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Business in brief
Date :  01/10/2018
(Sourced from various news agencies)
  • The General Statistics Office (GSO) announced on Sept. 28 that Vietnam posted a trade surplus of US$5.39 billion in the first nine months of 2018. In the nine-month period, Vietnam reported total export revenues of US$178.91 billion, up 15.4% over the same period in 2017. There were 26 types of commodities with export revenues surpassing US$1 billion, accounting for 90.3% of the total export revenue of Vietnam. During the period, the country also posted US$173.52 billion worth of import revenues, a rise of 11.8% over the same period last year. Vietnam also saw 30 types of commodities with import revenues of over US$1 billion each, making up 87.5% of the country’s total import revenue. Regarding the service sector, Vietnam earned an export revenue of US$11.1 billion in the first nine months of this year, an annual increase of 14.6% including US$7.6 billion from the tourism sector (accounting for 68.3% of the service export value) and US$2.2 billion from the transport sector (accounting for 19.4%). The sector also posted total import revenues of approximately US$13.8 billion, a rise of 8.1% over the same period last year, resulting in a trade deficit of US$2.7 billion, equivalent to 24.2% of the sector’s export revenue. (NDO)
  • Ho Chi Minh City’s Statistics Office said on September 29 that the city’s CPI in September expanded by 0.81% compared with August and 3.42% from the same period last year. Among the 11 groups of commodities, only post and telecom services dropped 0.06% from August. The highest rise was seen in the group of educational services, up 5.22%; followed by housing, electricity, fuels and construction materials, 0.33%, other goods and other services, 0.12%; transport, 0.01%; household utensils, 0.43%; and culture, entertainment and tourism, 0.45%, respectively. In September, gold prices fell 0.24% while US dollar increased 0.09% against the previous month. (VNA)
  • Vietnam earned about 29.54 billion USD from agro-forestry-fishery exports between January and September, up 9.3% from the same period of 2017 and equivalent to 73% of this year’s target. In the reviewed period, agro-forestry-fishery production value grew by 3.81 – 3.82% year on year. Meanwhile, GDP in the sector is estimated to increase by 3.5 – 3.6%. Major contributors to the expansion are fisheries (up 6.46%), forestry (6%), cultivation (3%) and animal husbandry (2.41%). Surges in value and output were recorded in rice, fruits and vegetables, export poultry meat, tra fish, and timber and wood products. Deputy Minister of Agriculture and Rural Development Ha Cong Tuan said the sector will press on with agricultural restructuring in the coming time. In October, it will boost the output, value and export turnover of the products with rising demand and good markets so as to help achieve the targets set for 2018. (VNA)
  • The Committee for Management of State Capital (CMSC), known as the “super committee”, made its debut in Hanoi on Sept. 30. The CMSC will manage 19 State-owned economic groups and corporations. According to consolidated financial statements by December 31, 2017, the total value of State equity at these 19 groups and corporations reached more than 1 quadrillion VND (43 billion USD) and the total value of assets was 2.3 quadrillion VND (99 billion USD). According to the 2018 decree guiding its establishment, the committee is responsible for managing State capital at the enterprises where the State holds a 100% stake and at companies with multiple members where the State have invested its capital. The committee, established by the Government, has one chairperson and at most four vice chairpersons appointed or dismissed by the Prime Minister. Also at the ceremony, the CMSC signed an MOU with Singapore’s Temasek Holdings to exchange business information and share experiences in modern capital management in accordance with the market mechanism. (VNA)
  • Vietnam’s rubber wood and rubber wood products are exported to over 100 nations and territories, said To Xuan Phuc, a senior policy analyst from Forest Trends. Each year, Vietnam earns from 1.7-1.8 billion USD from exporting rubber wood and products, accounting for over 20% of the total export value of the timber sector. In recent years, the rubber sector has supplied around 4.5-5 million cu.m of wood with a clear source of origin, as they come from over 25-year-old rubber trees which have low latex productivity. Vietnam now has around 970,000 hectares of rubber trees, of which an average 25,000 hectares produce over 4.5 million cu.m of wood each year. Almost all wood exploited belongs to subsidiaries of the Vietnam Rubber Group, which makes Vietnamese rubber wood easily receive Forest Stewardship Council (FSC)’s sustainable timber certificate. Wood with FSC certification will help expand Vietnam’s export of rubber wood and rubber wood products, Phuc affirmed. (VNA)
  • The Seafood Fair will take place in Hanoi from October 6-10, a representative of the Trade Promotion Centre for Agriculture under the Ministry of Agriculture and Rural Development told a press conference on September 28. Following the success of the fair of Vietnamese tra fish and aquatic products in Hanoi in 2017, the event will be co-hosted by the Trade Promotion Centre for Agriculture, the Agro Processing and Market Development Authority, the Directorate of Fisheries, the Vietnam Fisheries Society and the Vietnam Association of Seafood Exporters and Producers. Meanwhile, a fair of Vietnamese craft villages and an international seminar on the program “One Commune – One Product” (OCOP), one of the important trade promotion events of the agricultural sector, will take place in the capital city from November 17-21. The fair is expected to introduce outstanding craft village models nationwide, popularize the OCOP program, and expand handicraft markets. (VNA)
  • As many as 165 companies from 15 countries and territories will participate in the 6th International Precision Engineering, Machine Tools and Metalworking Exhibition & Conference (MTA HANOI 2018), scheduled to take place in the city from October 16-18. Covering an area of 4,300sq.m, the exhibition will showcase offerings and products covering a broad technology scope relevant to the manufacturing sector. Pham Duc Thien, head of mechanical engineering under the Hanoi University of Mining and Geology, said the total capital of local mechanics businesses reached 360-380 million USD while the foreign investment in the sector in Vietnam was around 2.1 billion USD. The figures will continue to increase in the upcoming time as Vietnam becomes a promising destination for foreign investors, Thien said. A range of seminars, interactive workshops and panel debates on some of the current issues affecting the manufacturing and precision engineering sectors, including forums on Industry 4.0 technology, blockchain and OT security system, will be held on the sidelines of the exhibition. (VNA)
  • Hanoi's CPI in September increased 1.08% against the previous month, and 5.16% over the same period last year, the municipal Statistics Office announced. The rise was mainly driven by educational services, which were up 11.78%. In the month, the groups of transport; and housing, electricity, fuels and construction materials edged up 0.58% and 0.31% as compared with August. Between January and September, the index expanded by 3.99% year-on-year, with only the group of post and telecommunications down 1.38%. This month, the city exported more than 1.3 billion USD worth of goods. In the first three quarters, the city’s export turnover hit 10.5 billion USD, representing a year-on-year rise of 21.6%. Meanwhile, its import value reached 2.4 billion USD, down 2% from August but up 9.1% year-on-year. During the nine-month period, the city imported 22.4 billion USD worth of goods, an increase of 6.5% against the same period last year. (VNA)
  • Amazon, a U.S.-based multinational ecommerce platform, has launched shopping websites in Vietnamese, enabling local shop owners to run their online businesses on the platform more easily, heard attendees at a recent event in HCMC. The event, titled “Selling Globally on Amazon,” was jointly held by the Vietnam Ecommerce Association and Amazon Global Selling, with the participation of 1,000 ecommerce operators and sellers. The two organizers reportedly joined forces for the first time to counsel the sellers on ecommerce solutions that work on amazon.com. At the event, Amazon introduced the website Amazon Global Selling, at services.amazon.vn, and an official Facebook fan page, both displayed in Vietnamese. The two sites are expected to help remove language barriers and support local individuals and small-scale firms in joining the Amazon platform. (SGT)
  • Vietcombank has been named the best bank in Vietnam in 2017 by Alpha Southeast Asia (Alpha SEA) magazine. The award, held annually by the Hong Kong-based magazine, the first and only one focusing on Southeast Asia, is presented to outstanding financial institutions in the region. This is the second consecutive year the bank has received this award from Alpha SEA. Vietcombank is hailed for its effective business strategy; management model, professional operation with the focus on serving customers in accordance with international standards; good adaptation with market fluctuations and customer needs; and sustainable growth rate. In 2017, it made a strong impression by becoming the first bank in Vietnam to report pre-tax profit of VND11.341 trillion (about US$486.9 million), while its bad debts fell to only 1.1%, the lowest rate among major credit institutions. (VGP)
  • The volume of cargo transported through Vietnamese seaports has soared in the first nine months of 2018, particularly through ports in Quang Ninh and Ha Tinh provinces, according to the Vietnam Maritime Administration. In the January-September period, nearly 386 million tons of cargo was shipped through seaports, including 13.3 million TEU of containers, an increase of 18% and 27%, respectively, over the same period last year. In September alone, nearly 42.9 million tons of cargo was handled at seaports including 1.4 million TEU of containers, up 18% and 30%, respectively. The largest volume of shipments was recorded at ports in Ho Chi Minh City, Vung Tau, Quang Ninh and Hai Phong. Other ports saw large annual increases in the volume of cargo including Ha Tinh (up 97%), Quang Nam (up 83.5%), and Nghe An (up 81%). (VNA)
  • A delegation of the Party Committee of central Da Nang city has visited Qatar and had a working session with executives of Qatar Airways to discuss cooperation between the two sides. Accordingly, Qatar Airways will launch a direct air route from Doha to Da Nang starting on December 19 this year. It will offer four flights a week using aircraft B787 Dreamliner. Additionally, the airline will support promoting the city’s tourism, investment and trade on its media channels in one month since the route launch. It will also coordinate with Da Nang to organize farm and press trips from potential markets in Europe and the Middle East to the city and build a communication plan to popularize the air route. Da Nang International Airport currently handles 200 flights per day, including 50 international flights. Foreign visitors to the city by air mainly come from East Asia, ASEAN countries, the Republic of Korea, Japan, the US and Europe. (VNA)
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