing sector. "Although output and new orders continued to fall, they did so at marginal rates," the report said. "There was a survey record increase in employment as manufacturers signalled positive expectations for activity." Profitability remained under pressure, however, as output charges were little changed but prices rose at the sharpest pace since March. Rising transportation costs were widely reported. The headline seasonally adjusted PMI recorded 49.4 in August, an improvement on July's 48.5 and the best reading since April but, by remaining below the…... [read more]

The ministry's figures showed that industrial production last month rose 4.4 per cent over July. The Index of Industrial Production (IIP) in the eight-month period increased 5.3 per cent year-on-year.— Photo nld HA NOI (Biz Hub)— Viet Nam's industrial production is on the mend, with growth recorded in the manufacturing and processing sectors. Huynh Tat Thang, deputy head of the Ministry of Industry and Trade's Planning Department made a positive speech at a Ha Noi conference yesterday reviewing the sectors' activities in the first eight months of the year. The ministry's figures showed that industrial production last month rose 4.4 per cent over July. The Index of Industrial Production (IIP) in the eight-month period increased 5.3 per cent year-on-year. The beverage production, natural gas exploitation, paper and chemical production sectors saw a high growth rate. Thang stated that the inventory index of processing and manufacturing sectors rose 9 per cent against the corresponding period last year. The milk production inventory rose 25.7 per cent while that of automobiles and motorbikes rose 81.6 per cent. However, he added that some industries are still facing difficulties, including steel, fertiliser and chemicals despite industrial production recovery. Nguyen Tien Nghi, vice chairman of the Viet Nam Steel Association said his sector had coped with high inventories because of decreasing consumption. The association has taken measures to prevent businesses which sold their products for less than production costs, thus causing unhealthy competition in the market, Nghi said. He claimed that some producers would be forced…... [read more]

President Truong Tan Sang affirmed that Vietnam creates favourable conditions for foreign investors, including those from Brunei, to operate in the country. President Truong Tan Sang attends the Vietnam-Brunei Business Forum (Source: VNA) President Truong Tan Sang had a busy day in Brunei on November 28, visiting the Brunei Shell Oil and Gas Company, attending a business forum between the two countries and meeting with Vietnamese community members and embassy staff in the country. At Brunei Shell, Sang praised the company's recent achievements. They have turned it into one of the leading crude oil and natural gas exploitation and production companies not only in Brunei but in Southeast Asia, he said. He affirmed that Vietnam encourages and creates conditions for the National Oil and Gas Group (PetroVietnam) to develop foreign relations, especially with high-technology partners like Brunei Shell. The President welcomed the two sides' signing of a 250 million USD crude oil purchase contract. It is vivid evidence of effective bilateral cooperation, he said. In his speech at the Vietnam-Brunei Business Forum, Sang affirmed that Vietnam creates favourable conditions for foreign investors, including those from Brunei, to operate in the country. He spoke highly of Brunei's increasing investment in Vietnam, maintaining its position as one of the leading ASEAN investors in the country with investment of 4.9 billion US despite difficulties in the world economy. Applauding the recent and positive outcomes of bilateral trade cooperation, the President noted that it is still yet to match the two counties' potential. He…... [read more]




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