The Ministry of Finance has just announced the balance of the petrol price stabilization fund by the end of the second quarter of the year to implement the principle of publicity and transparency in the administration of petrol and oil prices following Decree No.83 and Decree No.95 of the Government.
According to the Ministry of Finance, from April 1, 2022 to June 30, 2022, VND1,007.807 billion (US$43 million) remained in the petrol price stabilization fund.
However, the total amount of spending to stabilize fuel prices during this period was set at VND526.726 billion (US$22.3 million). Besides, the interest arising on the positive balance fund in the second quarter gained VND1.426 billion (US$60.2) and the loan interest arising on the negative balance fund in the second quarter exceeded VND1.792 million (US$76).
Therefore, by June 30, only VND310.794 billion (US$13 million) remained in the fund. On March 31, the fund balance was minus VND169.920 billion (US$7.2 million).
According to the database of the inter-Ministry of Industry and Trade – Finance on gasoline price adjustment at the previous times, fuel price was mostly required to be set on the petrol price stabilization fund. However, in the reality, it was not spent as required.
At the operating session on September 12, the inter-Ministry of Industry and Trade – Finance required enterprises to take VND451, VND450, VND90, VND200 and VND741 from the petroleum price stabilization fund for the subsidy of an E5 RON 92 liter, a RON 95 gasoline liter, a liter of diesel, a liter of kerosene and a liter of mazut respectively while not spending the fund for stabilizing fuel price.
Binh Dinh wants to relocate over 1,200 fishing boats for tourism purposes
The central province of Binh Dinh is set to relocate all fishing boats anchoring or operating in the Quy Nhon City waters to the De Gi Lagoon in Phu Cat District to develop tourism.
The provincial People’s Committee yesterday, September 14, chaired a meeting to collect feedback from relevant agencies on the relocation plan.
According to data from the provincial Department of Agriculture and Rural Development, more than 1,200 fishing boats are subject to the relocation, Dan Tri newspaper reported.
The central province looks to complete the relocation by 2025. After 2025, it will relocate the Quy Nhon fishing port to the My Thanh fishing port in Phu My District and move all fishing boats anchoring at other places in the Quy Nhon waters to the De Gi Lagoon.
However, the local authorities are dealing with a major problem. Most local residents are not supportive of the relocation.
According to Nguyen Phuong Nam, vice chairman of the Quy Nhon City People’s Committee, up to 93% of the 871 boat owners said no to the relocation request, as it would be difficult for them to seek business partners if they anchor their boats at a new site far from the current area.
The boat owners said nearly 800 boats are small-sized and less than 12 meters in length each and are used for only one- or two-day fishing trips. Therefore, the relocation would make their operations tougher.
Speaking at the meeting, a Department of Agriculture and Rural Development representative said this is a complicated issue, so the province should prioritize relocating boats from some hotspots first.
The representative suggested moving 124 fishing boats from the Quy Nhon fishing port and 196 others from the Phan Chu Trinh boat lock before considering the next move.
VND3.2t bridge to be built in Mekong Delta
A new bridge over the Co Chien River will be built to connect Ben Tre and Vinh Long provinces in the Mekong Delta, at an estimated cost of over VND3.2 trillion.
The authorities of the two provinces yesterday, September 14, finalized a plan to develop the Dinh Khao Bridge project after taking into account feedback from consultants, the local media reported.
With a total length of over 11 kilometers, the bridge will start from the National Highway 53 section passing through Vinh Long’s Long Ho District and end at the National Highway 57 section in Ben Tre.
The four-lane bridge will also be some 6.6 kilometers downstream of the Dinh Khao ferry terminal.
Some 50% of the project’s investment will be backed by the State budget, while the remainder will come from the private sector and reciprocal capital of the two provinces. Work on the project is expected to begin this year and be completed in 2026.
Vinh Long and Ben Tre, in coordination with the consulting units, will proceed with further investment steps to report them to the higher authorities.
Co Chien River, which is over 80 kilometers long, is a tributary of the Tien River and links the provinces of Vinh Long, Ben Tre and Tra Vinh in the delta. The Dinh Khao Bridge project, once completed, will shorten the time needed to travel between Ben Tre and Vinh Long, as well as help ease traffic congestion in the area.
Workshop seeks measures for eco-industrial park development in Vietnam
A workshop was held in Ho Chi Minh City on September 15, discussing policies for and measures to develop eco-industrial parks in Vietnam.
The event was co-organised by the Ministry of Planning and Investment (MPI), the United Nations Industrial Development Organisation (UNIDO), and the Swiss State Secretariat for Economic Affairs (SECO).
As heard at the workshop, between 2015 and 2019, the MPI, UNIDO, SECO, and other sponsors worked together to pilot models of eco-industrial parks in Ninh Binh, Da Nang and Can Tho. As a result, over 70 businesses have implemented more than 900 energy saving and cleaner production solutions, saving 76 billion VND (3.21 million USD) and cutting 32 kilotons of CO2 annually.
In the 2020-2023 period, the Swiss Government is continuing to help three industrial parks in Ho Chi Minh City, Hai Phong and Dong Nai convert into eco-industrial parks in accordance to an international framework. This will serve as a premise to multiply the model across the country.
Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said that the eco-industrial park model can play a positive role in the national sustainable development strategy only when it is multiplied nationwide and is supported in terms of policy, technology, finance, information and a close connection mechanism between domestic agencies and international organisations.
She highlighted the need for more guidelines on technical regulations and standards by ministries and sectors as well as technical guidance from domestic and international experts, especially for industrial symbiosis networks and circular economy solutions.
It is also necessary to issue preferential policies on finance for eco-industrial parks, Ngoc added.
Vice Chairman of the HCM City People’s Committee Vo Van Hoan said the southern economic hub is committed to working closely with the MPI and UNIDO in implementing a project on the implementation of eco-industrial parks in Vietnam according to the approach from the Global Eco-Industrial Park Programme.
The over 1.8 million USD project aims to improve the economic, environmental and social efficiency of the industry and include regulations on eco-industrial park development in relevant mechanisms and policies.
Swiss Consul General Werner Bardill in HCM City hoped that more and more industrial parks in Vietnam will participate in the transformation process to achieve sustainable growth and improve their competitiveness in the time to come.
Vietnam Airlines, China Southern Airlines seal comprehensive cooperation deal
Vietnam Airlines and China Southern Airlines have signed an agreement on comprehensive cooperation in all areas, including commerce, services, and techniques to improve flight experience of and bring outstanding value to their passengers.
Under the pact, which took effect in September, the carriers agreed to give priority to each other's products and services and team up to develop their base airports into major air transport hubs in the region.
Han Wensheng, President and CEO of China Southern Airlines, stated the comprehensive cooperation will promote exchanges between China and countries in Southeast Asia and in the Regional Comprehensive Economic Partnership (RCEP), and bring more expansive options and superior travel experiences to global passengers.
Echoing the view, Vietnam Airlines CEO Le Hong Ha said the ties will add more benefits to passengers and contribute to strengthening Vietnam-China economic, cultural, and social relations.
On September 14, the two sides held their first meeting to concretise the contents agreed in the deal.
Huge potential for Vietnam-Indonesia trade, investment: workshop
There remains room to advance trade and investment cooperation between Vietnam and Indonesia, with the latter being a potential export market of the former in the ASEAN region, according to speakers at a workshop held in Ho Chi Minh City on September 15.
Co-organised by the municipal Investment and Trade Promotion Center (ITPC) and the Indonesian Consulate General, the event aimed to promote trade between the nations.
Tran Phu Lu, deputy head of the ITPC, said the countries’ collaboration is growing strongly and recommended the sides develop an action programme to implement their strategic partnership for 2024-2028 with the aim to push bilateral trade to 15 billion USD by 2028.
In 2021, Indonesia was Vietnam's 12th largest trading partner. Bilateral trade turnover hit 11.4 billion USD, up 40% year-on-year and exceeding the 10 billion USD goal set by the two in their action program for conducting their strategic partnership for 2019-2023. The figure stood at 8.073 billion USD in the first seven months of 2022, an annual increase of 23%.
Indonesian Consul General Agustaviano Sofjan affirmed trade is a strong point that Indonesia wishes to cooperate in with other countries, especially Vietnam.
The promotion of economic and trade cooperation between nations not only benefits them but also contributes to a stable economic environment in the ASEAN region, he stressed.
Nguyen Thi Ngoc Hang from the Halal Certification Agency - HCA Vietnam said Indonesia is a potential market for Vietnamese exporters, especially those that produce quality products and obtain Halal certification.
Indonesia’s consumption market of Halal products reached 220 billion USD in 2018, and is expected to exceed 330 billion USD by 2025, she added.
Work on new airport terminal in HCMC to begin in Q4
Work will start in the final quarter of this year on a new passenger terminal at HCMC’s Tan Son Nhat International Airport, according to the Ministry of Transport.
Terminal T3 can be completed in 2024, with a total cost of nearly VND11 trillion, funded by the Airports Corporation of Vietnam (ACV).
In July, Prime Minister Pham Minh Chinh said he wanted the project to be ready by September 2024.
In August, the Government issued a resolution to remove hurdles to the handover of 27 hectares of military land for the construction of terminal T3 and its traffic connectivity system, the local media reported.
The project will help ease pressure on the passenger terminal T1, which has been overwhelmed in recent years due to an upsurge in passenger traffic.
The new terminal will have an annual capacity of 20 million passengers per year and be built within 37 months.
Once put into service, T3 would bring the total capacity of the Tan Son Nhat International Airport to almost 50 million passengers per year.
The airport was initially planned to handle 25 million people per year by 2020, but it has served some 40 million passengers annually since 2017.
ACV originally planned to begin construction of the new terminal in December 2021, but the project has yet to launch due to issues with site clearance and land handover processes.
Vietnamese farm produce seek to conquer Netherlands, Northern Europe
A forum was held in Hanoi on September 15 to boost farm produce consumption connectivity in the Netherlands and Northern Europe.
Director of the Trade Promotion Centre for Agriculture Nguyen Minh Tien said Vietnam’s exports to Northern Europe and the Netherlands are impressive, especially rice, coffee, fruit and cashew nuts.
However, Vietnamese farm produce in the European Union only accounts for 4-5% of the 160 billion USD the bloc's imports.
Vietnamese Commercial Counsellor in Sweden Nguyen Thi Hoang Thuy said that Nordic people are increasingly favouring organic products that have less impact on the environment. They are also eating less meat and consuming more seafood and meat substitutes. Therefore, products with high protein content which could replace meat are easily accepted.
She asked firms to pay attention to environmental protection, the circular economy, sustainable production with social responsibility, and fair trade if they want to conquer Northern Europe. She suggested they focus on healthy, safe, organic, new, convenient and specialty products.
Director of VIEC Company based in the Netherlands Nhu Nguyen advised the Vietnamese enterprises to outline long-term strategies, promote marketing, and fully grasp the consumption and business culture of foreign partners.
Medical-pharmaceutical, beauty products exhibitions open in HCM City
The 17th International Exhibition on Products, Equipment, and Supplies for Medical, Pharmaceutical, Hospital and Rehabilitation, Pharmedi Vietnam 2022, opened in Ho Chi Minh City on September 14 with more than 350 exhibitors having 400 booths.
The exhibitors include leading local brands and businesses from Germany, the Czech Republic, Poland, Russia, Switzerland, Japan, the Republic of Korea, China, Taiwan (China), Hong Kong (China), India, Turkey, the US, Indonesia, and Malaysia.
They have brought their latest products and technologies in pharmaceuticals, nutrition and supplements; dental, ophthalmological, dermatological, gynaecological, and obstetric equipment and devices; hospital and clinic facilities; assistive technologies and homecare devices; laboratory apparatus and equipment; and beauty product and equipment.
There are seminars and conferences held by the Ministry of Health, the Vietnam Pharmaceutical Association, Busan Economic Promotion Agency, and other organisations.
The exhibition at the Saigon Exhibition and Convention Centre will go on until September 17 and expects to attract 10,000 visitors.
Another exhibition, the 2022 International Exhibition on Beauty Products, Technology and Services, or Vietnam Beautycare Expo 2022, is being held at the same venue from September 14 to 17.
The 2022 Vietnam Beautycare Expo showcases beauty products and technologies, including customised skin care and healthcare equipment, perfumes, spa and salon equipment, and skin, hair, nail and body care products containing pure PDRN, a core component of salmon DNA that helps skin regenerate.
Following the success of past editions of the expo held in Hanoi, the event this year promises to offer visitors a chance to exchange information with and experience products directly from companies from Switzerland, Greece, the RoK, Japan, and others.
The Gobiz Korea pavilion allows visitors to visit and experience through VR more than 1,000 Korean products for skin care, makeup, hair care, and body care.
Three challenges for Vietnamese firms in expanding in the UK The UK-Viet Nam Free Trade Agreement (UKVFTA) is considered a rock on which bilateral trade may flourish, but Vietnamese enterprises are advised to pay attention to three challenges in this market.
The latest data from the General Department of Customs showed Viet Nam's export to the UK increased 7.7 per cent in the past eight months, amounting to nearly US$4.2 billion, of which Viet Nam enjoyed a trade surplus of $3.6 billion.
Many products witnessed strong growth in exports to the UK, including coffee, up 84 per cent; textiles and garments, up 45 per cent; computers, electrical products, spare parts and components, up 30 per cent; machine, equipment, tools and instruments, up 29 per cent; footwear, up 28 per cent; pepper, up 29 per cent; and fruits and vegetables, up 24 per cent.
However, some also saw declines, including telephones, mobile phones and parts, iron and steel; rubber products, wood and wooden products and ceramic products.
The mobile phone group still raked in the biggest value of $801 million, but its shipment to the UK decreased by 11 per cent yearly. Export of steel saw the steepest decline of 62 per cent to nearly $327 million, followed by rubber products, down 57 per cent, while exports of wood and wooden products and ceramic products fell 11 per cent and 30 per cent, respectively.
The UK is currently Viet Nam's third largest trading partner in Europe.
However, according to the Multilateral Trade Policy Department under the Ministry of Industry and Trade (MoIT), Vietnamese businesses are facing three big challenges in exporting to the UK.
First, the UK has high technical requirements, food hygiene and safety standards, which require Vietnamese businesses to thoroughly prepare business plans and build and develop products and brands systematically.
In addition, businesses also need to pay attention to some regulations on sustainable development, such as labour and environment, as the EU and UK have a high interest in these issues with clear sustainable development goals.
Second, Vietnamese businesses will have to compete fairly with the UK businesses and those of other countries, especially those from the former British colonies. UK firms know their consumer habits and the professional corporate organisation system.
Meanwhile, competitive pressure from other countries, including former UK colonies, comes from their longer establishment in this market, deeper cultural connections and even the ability to coordinate more efficiently with UK business systems.
Moreover, the UK is negotiating free trade agreements with 19 other partners and accessing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which means more countries with a similar export structures to Viet Nam will compete in this market in the future.
The third is the challenge arising from supply chain disruption. The supply chain disruption, and sharp increases in freight rates due to high fuel prices, are hampering foreign trade of Viet Nam's import-export businesses.
HCM City to host Vietnam Print Pack 2022 expo
The latest technologies, equipment and products in the printing and packaging industry will be on display at the 20th Vietnam International Printing and Packaging Industry Exhibition (Vietnam Print Pack 2022) to be held in Ho Chi Minh City from September 21 to 24.
The annual four-day expo is expected to attract 135 exhibitors from 15 countries and territories, including Vietnam, China, Germany, Hong Kong (China), India, Indonesia, Italy, Japan, Malaysia, the Philippines, the Republic of Korea, Taiwan (China), Thailand, the UK and the US.
Covering an area of 8,500 square metres, the expo will feature 412 booths, displaying the latest printing machinery and accessories, inks, printing materials and supplements, knives, cutting disks, scorers, packaging machinery, raw materials and auxiliaries, and dosing, coding and marking systems.
Trade visitors will be able to meet hundreds of professionals in the packaging and printing sector during the exhibition.
The expo will also create a leading business exchange platform for digital printing technology.
The packaging and printing sector in Vietnam has seen impressive growth in recent years, thanks largely to high demand from processors and exporters, especially of food, he said.
Vietnamese packaging and printing enterprises should embrace digital transformation to upgrade their technologies to speed up recovery post pandemic, he said.
There will be a range of seminars and talks on digital transformation in the sector. A seminar on digital transformation in the printing industry will be attended by more than 300 domestic and foreign enterprises.
Organised by Yorkers Exhibition Service Vietnam Co., Ltd., the exhibition at the Saigon Exhibition and Convention Centre in District 7 is expected to attract more than 15,000 visitors.
The 22nd Vietnam International Agricultural Trade Fair (AgroViet 2022) opened in Hanoi on September 15, featuring nearly 200 stalls.
Themed "Connecting the value chain - Towards green agriculture and sustainable development", it has attracted exhibitors from businesses and cooperatives across 36 cities and provinces nationwide. There are also 29 foreign exhibitors from Australia, Russia, Japan, China, Thailand, Indonesia, and New Zealand.
Diverse agro-forestry-fishery products on display include rice, coffee, tea, spices, canned vegetarian food, fresh fruit, and processed farm produce.
The fair is also showcasing different plants and flowers, as well as machinery and equipment used for agricultural production.
The event will run until September 18.
Mekong Delta province's industrial parks prove irresistible to investors
Industrial parks and clusters in the Mekong Delta province of Tien Giang attracted more than 834 billion VND (35.4 million USD) in the first eight months of this year, according to the province People’s Committee.
This represents a four-fold increase year-on-year.
Industrial parks house 81 foreign and 29 domestic projects worth 2.25 billion USD and 2.37 trillion VND, which offer more than 93,000 jobs.
Nearly 92% of their total area has been leased.
Industrial clusters have attracted seven foreign and 73 domestic projects worth 153 million USD and 2.41 trillion VND, and offer more than 17,000 jobs.
Tien Giang has three industrial parks, My Tho, Tan Huong and Long Giang, and five industrial clusters, Trung An, Tan My Chanh, Song Thuan, An Thanh No.1, and Gia Thuan No.1.
It plans to build three more, Tan Phuoc No 1 and 2 and Binh Dong, besides 15 industrial clusters to meet demand.
The projects, which require 22.9 trillion VND, are in urban infrastructure, commerce and services, tourism, manufacturing, agriculture, healthcare, education, and sports.
With trained workers accounting for half of its 1.1 million people of working age, the province has an abundant workforce.
More than 6,500 businesses are operating in the province, with 600-700 being established every year.
Vietnam Socio-Economic Forum 2022 to take place Sept. 18
The Vietnam Socio-Economic Forum 2022 will be held on September 18 to seek recommendations from experts in making decisions and policies in multiple key sectors, in an effort to boost socio-economic recovery and development, heard a press conference on September 15.
Themed “Reinforcing the Macroeconomic Foundation, Promoting Sustainable Recovery and Development”, the forum will be organised by the National Assembly’s Economic Committee, the Ho Chi Minh National Academy of Politics, the Communist Party of Vietnam’s Central Economic Commission, and the Vietnam Academy of Social Sciences.
It follows the success of the Vietnam Economic Forum that took place last December.
This year’s event will see the presence of Party and State leaders and around 400 delegates, including foreign scientists and specialists through a video teleconference.
The forum will provide a comprehensive review of Vietnam’s economy in the first nine months of 2022 and outlook for the entire year; discuss pressing domestic and international socio-economic problems and institutional issues in the new context; and identify potential inflationary, financial, fiscal and monetary risks as well as proper solutions and policies to address issues in the fields of science-technolocy, education, labour, health care and social welfare.
It will comprise two seminar sessions - one on accelerating institutional reforms and improving policies on land management as a major solution for socio-economic recovery and development; and the other on foster the implementation of supportive policies for enterprises and labourers to leverage business and production recovery and sustainable development.
The ASEAN Investment Report (AIR) 2022 titled “Pandemic Recovery and Investment Facilitation” was released at the 25th Meeting of ASEAN Economic Ministers - ASEAN Investment Area Council (AEM - AIA25) on September 14.
AIR 2022 is made to facilitate a better understanding of Foreign Direct Investment (FDI) developments in ASEAN.
The report shows that ASEAN recorded a robust rebound in FDI inflows, surging by 42% to reach 174 billion USD in 2021. This increase to near pre-pandemic levels reverses the decline in 2020 caused by the COVID-19 outbreak and reflects the attractiveness of the region’s economy for global investors.
ASEAN member states have undertaken significant efforts to attract and retain FDI, the report said, noting that they are now stepping up this endeavour through the adoption of an ASEAN Investment Facilitation Framework (AIFF) in 2021, reflecting ASEAN’s continued commitment to improve ease of doing business and investment in the region.
This report highlights many of ASEAN’s investment facilitation initiatives at the national and regional levels, and provides insights for foreign investors on how these initiatives could assist them in their investment decisions. It also highlights the initial assessment of the implementation of the AIFF.
The ASEAN Investment Report 2022 was prepared under a technical cooperation agreement between the ASEAN Secretariat and the United Nations Conference on Trade and Development (UNCTAD) with the support of the Australian Government through the ASEAN-Australia Development Cooperation Program Phase II (AADCP II).
As planned, AIR 2022 will be also introduced at the ASEAN Business and Investment Summit in November.
Vietjet offers promotions for SkyBoss, SkyBoss Business ticket classes
Vietjet is offering unprecedented promotions for SkyBoss and SkyBoss Business ticket classes to present passengers the experiences of leaders with Vietjet on domestic flights.
Accordingly, from September 15 through September 30, passengers when booking tickets on website www.vietjetair.com, Vietjet Air mobile app can immediately apply the promotion code SKYBOSS50 to receive 50% discount on SkyBoss ticket prices, and apply the promotion code SBB55 to receive up to 55% discount on SkyBoss Business ticket prices.
The promotions are applied on all domestic routes with the flight time from September 15 to December 20 this year.
Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes