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Business in brief
Date :  25/09/2018
(Sourced from various news agencies)
  • The Vietnamese economy is expected to expand by 6.7% in 2018, according to an estimate by the Ministry of Planning and Investment (MPI). At a conference on September 24, MPI Minister Nguyen Chi Dung said that there were many bright spots in the economic picture over the first three quarters of the year and macroeconomic stability has been maintained to create the foundation for restructuring. He added that inflation for the whole year would be contained at less than 4% while budget revenues are expected to reach VND1.3 quadrillion (US$55.9 billion), up 3% compared to the target figure. The spending deficit is projected to reach 3.67%, below the National Assembly’s target of 3.7%. According to Minister Dung, growth continues to be driven by all sectors, with manufacturing activity playing a key role. The Vietnamese economy grew by 7.08% in the first half of 2018 and the figure for the third quarter is scheduled to be announced on September 29. (NDO)
  • The country has 517,900 enterprises, increasing by more than half compared to last year, as per the General Statistic Office of Vietnam’s census of economy in 2017. Of 517,000 enterprises, 507, 860 are small and medium ones accounting for 98.1 percent and just 10,100 are giant businesses making up 1.9 percent. Noticeably, super small enterprises are the major in small and medium enterprises. Specifically, just 8,500 of them are medium businesses accounting for 1.6 percent while 114,100 small ones making up 74.4 percent. Worse, of 517,900 enterprises are operating, 505,000 of them have profit and pay tax. Specially, 172,600 in Ho Chi Minh City are profitable. The number of employees in big companies has risen by 33.8 percent while it is 22.1 percent in small and medium ones compared to five years ago. Averagely, a big firm has increases of 6 percent each year while it has risen by 4.1 percent in small and medium peers. (SGGP)
  • The Government has issued Decree No. 126/2018/ND-CP stipulating the establishment and operation of the Vietnam-based foreign cultural establishments. In terms of the operational principles, foreign cultural establishments in Vietnam will only be allowed to operate when they receive certificates of registration and permits. The branches of foreign cultural establishments in Viet Nam can only operate when they attain certificates. Foreign cultural establishments in Vietnam are allowed to set up their branches when they have been operating in Vietnam for at least two years and have abided by the law and current regulations of Vietnam. Branches of the Vietnam-based foreign cultural establishments do not have a legal status. They are subject to the management and administration of foreign cultural establishments in Vietnam, while operating under the authorization of foreign cultural establishments in Vietnam. (VGP)
  • India stood as the biggest supplier of all types of seafood products to Vietnam, making up 21.9% of the country’s total seafood imports in the first eight months of the year, according to the General Department of Vietnam Customs. The preliminary statistics show that Vietnam imported US$1.14 billion worth of seafood products in the past eight months, up 24.2% despite a decrease of 9.9% in August. Norway ranked second among the countries providing seafood to the Vietnamese market with a dramatic increase of 66.7%. Imports from South East Asian nations also expanded to US$93.19 million against last year’s corresponding period. Considerable growth was seen in most import markets such as Malaysia, Canada, the Republic of Korea and the US, while imports from markets like Myanmar, Denmark and Poland suffered remarkable declines. (VOV)
  • Trade surplus of Vietnam this year hit 5.57 billion USD as of September 15, according to the General Department of Vietnam Customs. During the period, the total foreign trade value came to about 331.57 billion USD, up 14 percent year on year. The country shipped overseas 168.57 billion USD worth of goods, while spending 163 billion USD on imports. The figures represented annual increases of 16.3 and 11.7 percent year on year respectively. Export revenues of the foreign-invested sector reached 118.81 billion USD, increasing 16.4 percent against the same period in 2017 and accounting for 70.5 percent of the country’s total export value. Meanwhile their import spendings were at 97.63 billion USD or 59.9 percent of Vietnam’s total imports. The figure was 11.8 percent higher than that of the same period last year. (VNA)
  • The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rose by 8.32 points to hit 1,011.29 points at the end of September 24, with 186.72 million shares traded worth nearly 4.39 trillion VND (188.32 million USD). There were 148 advancing codes, 145 in decline, and 56 shares that went flat. Meanwhile, the HNX-Index on the Hanoi Stock Exchange (HNX) closed at 115.59 points, down 0.21 points. There were 83 rising codes and 79 declining ones. Throughout the day, the VN-Index maintained its green, driven by the growth of major stocks. In particular, VJC expanded by 1.8 percent, SBT by 2.4 percent, REE 1.9 percent, ROS 1.3 percent, and MSN by 3.8 percent. Both property and petroleum stocks enjoyed a surge on the day. Foreign investors posted a net purchase value of nearly 53.79 billion VND (2.3 million USD) on the HoSE. (VNA)
  • The Government earned VNĐ198 trillion (US$8.49 billion) from divestment and privatization of State-owned enterprises (SOEs) in the past three years. The figure was triple that collected in the 2011-15 period. Of which, Vietnam collected VNĐ30 trillion in 2016 and VNĐ140 trillion in 2017, with the latter including the record VNĐ110 trillion Sabeco divestment. The country got VNĐ28.1 trillion from divestment and privatization of SOEs in the first half of this year. In the first eight months of this year, 10 out of 85 SOEs saw their privatization plans approved, with total value of VNĐ29.5 trillion. Some big companies undergoing privatization included PetroVietnam Power Corporation (PVPower), PetroVietnam Oil Corporation (PVOil) and Power Generation Corporation (Genco 3). (VNS)
  • CJ Group announced the opening of a new CJ Vina Agri Feed Production Plant in An Hoa Industrial Zone in Binh Dinh province on September 24. CJ Vina Agri Binh Dinh Factory has a total investment value of $13.6 million. Covering an area of 41,000 square meters, the factory will have an estimated capacity of about 72,000 tons per year. CJ Vina Agri started business in Vietnam in 2001 with the launch of the Long An plant. Hung Yen was inaugurated in 2006. In 2008, CJ Vina Agri built the Vinh Long factory, which specializes in the production of fish feed. In 2015, CJ continued to inaugurate the Dong Nai factory. By January this year, the Ha Nam factory was put into operation. On September 21, the sixth plant of CJ Vina Agri, the Binh Dinh factory was officially inaugurated. In addition, CJ Vina Agri is building a factory in the Mekong Delta region, bringing the total number of animal food processing plants to seven in the coming time. (VIR)
  • A representative of the Realme smartphone brand on September 24 announced a plan to penetrate the Vietnam market with the launch of at least two products in October. Established in May by former vice president of OPPO Sky Li, Madhav Sheth and a skilled young workforce, Realme has committed to manufacturing smartphones at reasonable prices with a strong configuration. Vietnam and Indonesia are Realme’s first two target markets in Southeast Asia, according to the company. Sky Li stated that Vietnam was one of the Southeast Asian countries witnessing rapid growth in technology, giving Realme a strong chance for development in serving a population of up to 90 million and with smartphone penetration in the country amounting to a low 40%. (SGT)
  • More than 2.24 billion Viettel Global shares will make their debut on Hanoi's unlisted public company market, UPCoM, on September 25. The shares of Viettel Global Investment Joint Stock Company, with the sticker VGI, will be traded on the UPCoM at a floor price of VND15,000 (US$0.65) per unit. Viettel Global will become the largest firm on the UPCoM with market capitalization of VND33.6 trillion (US$1.44 billion). Established in late 2007 with chartered capital of VND960 billion (US$41.18 million) as a unit of Viettel Group, Viettel Global covers the military group's overseas investments. Viettel Group holds 98.68% of the stake in Viettel Global. Viettel Global announced consolidated revenues of over VND19 trillion (US$810 million) for 2017, an increase of 24% year-on-year, and a net profit of VND27 billion (US$1.16 million). (Vnexpress)
  • State-owned shipping firm Vietnam National Shipping Lines (Vinalines) has announced a second share auction just three weeks after its initial public offering on September 5. The number of shares on offer this time is nearly 483.4 million, equivalent to a 34.4 per cent stake. These shares were not sold at the first public offering and were intended for employees. The offer price will remain unchanged. Interested investors, including foreigners, must register to take part in the auction before 4pm on September 30. On September 5, Vinalines put up 488.8 million shares, or a 34.8 per cent stake, on sale but only 5.43 million shares were taken at an average price of VNĐ10,002 (US$0.43). Ending 2017, Vinalines had total assets of over VNĐ28 trillion but its liabilities were up to VNĐ20.2 trillion. The company still incurred cumulative losses of VNĐ3.25 trillion. In the first half of this year, Vinalines recorded revenue of VNĐ6.3 trillion and net profit of VNĐ23.9 billion. (VNS)
  • The Hà Nội Stock Exchange (HNX) has announced an additional 17 shares subject to alert, supervision and trading suspension. Most of them have violated information disclosure rules many times. Two stocks put under temporary trading suspension were named as Saigon Vegetable JSC (SGO) (from September 21) and ASA Consumer Product JSC (ASA) (from September 20). One other share was put under supervision due to information disclosure violations. It was Bạc Liêu Fisheries JSC (BLF). This stock can only be traded every Friday. Fourteen stocks were put under alert. Many of them have violated information disclosure regulations four times in a year, including Quảng Ninh Construction & Cement  (QNC), Petrovietnam Engineering Consultancy JSC (PVE), Hà Nội Milk JSC (HNM) and Đức Long Gia Lai Investment JSC (DL1). As of September 24, 72 stocks are under alert and supervision on the HNX, while 20 stocks are subject to trading suspension. (VNS)
  • The southern province of Binh Duong saw positive signals in economic growth in the first nine months of this year, with trade surplus reaching 3.8 million USD, a representative from the provincial People’s Committee. The index of industrial production rose 9.37 percent in the January-September period, including an increase of 9.64 percent in processing industry. Many local firms have received full orders until the first quarter of 2019, with the number of orders increasing 5-10 percent year on year. Its total retail and service revenue rose 17 percent over the same period last year to 140.858 trillion VND (6.05 billion USD). In the reviewed period, the province attracted 39.35 trillion VND in investment from domestic firms, up 16.5 percent over the same period in 2017, along with 1.18 billion USD in FDI, fulfilling 84.95 percent of its yearly target. So far, Binh Duong has hosted 3,430 FDI projects worth 31.29 billion USD, clinching its first position among localities nationwide in FDI attraction. (VNA)
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