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Business in brief
Date :  14/09/2018
(Sourced from various news agencies)
  • Vietnam will temporarily stop importing pork and pork-based products from Hungary and Poland as from September 20 for growing concern about the African swine fever (ASF) outbreak detected in the two countries. The Ministry of Agriculture and Rural Development has sent written documents to the Embassies of Hungary and Poland in Vietnam on the temporary ban which will be valid from September 20 until these countries announce the ending of the epidemic according to World Organization for Animal Health (OIE) regulations. However, according to the documents, shipments of pork and pork-based products from Poland and Hungary before September 20 are still allowed to enter Vietnam. Nguyen Xuan Duong, acting director of the Livestock Production Department, said Vietnam imports only a small volume of pork from these two countries. The OIE reported African swine fever has hit the two Hungarian provinces of Heves and Szaboles-Szatmar-Berge and the five Polish provinces of Warminsko – Mazurskie, Podkarpackie, Podlaskie, Mazowieckie and Lubelskie since early this year. (VOV)
  • A number of agencies from Vietnam and the Republic of Korea are working together to organize the Vietnam International Machinery Fair (VIMAF) and Vietnam Supporting Industry Fair (VSIF) in Ho Chi Minh City later this year. The events are expected to draw around 500 stands of 350 domestic and foreign businesses from Vietnam, the Republic of Korea, Japan, the EU and China. About 200 stands will showcase support industry components. In addition to typical industrial products like machinery, equipment, components and materials for production, construction and electricity, the fairs will display tools for business operating in the fields of hi-tech, medicine and tourism in HCM City. The Korean Trade and Investment Promotion Agency (KOTRA) will coordinate with the Vietnamese Ministry of Science and Technology to offer support activities for business connectivity such as a display zone for technological products from Korean businesses, a Vietnam-RoK business connectivity zone, a product supply festival, and seminars on industry and the support industry. VIMAF and VSIF are expected to drive the promotion and expansion of markets as well as connecting partners with domestic businesses. (VOV)
  • Vietnamese brands which win the BrandLaureate Special Edition World Awards 2018 will be honored at an award ceremony in Hanoi in November. The Asia-Pacific Brands Foundation (APBF) held a press conference in Hanoi on September 13 to announce the Awards, which aim to promote the importance of brands in general and enhance Vietnamese trademarks in particular. The prestigious awards are designed for organizations and individuals who have succeeded in branding in Vietnam, with their brands honored and recognized by the business community and consumers. Criteria for award winners include branding strategy, branding culture, unified branding communications, creativeness of the brand and brand effectiveness. The BrandLaureate is the highest award for brands and branding in the world. It is held in different countries to honor the best brands in branding activities. In 2017, it was featured in Vietnam for the first time, honoring 40 businesses and individuals including Vietcombank, Vinamilk, Keppel Land Vietnam, Lotte Vietnam, and RMIT Vietnam. (VNA)
  • Consumption of bio-fuel E5 RON 92 topped 1.78 million cubic meters in the first half of the year, a year-on-year increase of 31 per cent and accounting for over 40 per cent of total petrol consumption, according to the Ministry of Industry and Trade. Last year, consumption of E5 RON 92 accounted for just about 9 per cent of total petrol consumption, he said. The fuel is a mixture of 95 per cent petrol and 5 per cent ethanol. Lê Xuân Tình, deputy general director of PV Oil, said his company’s sales of E5 RON 92 in the first half of this year made up 50 per cent of its total fuel sales compared to 16-18 per cent last year. Other oil trading companies such as Military Petroleum Corporation, Vietnam National Petroleum Group and Hải Linh Co,.Ltd have also reported higher sales of the bio-fuel. Tình said since there is only one company producing E100 alcohol in Vietnam, an ingredient in the E5 mixture, there is not enough supply to produce bio-fuel. (VNS)
  • The sugarcane sector is facing record-low prices despite an increase of 500,000 tons of output over last year, leading to high inventory levels, according to the Vietnam Sugar and Sugarcane Association (VSSA). In addition to the large volume from the previous crop, the inventory for the new crop as of August 15 had reached more than 622,000 tons, about 67,584 tons higher than the same period last year, according to VSSA. Sugar prices have also been falling in both domestic and world markets, with current prices at their lowest level in recent years. Sugar mills are selling products at prices nearly equal to smuggled sugar, and some mills have sold sugar below production costs at VNĐ11,400-12,000 per kilo to reduce inventory. Compared with previous crops, sugar prices fell by VNĐ3,000-5,000 per kilo on average, affecting many enterprises. (VNS)
  • In 2018, Ha Noi hopes to welcome 25.4 million visitors, including 5.5 million foreign tourists. The municipal Department of Tourism said on September 11 that Ha Noi expects to welcome nearly 20 million holidaymakers in the first nine months of 2018, a 9.2% increase from the same period last year. Of the total, 4.3 million were foreign visitors, up 20% year-on-year, and accounting for nearly 40% of the total number of foreign visitors to Viet Nam. Foreign visitors to Ha Noi come from nearly 190 nations and territories, including Western Europe, Australia, North America, Eastern Europe, Northeast Asia, and so on. In 2018, Ha Noi aims to welcome more than 25.4 million visitors, including 5.5 million foreigners. (VGP)
  • The Vietnam National Petroleum Group (Petrolimex) is proceeding to sell a maximum of 60 million treasury stocks on the Hồ Chí Minh Stock Exchange, the second sale of its kind since its debut in April 2017. Treasury stocks, or reacquired stocks, are stocks which are bought back by the issuing company from shareholders, intended for resale to the public. The sales will depend on the conditions and developments on the stock market but will be conducted as soon as possible in the last quarter of this year after getting the nod from the Ministry of Industry and Trade (MoIT) and the State Securities Commission, according to ndh.vn. The MoIT, which represents the State capital in the company, is the biggest stakeholder of Petrolimex with an ownership of 75.87 per cent as of December 31, 2017. JX Nippon Oil & Energy Vietnam Consulting and Holdings Co Ltd holds an 8 per cent stake. (VNS)
  • A South Korean investor has poured capital of US$33 million into Viet Uc Seafood Corporation (Viet Uc Seafood), a leading company supplying shrimp products in Vietnam. South Korea’s STIC Investment Inc has invested $16.5 million in Viet Uc Seafood through the Pan Asia Technology Fund by buying its shares. The remaining funds will be invested through another fund in the future, reported online newspaper theleader.vn. Earlier, the Viet Uc Seafood received investment from Lotus Asia Investments, managed by Lombard, a North American-based fund management company. Now, Lotus Asia Investments holds 11.5 per cent of Viet Uc Seafood’s total shares. Viet Uc Seafood is a wholly foreign invested firm with charter capital of VNĐ102.4 billion. (VNS)
  • The State Audit of Vietnam (SAV) has decided to audit the financial reports of Vietnam National Oil and Gas Group (PetroVietnam). The audit would take 60 days at the parent group and seven subsidiaries including PetroVietnam Technical Services Corporation (PTSC), PetroVietnam Power  Corporation (PV Power), PetroVietnam Oil Corporation (PVOil), PetroVietnam Drilling and Well Service Corporation (PV Drilling), PetroVietnam Ca Mau Fertiliser Joint Stock Company (PVCFC),  PetroVietnam Transportation Corporation (PV Trans) and Binh Son Refining and Petrochemical Joint Stock Company. The SAV would focus on assets, capital resources, revenue, spending and payments to the State budget. In addition, it would also audit finance and accounting management works, financial investment, buying of assets, goods and services as well as the restructuring from 2016-20. The audit delegation will include 35 people led by Lê Minh Nam, Deputy State Auditor General. (VNS)
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