Connect with us

Business

VIETNAM’S BUSINESS NEWS HEADLINES OCTOBER 7

Published

on

Processing-manufacturing companies optimistic about Q4 business outlook

VIETNAM'S BUSINESS NEWS HEADLINES OCTOBER 7

Some 45.6 percent of processing-manufacturing enterprises expect a better business outlook in the fourth quarter of this year, according to a recent survey by the General Statistics Office (GSO).

Covering about 6,500 enterprises in the sector, the survey revealed that 35.4 percent of firms predict a stable business situation into the future and only 19 percent see more difficulties ahead.

The FDI sector showed more optimism that most, with 82.8 percent of enterprises believing in a better and more stable situation in the fourth quarter compared to the third. The ratio in the State-owned sector was 81.7 percent and the non-State sector 80.2 percent.

Meanwhile, 32.2 percent of enterprises said production in the third quarter was better than in the second, while 31.9 percent said business faced difficulties in Q3 and 35.9 percent reported stable operations.

In terms of production volumes, 36 percent said they posted increases in the third quarter over the second quarter, while 30 percent saw losses and 34 percent were stable. Some 45.9 percent expected rising production volumes over the remainder of the year, 36.6 percent predict stability, and 17.5 percent foresee declines.

Regarding the number of orders, 30.9 percent of respondents said they received more in the third quarter than in the second quarter, 30.6 percent saw fewer, and 38.5 percent reported that orders were stable.

For the fourth quarter, 35.6 percent of enterprises said that they hoped for more export orders while 20.4 percent believe orders would be fewer and 44 percent expect a stable number of orders for export.

Though the results of the survey were optimistic overall, the GSO pointed out that in the first nine months of 2020, the number of businesses temporarily suspending operations stood at 38,600, up 81.8 percent against the same period last year, while 27,600 businesses ceased business while awaiting dissolution and nearly 12,100 completed dissolution procedures.

Quang Ninh aims to make processing-manufacturing a key industrial sector

The northern port province of Quang Ninh has introduced new policies in the hope of making processing-manufacturing one of the three key pillars in its industry sector, along with mining and power and gas production and distribution.

The new policies were issued in early October at the first meeting of the 15th provincial Party Committee in the 2020-2025 tenure, which focused on socio-economic development tasks and solutions.

According to the Secretary of the Quang Ninh Party Committee, Nguyen Xuan Ky, in the 2020-2025 period Quang Ninh targets taking three breakthrough steps in the expansion of the processing-manufacturing sector, including in investment attraction and growth in added value, as well as breakthroughs in the proportion of processing-manufacturing in the province’s gross regional domestic product (GRDP) and its budget collections, and another breakthrough in the attraction of high-quality human resources.

To this end, Quang Ninh will focus on four major solutions in the period: the planning of production areas; the development of synchronised social infrastructure networks; the expansion of human resources; and the reform of administrative procedures and the improvement of the business and investment environment, as well as the building of a safe, civilised, and friendly living environment.

The leader said that Quang Ninh aims for rapid and sustainable growth in the processing-manufacturing sector on the basis of promoting the potential and advantages of the province and its localities, economic zones, and industrial parks, and especially by introducing preferential policies at economic zones, to develop processing-manufacturing projects.

He said the province will prioritise high-technology projects that use high-quality human resources, are friendly on the environment, have high added value, and save natural resources.

Quang Ninh will closely coordinate the rapid and sustainable development of processing-manufacturing with the attraction of high-quality and skilled human resources, he said.

Expansion of the sector will be conducted in parallel with the development of industry-urban-service areas with synchronised technical and social infrastructure networks, providing a modern, safe, and civilised living and working environment to residents.

Ky said that Quang Ninh is designing mechanisms and policies that are sufficiently strong to attract better human resources to meet demand for the expansion of processing-manufacturing, in line with improvements through the development of the Ha Long University and the Vietnam-Korea Vocational College, as well as other high-quality vocational facilities.

The province will also pay more attention to the fields of automobiles, electronics, information technology, medicine and pharmaceuticals, the fashion industry, and wood and fisheries processing, he said.

It kicked off the constriction of the Thanh Cong – Viet Hung support complex for the automobile sector in late September, invested by the Thanh Cong Group in Ha Long city.

At the breaking ground ceremony, Deputy Prime Minister Trinh Dinh Dung underlined that the goal of the Government is to make automobiles under a Vietnamese trademark, produced in Vietnam and accepted by Vietnamese drivers.

He said that in order to encourage the development of the automobile sector, the Government has changed mindsets from completing localisation goals to reaching global value chains, with greater attention paid to the support industry.

The Thanh Cong – Viet Hung complex covers 340 ha at the Viet Hung Industrial Park in Ha Long city and is expected to attract more businesses in the support industry for the automobile sector and spare parts production.

The construction of the complex is significant for Quang Ninh in implementing its policy to attract processing-manufacturing projects that use modern technology and are friendly on the environment, thus creating high added value projects and contributing to increasing State budget collections and boosting Quang Ninh’s economy in a sustainable manner./.

Transport Ministry urges speeding up foreign loan disbursement

The Transport Ministry has asked ministries and agencies to speed up disbursement of foreign loans for public investment projects.

The move is in compliance with Deputy Prime Minister Pham Binh Minh’s directions under the Government Office’s Document No.7865/2020 on the matter.

Units were required to check financial statements of major projects with the Finance Ministry, including the transport upgrading project in the central region and the Mekong Delta infrastructure development project.

They were also urged to deal with difficulties regarding bidding and seriously follow the Transport Minister’s Decree No.06/CT-BGTVT dated June 10 on accelerating public investment disbursement for 2020./.

30 biggest tax payers honoured

Thirty biggest tax payers over the past three decades were honoured with certificates of merit during a ceremony in Hanoi on October 5.

The honorees include the Military-run Industry and Telecommunication Group (Viettel), Binh Son Refining and Petrochemical JSC, Electricity of Vietnam, Vietcombank, Vietnam Airlines Corporation, Vietnam Post and Telecommunications Group, Bao Viet Corporation, Vietnam National Oil and Gas Group, Vietnam National Petroleum Group, Airports Corporation of Vietnam, Toyota Vietnam and Samsung Electronics Vietnam, among others.

Speaking at the event, Finance Minister Dinh Tien Dung said tax revenue in 2019 nearly tripled to over 1.2 trillion VND (52.1 million USD) from more than 446 trillion VND in 2010. It was a 18-fold increase from over 69.8 trillion VND in 2000. These outcomes were obtained thanks to the contributions of the business community, especially the 30 honorees.

He asked the General Department of Taxation to continue stepping up administrative reform to better support businesses.

The minister committed all possible support for firms to develop operations and expand markets, thus contributing more to the State budget.

On the occasion, the department kickstarted the system of 479 electronic taxation procedures support channel via Etax portal, enabling users to perform administrative procedures via the one-stop system.

Tax payers’ questions will be sent to the system for timely answers./.

Processing-manufacturing companies optimistic about Q4 business outlook
Some 45.6 percent of processing-manufacturing enterprises expect a better business outlook in the fourth quarter of this year, according to a recent survey by the General Statistics Office (GSO).
VNA Monday, October 05, 2020 16:22
RELATED NEWS
INFOGRAPHIC80.6% processing, manufacturing firms optimistic about business outlook
Friday, July 24, 2020 07:48
HCM City firms expect further support to overcome difficulties
Wednesday, May 13, 2020 10:20
Experts optimistic about Vietnam’s post-pandemic recovery prospect
Tuesday, April 28, 2020 10:24
Quarter 3 sees bright economic picture: GSO
Thursday, October 03, 2019 07:24
Processing-manufacturing companies optimistic about Q4 business outlook hinh anh 1
Illustrative image (Source: VNA)

Hanoi (VNA) – Some 45.6 percent of processing-manufacturing enterprises expect a better business outlook in the fourth quarter of this year, according to a recent survey by the General Statistics Office (GSO).

Covering about 6,500 enterprises in the sector, the survey revealed that 35.4 percent of firms predict a stable business situation into the future and only 19 percent see more difficulties ahead.

The FDI sector showed more optimism that most, with 82.8 percent of enterprises believing in a better and more stable situation in the fourth quarter compared to the third. The ratio in the State-owned sector was 81.7 percent and the non-State sector 80.2 percent.

Meanwhile, 32.2 percent of enterprises said production in the third quarter was better than in the second, while 31.9 percent said business faced difficulties in Q3 and 35.9 percent reported stable operations.

In terms of production volumes, 36 percent said they posted increases in the third quarter over the second quarter, while 30 percent saw losses and 34 percent were stable. Some 45.9 percent expected rising production volumes over the remainder of the year, 36.6 percent predict stability, and 17.5 percent foresee declines.

Regarding the number of orders, 30.9 percent of respondents said they received more in the third quarter than in the second quarter, 30.6 percent saw fewer, and 38.5 percent reported that orders were stable.

For the fourth quarter, 35.6 percent of enterprises said that they hoped for more export orders while 20.4 percent believe orders would be fewer and 44 percent expect a stable number of orders for export.

Though the results of the survey were optimistic overall, the GSO pointed out that in the first nine months of 2020, the number of businesses temporarily suspending operations stood at 38,600, up 81.8 percent against the same period last year, while 27,600 businesses ceased business while awaiting dissolution and nearly 12,100 completed dissolution procedures./.

Processing-manufacturing companies optimistic about Q4 business outlook

Some 45.6 percent of processing-manufacturing enterprises expect a better business outlook in the fourth quarter of this year, according to a recent survey by the General Statistics Office (GSO).

Covering about 6,500 enterprises in the sector, the survey revealed that 35.4 percent of firms predict a stable business situation into the future and only 19 percent see more difficulties ahead.

The FDI sector showed more optimism that most, with 82.8 percent of enterprises believing in a better and more stable situation in the fourth quarter compared to the third. The ratio in the State-owned sector was 81.7 percent and the non-State sector 80.2 percent.

Meanwhile, 32.2 percent of enterprises said production in the third quarter was better than in the second, while 31.9 percent said business faced difficulties in Q3 and 35.9 percent reported stable operations.

In terms of production volumes, 36 percent said they posted increases in the third quarter over the second quarter, while 30 percent saw losses and 34 percent were stable. Some 45.9 percent expected rising production volumes over the remainder of the year, 36.6 percent predict stability, and 17.5 percent foresee declines.

Regarding the number of orders, 30.9 percent of respondents said they received more in the third quarter than in the second quarter, 30.6 percent saw fewer, and 38.5 percent reported that orders were stable.

For the fourth quarter, 35.6 percent of enterprises said that they hoped for more export orders while 20.4 percent believe orders would be fewer and 44 percent expect a stable number of orders for export.

Though the results of the survey were optimistic overall, the GSO pointed out that in the first nine months of 2020, the number of businesses temporarily suspending operations stood at 38,600, up 81.8 percent against the same period last year, while 27,600 businesses ceased business while awaiting dissolution and nearly 12,100 completed dissolution procedures./.

OCOP products of Red River Delta to be displayed

A number of One Commune, One Product (OCOP) products and specialties associated with culture of the Red River Delta will be on display on Trinh Cong Son street, Hanoi from October 8-12.

Speaking at a press conference in Hanoi on October 5, permanent deputy chief of the Hanoi Office of New Rural Development Programme Coordination Nguyen Van Chi said products on display have achieved three-star and above standards with clear origin and guaranteed hygiene.

To date, regional localities have registered to set up 150 stalls showcasing their products at the event.

Visitors to the exhibition will also have a chance to enjoy calligraphy demonstrations, Bat Trang pottery making, and xam singing.

A seminar on trade connectivity and consumption of OCOP products of the Red River Delta is scheduled for October 9.

On the occasion, 66 paintings marking the 66th anniversary of capital liberation, new rural development and OCOP activities will be showcased./.

Kien Giang: Five-year investment for socio-economic development exceeds 9.6 bln USD

Total investment for socio-economic development in the Mekong Delta province of Kien Giang stood at 222.66 trillion VND (9.6 billion USD) in 2016-2020, with an annual average growth of 6.1 percent, according to the provincial People’s Committee.

This represents 52.1 percent of its gross regional domestic product (GRDP). Of the figure, 11.37 percent came from the State budget, 75.39 percent from non-State businesses and individuals, and 0.87 percent from FDI.

The funds have been invested in a number of major infrastructure projects, most notably Phu Quoc International Airport, Rach Gia Pier, roads connecting Lo Te – Rach Soi, Rach Gia – Hon Dat, Rach Gia – Chau Thanh, and Duong Dong – Cuu Can – Ganh Dau, as well as more than 6,350 km of rural roads.

Investment also went to the development of the power network infrastructure in coastal districts and regions where Khmer ethnic minority people live, such as Giong Rieng, Hon Dat, Go Quao, An Bien, An Minh, and Kien Hai. The province has also completed connecting the island communes of Lai Son (Kien Hai), Hon Nghe and Son Hai (Kien Luong), Tien Hai (Ha Tien), and Hon Thom (Phu Quoc) with the national grid. Electricity access stands at 99.5 percent.

Money was also allocated to develop infrastructure for agricultural production. The province has installed 117 drainage pipes in dykes and 1,252 pump stations, upgraded over 600 irrigation systems, and dredged and cemented more than 2,000 km of canals.

Systems for floodwater drainage and fresh water transmission in the Long Xuyen Quadrangle and the west of Hau River have been upgraded to prevent saline intrusion, enabling local farmers to grow two rice crops a year or even three in some areas.

Kien Giang plans to mobilise some 267.13 trillion VND in investment for socio-economic development between 2021 and 2025, which will account for nearly 40 percent of its GRDP./.

Quang Ninh aims to make processing-manufacturing a key industrial sector

The northern port province of Quang Ninh has introduced new policies in the hope of making processing-manufacturing one of the three key pillars in its industry sector, along with mining and power and gas production and distribution.

The new policies were issued in early October at the first meeting of the 15th provincial Party Committee in the 2020-2025 tenure, which focused on socio-economic development tasks and solutions.

According to the Secretary of the Quang Ninh Party Committee, Nguyen Xuan Ky, in the 2020-2025 period Quang Ninh targets taking three breakthrough steps in the expansion of the processing-manufacturing sector, including in investment attraction and growth in added value, as well as breakthroughs in the proportion of processing-manufacturing in the province’s gross regional domestic product (GRDP) and its budget collections, and another breakthrough in the attraction of high-quality human resources.

To this end, Quang Ninh will focus on four major solutions in the period: the planning of production areas; the development of synchronised social infrastructure networks; the expansion of human resources; and the reform of administrative procedures and the improvement of the business and investment environment, as well as the building of a safe, civilised, and friendly living environment.

The leader said that Quang Ninh aims for rapid and sustainable growth in the processing-manufacturing sector on the basis of promoting the potential and advantages of the province and its localities, economic zones, and industrial parks, and especially by introducing preferential policies at economic zones, to develop processing-manufacturing projects.

He said the province will prioritise high-technology projects that use high-quality human resources, are friendly on the environment, have high added value, and save natural resources.

Quang Ninh will closely coordinate the rapid and sustainable development of processing-manufacturing with the attraction of high-quality and skilled human resources, he said.

Expansion of the sector will be conducted in parallel with the development of industry-urban-service areas with synchronised technical and social infrastructure networks, providing a modern, safe, and civilised living and working environment to residents.

Ky said that Quang Ninh is designing mechanisms and policies that are sufficiently strong to attract better human resources to meet demand for the expansion of processing-manufacturing, in line with improvements through the development of the Ha Long University and the Vietnam-Korea Vocational College, as well as other high-quality vocational facilities.

The province will also pay more attention to the fields of automobiles, electronics, information technology, medicine and pharmaceuticals, the fashion industry, and wood and fisheries processing, he said.

It kicked off the constriction of the Thanh Cong – Viet Hung support complex for the automobile sector in late September, invested by the Thanh Cong Group in Ha Long city.

At the breaking ground ceremony, Deputy Prime Minister Trinh Dinh Dung underlined that the goal of the Government is to make automobiles under a Vietnamese trademark, produced in Vietnam and accepted by Vietnamese drivers.

He said that in order to encourage the development of the automobile sector, the Government has changed mindsets from completing localisation goals to reaching global value chains, with greater attention paid to the support industry.

The Thanh Cong – Viet Hung complex covers 340 ha at the Viet Hung Industrial Park in Ha Long city and is expected to attract more businesses in the support industry for the automobile sector and spare parts production.

The construction of the complex is significant for Quang Ninh in implementing its policy to attract processing-manufacturing projects that use modern technology and are friendly on the environment, thus creating high added value projects and contributing to increasing State budget collections and boosting Quang Ninh’s economy in a sustainable manner./.

Hanoi to spend over 3.8 million USD on developing new-style rural areas

Hanoi is set to mobilise 89 trillion VND (over 3.8 million USD) for implementing the national target programme on building new-style rural areas in 2021-2025. 
 
During 2016-2020, over 56.5 trillion VND (more than 2.4 billion USD) was spent on the programme, including over 4.8 trillion VND of non-State funds. 

Hanoi has effectively deployed concentrated production areas in recent times, effectively exploiting the potential and strength of each region and promoting comprehensive agricultural development in a modern direction. 
 
The average annual per capita income in rural areas has now increased to an estimated 55 million VND. Districts with a high annual average per capita income include Thach That (63 million VND), Dong Anh (60 million VND), and Hoai Duc (55 million VND). 
 
Most homes in rural areas are solid and spacious. Healthcare and disease prevention efforts have made great progress, while all commune healthcare stations now have doctors.
 
All communes also have access to the internet.
 
Notably, the rate of poor households in rural areas has continually fallen over the years. It is expected that, by the end of 2020, the rate will be down to 0.5 percent, in line with new poverty standards.
 
There are no poor households in the three districts of Dong Anh, Gia Lam, and Hoai Duc.
 
Vietnam’s capital aims to build new-style rural areas in Thuong Tin district’s Hong Van commune and Dan Phuong district’s Dan Phuong commune. 
 
The communes must meet four criteria under Decision No 691/ QD-TTg dated June 5, 2018, from the Prime Minister and seven criteria in Decision No 3745/QD-UBND dated July 11, 2019, from the municipal People’s Committee. 
 
The fulfilment of the above-mentioned requirements is hoped to promote sustainable rural development in the capital towards improving the quality of the material and spiritual lives of rural people, widely applying science and technology in production, and preserving the unique cultural identities of each village.
 
According to the Director of the municipal Department of Agriculture and Rural Development, Chu Phu My, despite posting remarkable results in building new-style rural areas and progress in agricultural restructuring, these have not been commensurate with the potential and advantages the capital possesses.
 
Large-scale agricultural production remains limited, while agricultural growth is low, he said.
 
Investment attraction in the agricultural sector, in particular the application of advanced technologies, is still inadequate. Some districts still have high rates of poor households, such as Ba Vi (1.43 percent), My Duc (1.55 percent), and Thanh Oai (1.3 percent). 
 
In order to achieve goals in poverty reduction and raise farmers’ incomes this year and in subsequent years, Hanoi will continue to pay attention to vocational training and to shifting the workforce from agriculture to other sectors.

The implementation of poverty reduction programmes will be accelerated, he added. 

Attention will be also given to creating jobs for rural workers, restructuring crops and animals, supporting farmers in applying new technical advances, and promoting investment links. 
 
Municipal authorities will also focus on expanding production in industrial clusters and craft villages in rural areas, and adopt policies to support the development of rural service systems, towards gradually accelerating the restructuring of the rural economy by increasing the proportion of industry and services and cutting that of agriculture.
 
The national target programme on building new-style rural areas was initiated by the Government in 2010 with the aim of developing rural regions. Criteria include the development of infrastructure, the improvement of production capacity, environmental protection, and the promotion of cultural values./.

Singapore’s retail sales improve

The Singapore Department of Statistics (SingStat) announced on October 5 that the country’s retail sales in August dropped 5.7 percent year-on-year, an improvement from the 8.5 percent decline recorded in July.

The better performance was due to strong demand for both new and used cars, SingStat noted. Excluding sales from motor vehicles, Singapore’s retail sales fell 8.4 percent year-on-year.

The country’s estimated total retail sales value stood at 3.4 billion SGD in August, with 10.9 percent coming from online transactions.

Most retail industries continued to register year-on-year declines in sales in August. The department stores sector saw sales slump 35.3 percent, cosmetics, toiletries and medical goods sales fell 29 percent, while wearing apparel and footwear industries decreased 28.6 percent year on year.

Turnover from food and beverage (F&B) services was down 28.6 percent year-on-year, more than the 25.4 percent fall recorded in July. This was mainly due to the food caterer sector as food catering services for the majority of foreign worker dormitories were no longer required from August, SingStat said./.

Cambodian NA approves bill on commercial gaming management

The National Assembly of Cambodia on October 5 adopted a draft law on commercial gaming management, which aims to put casinos and other gaming facilities in the country under control.

According to Cambodian Economy and Finance Minister Aun Pornmoniroth, 114 lawmakers attending the parliamentary session unanimously approved the bill.

He said the bill sets a minimum capital for the investment in a casino and provides measures to combat money laundering and terrorist financing.

“The law is aimed at further strengthening the management of commercial gaming facilities in Cambodia so as to contribute to boosting economic growth, promoting tourism, increasing tax revenue as well as maintaining social safety and security,” he said at the session.

In Cambodia, casinos are licensed to operate in order to help attract foreign tourists, while local residents are not allowed to gamble in the casinos.

A total of 193 casinos have been licensed in the country so far./.

Deputy PM meets Vietnam-ASEAN Association for Economic Cooperation Development delegation

Deputy Prime Minister and Foreign Minister Pham Binh Minh hosted a reception for a delegation of the Vietnam-ASEAN Association for Economic Cooperation Development in Hanoi on October 5.

Also present at the meeting were representatives from 85 domestic enterprises and investors from ASEAN member states, Japan, the Republic of Korea, and India who were seeking the government’s continued reduction of corporate income and value added taxes, and land rents in 2020 and 2021.

They wanted the Vietnamese Government to support them in seizing opportunities from the global manufacturing shift and coming up with proper personnel plans and business strategies.

They also expected the Government to tighten intellectual property management and accelerate disbursement of business support packages as new-generation free trade agreements, notably the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and EU-Vietnam Free Trade Agreement (EVFTA), have entered into force in Vietnam.

Speaking at the event, Minh highlighted efforts by the Government in fighting the unprecedented COVID-19 pandemic and helping enterprises weather the crisis.

He outlined the non-agricultural land use tax reduction and exemption and corporate income tax waiver in 2020 and the deferral of taxes and land use fees as examples of supports provided by the Government to aid those affected by COVID-19.

The Government has also worked hard to accelerate public administrative reforms and create a better business climate, reflected by the cut of over 3,800 business conditions and more than 6,700 goods required specialised inspections, he said.

He expected the association and its business members to pay more attention to ASEAN markets.

According to him, total trade between Vietnam and ASEAN reached 57 billion USD last year, 10 times the figure 25 years ago and 11 percent of the country’s total foreign trade. By the end of July 2020, FDI flows from investors from ASEAN countries into Vietnam neared nearly 82 billion USD, representing 21.6 percent of the total FDI injection.

He also asked enterprises to proactively make the most of opportunities and overcome challenges from the FTAs./.

Thailand bans import of more than 400 e-waste types

Thailand’s Ministry of Commerce has announced a ban on the import of 428 types of electronic waste, or e-waste, to protect the environment.

Head of the ministry’s Department of Foreign Trade Kirati Ratchano said that the ban, which took effect on Sept 15, was launched under a 2018 resolution by the government’s sub-committee managing and controlling imported electronic and plastic waste.

Violations are punishable by a jail sentence of up to 10 years, a fine of five times the price of the e-waste imported illegally, or both, he said.

In the ministry’s announcement, e-waste is defined as electric and electronic components and scraps, excluding scraps from an electricity generator.

Aside from the ban, more campaigns will be carried out to encourage public participation in environmental protection./.

Pandemic severely impacted Lao tourism: ADB

Though Laos largely avoided any severe health impacts from COVID-19, the pandemic’s effect on its economy, especially the tourism sector, is forecast to be devastating, according to the Vientiane Times.

The newspaper on October 5 cited an Asian Development Bank (ADB) survey showing that half of surveyed enterprises temporarily closed in May and about 70 percent cut staffing, with employee numbers falling 38 percent. Meanwhile, some 78 percent of tourism enterprises in Luang Prabang, a popular UNESCO World Heritage Site, closed.

Prior to the pandemic, tourism was growing rapidly throughout the country. Foreign arrivals increased 14.4 percent last year, reaching an all-time high of 4.79 million, with international tourism receipts totaling 934 million USD.

Laos targeted 5 million foreign tourists in 2020, but the global health crisis resulted in travel restrictions and a widespread contraction, the ADB said.

International tourists to Laos primarily come from Thailand, which accounted for 45 percent of the total last year, followed by China (21.3 percent), Vietnam (19.3 percent), and the Republic of Korea (4.2 percent).

The ADB noted that as tourism is one of the main revenue earners for the country, the pandemic’s effect on the sector has had a considerable impact on its economy overall. In Luang Prabang and Vang Vieng, two famous tourist destinations where tourism enterprises mostly target international and leisure tourists, the impact of COVID-19 has been much more severe.

More than 80 percent of tourism companies in these two destinations cut more than 50 percent of their staff.

The ADB conducted two surveys on tourism businesses in four of the country’s major tourism destinations. The initial survey was conducted in August 2019 on 366 enterprises and the follow-up on 327 enterprises in May this year./.

Malaysia postpones former PM’s 1MDB trial

The High Court of Malaysia has agreed to postpone Najib Razak’s 1Malaysia Development Berhad fund (1MDB) trial as the former Prime Minister is currently under 14-day home quarantine following his return from Sabah, the state with the highest COVID-19 tally in the country, on September 27.

The trial was previously scheduled to resume on October 5 and last until October 8.

However, High Court judge Collin Lawrence Sequerah on October 5 morning decided to allow the request by Najib’s lawyers to have their client’s trial deferred.

Najib Razak is facing four charges of power abuse from which he reportedly earned 2.28 billion RM (nearly 5.5 billion USD) while serving as Prime Minister, Minister of Finance and chairman of the 1MDB advisory board. He is also facing 21 money-laundering charges involving 4.3 billion RM.

If found guilty, he may carry a prison sentence of up to 20 years.

The 1MDB was formed by Najib Razak in 2009, supposedly to serve Malaysia’s development through global partnerships and foreign direct investment.

This fund was the centre of the scandalous loss of 3.7 billion USD believed to be corrupt money transferred to other countries for laundering, leading to a series of investigations in Malaysia and some countries like the US, Switzerland and Singapore. The scandal is also one of the causes of Najib Razak’s failure in the 2018 election.

In late July, Kuala Lumpur’s High Court sentenced Najib Razak to 12 years in prison and fined him 210 million RM for power abuse linked with the 1MDB.

Singapore reveals key strategies for economic recovery

Singaporean Deputy Prime Minister Heng Swee Keat told the Parliament on October 5 key strategies to help the country emerge stronger from the COVID-19 crisis.

The Singaporean Government has worked out the steps to further reopen safely in the coming months, he said, adding it has refreshed its economic strategy for a post-COVID-19 world to remake Singapore as a Global-Asia node of technology, innovation, and enterprise; achieve inclusive growth; and build resilience.

All aim to create better lives and opportunities for its people, he said.

According to the Deputy PM, the Government expects Singapore’s revenue position to be weak for a number of years, as the effects of COVID-19 on the global economy linger, and the economy slows.

At the same time, the Government’s expenditure will rise as it continues to provide support for Singaporeans and businesses.

“This challenging fiscal position is a result of a global pandemic that no one could have predicted. What is within our control is how we use our fiscal resources well to respond to this crisis, and to prepare for the future,” he said.

Singapore has dedicated close to 100 billion SGD to support people and businesses through this difficult period, he added.

Meanwhile, Malaysia, Singapore’s neighbour, adjusted up its debt levels as the country embarks on measures to support businesses and citizens to deal with the economic fallout from the conoravirus.

Malaysian Finance Minister Zafrul Aziz said the country’s fiscal deficit will come in at around 5.8 percent to 6 percent this year. So far, fiscal injections into the economy stand at around 20 percent of its GDP, according to him.

Malaysia has rolled out about 305 billion ringgit (73 billion USD) for stimulus packages so far this year, to help inject cash into the economy and prop it up.

Zafrul said his government is “optimistic” that the economy next year will expand by around 5.5 percent to 8 percent, from negative growth this year. For 2020, GDP is expected to be around -5.5 percent to -3.5 percent./.

Singapore reveals key strategies for economic recovery

Singaporean Deputy Prime Minister Heng Swee Keat told the Parliament on October 5 key strategies to help the country emerge stronger from the COVID-19 crisis.

The Singaporean Government has worked out the steps to further reopen safely in the coming months, he said, adding it has refreshed its economic strategy for a post-COVID-19 world to remake Singapore as a Global-Asia node of technology, innovation, and enterprise; achieve inclusive growth; and build resilience.

All aim to create better lives and opportunities for its people, he said.

According to the Deputy PM, the Government expects Singapore’s revenue position to be weak for a number of years, as the effects of COVID-19 on the global economy linger, and the economy slows.

At the same time, the Government’s expenditure will rise as it continues to provide support for Singaporeans and businesses.

“This challenging fiscal position is a result of a global pandemic that no one could have predicted. What is within our control is how we use our fiscal resources well to respond to this crisis, and to prepare for the future,” he said.

Singapore has dedicated close to 100 billion SGD to support people and businesses through this difficult period, he added.

Meanwhile, Malaysia, Singapore’s neighbour, adjusted up its debt levels as the country embarks on measures to support businesses and citizens to deal with the economic fallout from the conoravirus.

Malaysian Finance Minister Zafrul Aziz said the country’s fiscal deficit will come in at around 5.8 percent to 6 percent this year. So far, fiscal injections into the economy stand at around 20 percent of its GDP, according to him.

Malaysia has rolled out about 305 billion ringgit (73 billion USD) for stimulus packages so far this year, to help inject cash into the economy and prop it up.

Zafrul said his government is “optimistic” that the economy next year will expand by around 5.5 percent to 8 percent, from negative growth this year. For 2020, GDP is expected to be around -5.5 percent to -3.5 percent./.

ASEAN, OECD discuss digital tools for regulatory policymaking

The second webinar of the sixth ASEAN – OCED Good Regulatory Practice Network Meeting took place on October 5 and discussed how to leverage digital tools for agile regulatory policymaking.

In his opening remarks, Director General of the Administrative Procedures Control Agency of Vietnam Ngo Hai Phan expressed his hope that the webinar will provide helpful insights into the use of digital tools to issue policies in response to the COVID-19 pandemic.

Nguyen The Trung, a member of the Government Office’s consulting group on e-government, said collaboration between the medical and technological sectors is an effective way to cope with the pandemic.

Vietnam built three pillars: improving the Government’s capacity and responsibility for pandemic control, the medical sector’s capability, and public awareness of the effort. A number of apps were launched to trace suspected infections, such as khaibaoyte.vn, Ncovi.vn, and Bluezone, he said.

The Government’s active response, with a correct vision and rapid and practical actions, was the most important factor in combating the pandemic, along with public consensus and data-based decision making.

Deputy Secretary General of the Malaysian Ministry of International Trade and Industry Hairil Yahri Yaaacob said his government called on management agencies and the private sector to deal with procedural barriers, especially for those hit by the pandemic.

A number of initiatives have been launched, including building a portal to address policy obstacles and establishing an economic action council led by the Prime Minister.

Participants looked into the digitalisation of regulatory enforcement, such as e-verification, e-bidding, and e-procurement, the principles of effective policy making, and upgrades to regulatory management systems./.

Thailand bans import of more than 400 e-waste types

Thailand’s Ministry of Commerce has announced a ban on the import of 428 types of electronic waste, or e-waste, to protect the environment.

Head of the ministry’s Department of Foreign Trade Kirati Ratchano said that the ban, which took effect on Sept 15, was launched under a 2018 resolution by the government’s sub-committee managing and controlling imported electronic and plastic waste.

Violations are punishable by a jail sentence of up to 10 years, a fine of five times the price of the e-waste imported illegally, or both, he said.

In the ministry’s announcement, e-waste is defined as electric and electronic components and scraps, excluding scraps from an electricity generator.

Aside from the ban, more campaigns will be carried out to encourage public participation in environmental protection./.

Pandemic severely impacted Lao tourism: ADB

Though Laos largely avoided any severe health impacts from COVID-19, the pandemic’s effect on its economy, especially the tourism sector, is forecast to be devastating, according to the Vientiane Times.

The newspaper on October 5 cited an Asian Development Bank (ADB) survey showing that half of surveyed enterprises temporarily closed in May and about 70 percent cut staffing, with employee numbers falling 38 percent. Meanwhile, some 78 percent of tourism enterprises in Luang Prabang, a popular UNESCO World Heritage Site, closed.

Prior to the pandemic, tourism was growing rapidly throughout the country. Foreign arrivals increased 14.4 percent last year, reaching an all-time high of 4.79 million, with international tourism receipts totaling 934 million USD.

Laos targeted 5 million foreign tourists in 2020, but the global health crisis resulted in travel restrictions and a widespread contraction, the ADB said.

International tourists to Laos primarily come from Thailand, which accounted for 45 percent of the total last year, followed by China (21.3 percent), Vietnam (19.3 percent), and the Republic of Korea (4.2 percent).

The ADB noted that as tourism is one of the main revenue earners for the country, the pandemic’s effect on the sector has had a considerable impact on its economy overall. In Luang Prabang and Vang Vieng, two famous tourist destinations where tourism enterprises mostly target international and leisure tourists, the impact of COVID-19 has been much more severe.

More than 80 percent of tourism companies in these two destinations cut more than 50 percent of their staff.

The ADB conducted two surveys on tourism businesses in four of the country’s major tourism destinations. The initial survey was conducted in August 2019 on 366 enterprises and the follow-up on 327 enterprises in May this year./.

Malaysia postpones former PM’s 1MDB trial

The High Court of Malaysia has agreed to postpone Najib Razak’s 1Malaysia Development Berhad fund (1MDB) trial as the former Prime Minister is currently under 14-day home quarantine following his return from Sabah, the state with the highest COVID-19 tally in the country, on September 27.

The trial was previously scheduled to resume on October 5 and last until October 8.

However, High Court judge Collin Lawrence Sequerah on October 5 morning decided to allow the request by Najib’s lawyers to have their client’s trial deferred.

Najib Razak is facing four charges of power abuse from which he reportedly earned 2.28 billion RM (nearly 5.5 billion USD) while serving as Prime Minister, Minister of Finance and chairman of the 1MDB advisory board. He is also facing 21 money-laundering charges involving 4.3 billion RM.

If found guilty, he may carry a prison sentence of up to 20 years.

The 1MDB was formed by Najib Razak in 2009, supposedly to serve Malaysia’s development through global partnerships and foreign direct investment.

This fund was the centre of the scandalous loss of 3.7 billion USD believed to be corrupt money transferred to other countries for laundering, leading to a series of investigations in Malaysia and some countries like the US, Switzerland and Singapore. The scandal is also one of the causes of Najib Razak’s failure in the 2018 election.

In late July, Kuala Lumpur’s High Court sentenced Najib Razak to 12 years in prison and fined him 210 million RM for power abuse linked with the 1MDB./.

Construction of three infrastructure projects starts in Hanoi’s outskirts district

Hanoi’s outskirts district of Dong Anh on October 5 began the construction of three infrastructure projects worth a total of 1.2 trillion VND (nearly 52 million USD), an activity to mark the 1,010th anniversary of Thang Long-Hanoi and the 66th anniversary of the capital city’s Liberation Day.

The projects, which also aim to celebrate the city’s 17th Party Congress for the 2020-2025 term, comprise a multi-sport centre, a kindergarten and a road with embankments along the Nguyen Khe cannel.

The 672 billion VND multi-sport centre will cover 33 hectares and include a gymnasium with 2,650 seats and an aquatic sports palace, expected to be completed by December next year in order to host the 31st SEA Games and other national indoor events.

With an area of 5,400 square metres, the kindergarten will accommodate 450 kids and will be one of the four public-funded high-quality schools in Dong Anh district. It is scheduled for completion in January 2022.

The road and embankments along the Nguyen Khe canal will run six kilometres and is set to be completed in April 2022 at a total cost of 451 billion VND./.

Fair on wooden, interior products opens in Hanoi

A fair on wooden and interior products was opened in Hanoi on October 5.

Organised by the Hanoi Department of Industry and Trade, the event is hosting 300 pavilions of more than 100 businesses and rural industrial establishments of the capital city.

It is expected to support the sector to weather challenges and hardships triggered by COVID-19 and promote high-quality products to the domestic market.

The fair also offers chances for firms and manufacturing facilities to introduce their products to customers and seek new partners. It will run until October 14.

Vietnam’s wooden and interior products have thrived in the global market. The country is the largest furniture exporter in Southeast Asia, the second in Asia and the fourth in the world.

Major markets of Vietnamese products include the US, Europe, Japan, China and the Republic of Korea./.

Second ASEAN-RoK Think Tank Strategic Dialogue opens

The second Think Tank Strategic Dialogue between ASEAN member states and the Republic of Korea (RoK) took place on October 6 with the theme “ASEAN-RoK Relations into a New Decade: Towards a Joint Strategic Vision”.

The online dialogue, chaired jointly by the Diplomatic Academy of Vietnam (DAV) and the Korea National Diplomatic Academy (KNDA), attracted the participation of delegates from 10 member agencies of the ASEAN Institutes of Strategic and International Studies (ASEAN ISIS), the KNDA, and other RoK research offices, and diplomatic missions in Hanoi and Seoul.

In his opening remarks, DAV Vice President Nguyen Hung Son affirmed that intensifying cooperation between ASEAN and the RoK, including promoting dialogues on strategic issues, is of significance at a time when the COVID-19 pandemic is making the world and regional situations become more uncertain and unpredictable, which is posing challenges to small and medium-sized countries such as ASEAN members and the RoK.

KNDA Chancellor Kim Joon-hyung said that ASEAN has become a focus in his country’s foreign policy.

Amid the difficulties caused by the pandemic, ASEAN and the RoK should take advantage of opportunities to boost collaboration, promote achievements, and build sustainable partnerships.

Chairman of the Singapore Institute of International Affairs Simon Tay, who is also Chair of ASEAN-ISIS in 2020, stressed the need for both sides to foster measures to consolidate trust and intensify dialogue and cooperation.

To boost ASEAN-RoK relations in the 2021-2025 period, participants suggested both sides continue implementing agreed-upon cooperation efforts, in particular coordinating to control the pandemic, resolve its consequences, and promote post-pandemic economic recovery.

The two sides should harmonise the bilateral relationship between the RoK and each Southeast Asian nation, and step up coordination in ASEAN-led regional mechanisms.

Priority should be given to fields of potential such as infrastructure, the digital economy, water security in the Mekong River sub-region, and high-quality human resources training, they said./.

Source: VNA/VNN/VNS/VIR/VOV/SGT/NDO/Dtinews  

Source: https://vietnamnet.vn/en/business/vietnam-s-business-news-headlines-october-7-678953.html

Business

TTC Sugar to issue $30 million of unsecured bonds

Published

on

TTC Sugar will sell VNĐ700 billion (US$ 3 million) of unsecured bonds to the public next quarter. — Photo courtesy of the firm

HÀ NÔI — TTC Sugar has announced it will offer VNĐ700 billion (US$30 million) worth of unsecured bonds up for public auction.

The firm said the interest rate of the bonds in the first year would be 10 per cent in the first four quarters then a floating interest rate after that.

The firm expects to release the bonds in the first quarter next year with the minimum order for individual investors VNĐ20 billion and institutional investors VNĐ250 billion.

It said the non-convertible bonds were not guaranteed by assets in the maximum term of three years and were issued to pay for sugar purchase contracts in the first quarter of 2021

Sugar purchase contracts included those with Thành Thành Công Gia Lai company worth VNĐ288.4 billion, Biên Hòa – Ninh Hòa Sugar Company worth VNĐ205.8 billion and Biên Hòa Đồng Nai TTC Sugar Company worth VNĐ205.8 billion.

As of September 30, TTC Sugar had total capital of more than VNĐ18.4 trillion, total financial debt of VNĐ8.6 trillion, in which bond loans reached nearly VNĐ1.3 trillion. In addition, the firm has nearly VNĐ153 billion of convertible bonds.

The shares of TTC Sugar with the sticker SBT gained 2.5 per cent to reach VNDD18,500 on the HCM City Stock Exchange (HoSE) yesterday —

Source: https://vietnamnews.vn/economy/816937/ttc-sugar-to-issue-30-million-of-unsecured-bonds.html

Continue Reading

Business

VN-Index back in the green after single red session

Published

on

VN-Index back in the green after single red session

An investor looks at stock prices on a screen at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.


The VN-Index shrugged off a single-session loss, gaining 0.58 percent to close at 1,008.87 points Tuesday, with gains driven by large cap stocks

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw a fairly balanced session with 221 stocks gaining and 199 losing. Out of these, 15 stocks hit their ceiling prices, the highest they could go in a trading session.

Total trading volume rose marginally over the previous session, to VND11.68 trillion ($504.2 million), of which half went towards the VN30, a basket of the market’s largest capped stocks.

The VN30-Index for this basket surged 1.08 percent, significantly outperforming the general market, with 18 gaining tickers and seven losing.

Topping gains were stocks in the private banking sector. STB of Sacombank soared 5.5 percent, VPB of VPBank 4.1 percent, TCB of Techcombank 1.7 perent, HDB of HDBank 1.4 percent, while EIB of Eximbank shed 0.3 percent.

Results in the public banking sector, however, were mixed. MBB of mid-sized Military Bank rose 2.5 percent, while of Vietnam’s three biggest lenders by assets, CTG of VietinBank was up 1.2 percent, BID of BIDV kept its opening price, while VCB of Vietcombank was the worst performer on the VN30, down 1.1 percent.

Other major gainers this session included TCH of truck dealer Hoang Huy Group, up 5.4 percent, SBT of agricultural exporter TTC-Sugar, up 2.5 percent, VNM of dairy giant Vinamilk, with 1.4 percent, and MSN of food conglomerate Masan Group, with 1.2 percent.

VIC of private conglomerate Vingroup, HoSE’s biggest cap, rose 1.1 percent, while VHM of its real estate arm Vinhomes was up 0.8 percent, and VRE of retail arm Vincom Retail added 0.2 percent.

In oil and gas, GAS of energy giant PetroVietnam Gas and POW of electricity generator PetroVietnam Power both kept their opening prices, while PLX of gasoline distributor Petrolimex shed 0.4 percent.

In the other direction, the biggest losers included ROS of construction firm FLC Faros, down 0.9 percent, KDH of real estate developer Khang Dien House, down 0.7 percent, and FPT of IT services firm FPT, with 0.4 percent.

The HNX-Index for the Hanoi Stock Exchange, home to mid- and small-caps, climbed 0.83 percent, but the UPCoM-Index for the Unlisted Companies Market jumped 1.36 percent.

Foreign investors continued to be net buyers to the tune of nearly VND420 billion on all three bourses, with buying pressure mostly on VNM of Vinamilk, and the FUEVFVND, an exchange-traded fund replicating the performance of stocks on the VN Diamond Index, a bag of 14 stocks, most of which are blue chips.

Source: https://e.vnexpress.net/news/business/economy/vn-index-back-in-the-green-after-single-red-session-4199351.html

Continue Reading

Business

Golden Brand Awards launched in HCMC

Published

on

The launch ceremony of the HCMC Golden Brand Awards held at the headquarters of The Saigon Times Group on December 1 – PHOTO: THANH HOA

HCMC – The HCMC Department of Industry and Trade and The Saigon Times Group jointly launched the HCMC Golden Brand Awards this morning, December 1, aimed at honoring businesses in the city for their efforts in building their brands.

Addressing the launch ceremony, Bui Ta Hoang Vu, director of the HCMC Department of Industry and Trade, said HCMC is the country’s economic hub where many businesses have been established and running.

The HCMC Golden Brand Awards is expected to help raise the awareness of businesses operating in the city over the importance of building their brands and encourage them to accelerate innovation, creativity and development, thus helping them improve their competitive capacity in local and international markets.

The organizers will give priority to businesses active in four key industries and nine major services of the city. Selection will be based on their efficiency in building their brands, innovation, creativity, the quality and safety of their products and their corporate social responsibility.

“The success of an enterprise relies not only on the popularity of its brand but also on its efficient business model. The assessment over the health of a brand is no longer based mainly on communication or marketing strategies but on the brand platform, which is the foundation that helps businesses develop sustainably and maintain their competitiveness in the long term,” said Tran Minh Hung, editor-in-chief of The Saigon Times Group.

According to Nguyen Dong Phuong, deputy director of the HCMC Department of Industry and Trade, businesses eligible for the awards are those that comply with all the prevailing regulations on production and trade. They must be based in HCMC and must not commit copyright infringement or trade fraud. Their brand should have been developed for at least two years.

The jury will comprise experts in building brands. The award winners will be announced in January 2021.

Registrations can be submitted to The Saigon Times Group, 35 Nam Ky Khoi Nghia Street, Nguyen Thai Binh Ward, District 1, HCMC, or the HCMC Department of Industry and Trade, 136 Hai Ba Trung Street, Ward 6, District 3, HCMC.

The registration form can be downloaded from http://thuonghieuvang.thesaigontimes.vn.

Source: https://english.thesaigontimes.vn/79616/golden-brand-awards-launched-in-hcmc.html

Continue Reading

Trending