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Business in brief
Date :  02/10/2018
(Sourced from various news agencies)
  • Ho Chi Minh City collected over 269.1 trillion VND (nearly 11.6 billion USD) for the State budget in the January-September period, up 9.88% year on year. The figure represented 71.44% of the yearly estimates, according to the municipal People’s Committee. Domestic revenues came to 174.43 trillion VND, up 12.97% on a yearly basis, while contribution from crude oil surpassed 17.84 trillion VND, up 46.53%. Meanwhile, contributions from import-export activities totaled 76.8 trillion VND, down 2.03%. At the same time, the city’s budget expenditure in the period was estimated at almost 39.7 trillion VND, up 8.53% from the same period last year and accounting for 45.7% of estimates. Of the figure, 15 trillion VND was spent on development investment and 22.26 trillion VND was regular expenditure. This year, the central government assigned HCM City to collect 376.78 trillion VND (more than 16.2 billion USD) for the State budget, or over 1.2 trillion VND a day. (VNA)
  • Ho Chi Minh City is confident of fulfilling its 2018 budget collection goals, as its economy saw stable and positive development in the first three quarters of this year, according to Chairman of the municipal People’s Committee Nguyen Thanh Phong According to a committee report, in the first nine months of 2018, the city’s gross domestic product (GDP) reached 903.6 trillion VND (38.78 billion USD), up 7.8% year-on-year while budget collection hit 269.1 trillion VND (11.5 billion USD), fulfilling 71.4% of the yearly plan and an increase of 9.8% compared to the same period last year. Revenue from retail sales and services hit 769.3 trillion VND (33 billion USD), up 12.8% year-on-year, and export turnover reached 28.2 billion USD, up 7.7%. The city welcomed 5.45 million foreign tourists during January-September, a surge of 21.2% over last year’s corresponding period. HCM City lured 5.47 billion USD in total foreign investment in the first nine months, soaring 50% year-on-year. (VNA)
  • This year, Ho Chi Minh City can earn $22- 23 million from ornamental fish export, said the branch office of fisheries under the Department of Agriculture and Rural Development in HCMC. The branch office said that in the first nine months of the year, enterprises in HCMC produced 137 million ornamental fish species with high economic value, up by 19.1% compared to the same period last year ( with 115 million fish); mostly neon ornamental fish, koi fish and mollusc, among others. Nearly 15.2 million fish had been exported through Tan Son Nhat Airport in 9 months, 13.99% higher than the same period last year and generated turnover of nearly $17.3 million, a year-on-year increase of 14.4%. At present, 21 exporters are eligible for selling ornamental fish to 43 nations. In the fourth quarter of 2018, HCMC planned to produce additional 40 - 45 million ornamental fish for exporting 4.5 - 5 million achieving $5 - 6 million. Therefore, the city can produce 180 million ornamental fish for exporting to earn $22 -23 million. (SGGP)
  • As many as 11.6 million foreign visitors to Vietnam were recorded in the first nine months of 2018, a year-on-year increase of 22.9%, according to the General Statistics Office. The numbers of foreign visitors travelling by air, sea and road reached 9.4 million, 190,805 and two million, witnessing respective increases of 17.4%, 0.5% and 62.1%. Markets saw high growths including the Republic of Korea up 49.6%, Finland up 33.8%, China up 29.7%, Hong Kong up 29.4%, Denmark up 16.4%, Taiwan up 15.1%, Italy up 14.4%, Sweden up 14.2%, the U.S. up 14.1% and Malaysia up 14%. In September only, 1.2 million foreign visitors travelled to Viet Nam, a year-on-year increase of 24.2%. A total number of 62.1 million domestic visitors were recorded over the recent nine months, including 30.2 million staying guests. The total revenue from tourism was estimated at VND451,200 billion, a year-on-year increase of 20%. (VGP)
  • Positive signs have been seen in the three areas of agriculture, industry, and service so far this year, while inflation was also controlled to under 4% as targeted, according to Minister-Chairman of the Government Office Mai Tien Dung. He said that so far, all 12 national socio-economic goals have been completed, including eight surpassing their targets. Nine goals are predicted to be above the expectations of the five-year plan, he added. A report from the Ministry of Planning and Investment showed that GDP in the first nine months of 2018 expanded 6.98%, the highest nine-month rise since 2011. The CPI registered a rise of 0.59% month-on-month in September, and a 3.57% climb over the first nine months of 2018. In the Jan-Sept period, Vietnam enjoyed 5.39 billion USD of trade surplus. In the first nine months of 2018, 96,000 new enterprises were established with total registered capital of 963.4 trillion VND (41.42 billion USD), an increase of 2.8% in the number of firms and 6.7% in the amount of capital. Meanwhile, nearly 23,000 firms resumed operation, up 8.5% year-on-year. (VNA)
  • Credit growth by September 20 reached 9.52% against the end of last year while capital mobilization rose by 9.15%, the General Statistics Office reported. The rise of both indexes was slower than the 10.08% and 11.02% expansion in the same period last year. With the credit growth rate, lending will be allowed to rise by an additional 7.5% in the final quarter to meet the central bank’s 17% credit growth target set for 2018. Currently, the interest rate for Vietnamese đồng deposits is averaged at 4.3-5.5% per year for one-to-six-month term, 5.3-6.5% for six-to 12-month terms and 6.5-7.3% for above 12-month terms. The lending rate stands at some 6-9% per year for short-term loans, and 9-11% for medium- and long-term loans. For loans in priority sectors, including agriculture businesses, firms producing goods for export, small- and medium-sized enterprises, enterprises operating in auxiliary industries and hi-tech enterprises including startups, the lending interest rate is 6.5% per year. (VNS)
  • The latest figures provided by the General Statistics Office show that the index of industrial production (IIP) rose by 10.6% in Jan.-Sept. – the highest rate since 2012. Statistics showed that the manufacturing and processing industry rose by 12.9% in the nine-month period, contributing 9.9%age points to the overall growth. Other industries also posted growth, such as power production and distribution – up 9.7%, coal production – up 53.1%, medicines and chemicals production – up 25.9%, metal production – up 8.2%, and electronics products and computers by 14.8%. Only the mining industry saw a decline of 2%, mainly due to the fall of 11.7% in crude oil production. All 63 provinces and cities saw increases in IIP, of which, the central province of Hà Tĩnh recorded the highest growth at 110.4%, followed by Thanh Hóa Province (up 28.6%), Hải Phòng (up 25.2%), Bắc Ninh (up 15.9%) and Vĩnh Phúc (up 15.8%). (VNS)
  • Sen Đỏ Technology JSC, the owner of e-commerce platform sendo.vn, and GrabExpress, a delivery service available on Grab app, on Monday announced a tie-up for a three-hour express delivery service in HCM City. Shoppers just need to click on the products that have the "3 hours" icon on Sendo.vn to get their order delivered within three hours to most locations in the city (except Bình Chánh, Hóc Môn, Củ Chi and Cần Giờ districts) for free if it is worth more than VNĐ99,000 (US$4.4). They can also track the real-time delivery process on the Grab app. Trần Hải Linh, CEO of Sendo, said: “The ultimate goal of Sendo.vn is to create favorable conditions for individual vendors, small businesses and online sales units to easily distribute their merchandise to consumers throughout Vietnam. (VNS)
  • Retail giant AEON has terminated its tie-up with Hà Nội-based Fivimart after four years of co-operation due to losses. Aeon, a major Japanese retailer, and Nhất Nam Trade Company – the owner of the Fivimart supermarket chain, agreed on the transfer of the Fivimart chain to a domestic company on September 27, online newspaper cafef.vn reported. Aeon is expected to offload a 30% stake in Fivimart to a third party. However, the move would not have any impact on its current business in Vietnam. Details of the transaction were not disclosed. On the same day, Fivimart announced a brand change. Starting September 28, Fivimart will no longer use the Aeon logo beside its own logo. Aeon will retain its partnership with Citimart, of which the Japanese retailer acquired a 49% stake in 2015. (VNS)
  • Vietnam Thương Tín Commercial Bank (VietBank) targets to list its shares on the Unlisted Public Company Market (UPCoM) within a year of increasing charter capital to more than VNĐ4.25 trillion (US$181 million) in 2018. According to a resolution released recently, VietBank will issue shares for its existing shareholders and employees to raise its capital by more than VNĐ1 trillion. Nearly 91 million shares for existing shareholders and more than 9.7 million ESOP (employee stock ownership plan) shares will be offered at the price of VNĐ10,000 a piece, based on the bank’s book value of VNĐ10,247 per share by December 31, 2017. Existing shareholders and the bank’s employees will be allowed to buy the shares at the ratio of 100:28. Existing shareholders can transfer the right to purchase the shares, which will not be subject to restrictions on the time of transfer. The ESOP shares will not be permitted to be transferred within three years of the offering. (VNS)
  • As many as 550 businesses will showcase their 3,000 latest products at the Vietfood & Beverage and Professional Packing Machines 2018 (Vietfood & Beverage – ProPack 2018), slated for November 7-10 in Hanoi. The exhibition will feature 600 booths, including those from India, Poland, Taiwan (China), the Republic of Korea, Thailand, China. In the beverage category, big names such as Sabeco, Habeco, Sagota, Cocacola, Heniken, Tan Hiep Phat and URC Vietnam will introduce many of their new products to consumers and visitors, proving the attractiveness of the continuously growing domestic beverage market. Meanwhile, the food category will see the presence of 20 strong brands and 30 organic products from prestigious producers. The annual event creates a trade playground that greatly benefits the trademark promotion, said Nguyen Khac Luan, General Director of Vinexad. (VNA)
  • Tien Giang province is accelerating efforts to fulfill the year’s target of 2.65 billion USD in export value, after earning 1.99 billion USD in the January-September period, up 8.4% year on year and meeting 75.1% of the year’s goal. Industrial products are the biggest currency earners, led by garment with 380.7 million USD, an increase of 10.4%, followed by shoes with 367.7 million USD. Among agricultural products, processed aquatic products brought home 70% of total export revenues, followed by rice and processed fruits and vegetable. American countries continued to be the largest market for Tien Giang’s products, accounting for 41.4% of the province’s total export revenues, followed by the Asian market with 37.3%, and Europe with 19.2%. Exports to the Asian market saw the highest annual growth in the period with 9.9%, while earnings from American market increased by 6.7% and that from Europe, 6.2%. (VNA)
  • The Mekong Delta province of Tra Vinh has taken actions to attract more investors, especially foreign businesses. Chairman of the provincial People’s Committee Dong Van Lam said that the province’s efforts in investment attraction have paid off. In the reviewed period, it attracted 67 projects with a combined registered capital of over 2.16 trillion VND (92 million USD) and 146.5 million USD, up 6 projects compared with the same period last year. Of the total, 19 projects have been put into operation. At present, the province is calling for investment in 59 projects in the fields of industry and agriculture, notably a seafood processing plant with a capacity of 32,000 tons per year in Cau Ke district, a vegetable processing plant with a capacity of 40,000 tons a year, a meat processing plant with a capacity of 20,000 tons annually in Chau Thanh district and a 270MW wind power plan in Duyen Hai district. (VNA)
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