Nghi Son oil refinery’s output falls 25% due to technical issues

The output of the Nghi Son Refinery and Petrochemical LLC, which accounts for 40% of the domestic fuel supply, is estimated to fall by 20-25% or around 125,000 cubic meters in the first 10 days of 2023 due to technical issues.

Nghi Son has shut down its residual fluid catalytic cracking (RFCC) unit to fix its leakage.

This RFCC unit is expected to return to regular operation in mid-January and increase production to compensate for the shortfall until the Lunar New Year, according to the Ministry of Industry and Trade.

The Minister of Industry and Trade, Nguyen Hong Dien, requested PetroVietnam to direct the refinery to fix the technical issues as soon as possible.

The Nghi Son and Dung Quat oil refineries have been asked to ramp up production to the maximum as well as use reserves and other sources to ensure adequate fuel supply in the market.

The minister also asked fuel wholesalers to actively seek other fuel supplies and increase their fuel imports to prevent supply disruptions during the Lunar New Year and until the end of the first quarter of this year.

With an investment of US$9 billion, Nghi Son oil refinery in Thanh Hoa Province has a processing capacity of 200,000 barrels per day or some 10 million tons of crude oil per year. It is nearly double the capacity of the Dung Quat Oil Refinery in Quang Ngai Province.

Nghi Son refinery once reduced its output by 25% at the end of January last year as it could not afford to import crude for production. Until the second half of 2022, the refinery increased its capacity to the maximum, with average output of around 600,000 cubic meters per month.

The refinery is owned by a consortium of four domestic and international firms: Japan’s Idemitsu Kosan Co, Kuwait Petroleum, Mitsui Chemicals Inc, and Vietnam’s state oil firm PetroVietnam.

Proposed price for ground-mounted solar power at VND1,188/kWh

Electric Power Trading Company (EPTC) – member of Vietnam Electricity (EVN) – has issued a written proposal for the purchase prices of electricity harnessed from solar, wind power plants.
Proposed price for ground-mounted solar power at VND1,188/kWh ảnh 1

Accordingly, EPTC’s proposed prices for products from ground-mounted solar plants, floating solar power plants, onshore and offshore wind power plants are the lowest among the calculated values in various options.

In particular, the price for ground-mounted solar power is VND1,188/kWh (US$0.05), VND1,570/kWh ($0.064) for floating solar power, VND1,591/kWh ($0.068) for onshore wind power, and VND1,945/kWh ($0.08) for offshore wind power. These are the prices submitted by EVN to the Ministry of Industry and Trade on November 20, 2022.

EPTC does not accept products whose prices are higher than the Feed-In Tariffs (FIT price).

Some investors in power plants commented that the above prices are 30 percent lower than those accepted by EVN.

Before this, in response to a series by SGGP Newspaper in November 2022 on challenges in selling solar and wind power of power plants, the Office of the Prime Minister released Dispatch No.7633/VPCP-CN, asking the Ministry of Industry and Trade to handle the case.

Vietnam aims for growth of 7% during 2021-2030 period

Vietnam is targeting an annual average economic growth of 7% during the 2021-2030 period, according to a draft of the national master plan presented at an extraordinary session of the National Assembly on January 5.

By 2030, the country’s GDP per capita is expected to reach 7,500 USD and the digital economy will account for 30% of GDP, said Minister of Planning and Investment Nguyen Chi Dung, who was tasked with presenting the plan.

During the 2031-2050 period, Vietnam will strive to record an annual economic growth of 6.5-7.5% and raise the GDP per capita to 27,000-32,000 USD, making Vietnam a developed country with high income.

According to the draft plan, the national development space must be organised in an effective and unified manner, ensuring intra-regional linkages, and focusing on several areas with advantages in terms of geographical location, socio-economic infrastructure and high-quality human resources.

The plan also calls for harmony between rural and urban areas, connecting the land area and the marine space, and linkages between domestic and international economic corridors.

To realise the set goals, the plan outlines several groups of tasks, including forming the national infrastructure framework, pushing through economic restructuring and developing economic corridors along the north-south axes, east-west economic corridors, coastal economic belts and industrial-urban-service belts in major urban centres.

Decrees specifying Viet Nam’s special preferential import tariff schedule issued

The Government has issued 15 Decrees specifying Viet Nam’s special preferential import tariff schedule for the implementation of the Trade Agreements and Economic Partnership Agreements.

These decrees are as follows:

1-Decree No. 113/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for implementation of the Free Trade Agreement between Viet Nam and the Eurasian Economic Union and its member states including Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia during the 2022-2027 period. 

2-Decree No. 114/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the Trade Agreement between Viet Nam and Cuba in the 2022-2027 period. 

3-Decree No. 115/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the Comprehensive and Progressive Trans-Pacific Partnership in the 2022-2027 phase. 

4-Decree No. 116/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the EU-Viet Nam Free Trade Agreement during the 2022-2027 period. 

5-Decree No. 117/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the Viet Nam-United Kingdom Free Trade Agreement in the 2022-2027 phase. 

6-Decree No. 118/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the ASEAN–China Trade in Goods Agreement in the 2022-2027 period. 

7-Decree No. 119/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the ASEAN-Korea Trade in Goods Agreement during the 2022-2027 phase. 

8-Decree No. 120/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the ASEAN-Japan Comprehensive Economic Partnership Agreement in the 2022-2028 period.

9-Decree No. 121/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the ASEAN-Australia-New Zealand Free Trade Area during the 2022-2027 period. 

10- Decree No. 122/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the ASEAN-India Trade in Goods Agreement in the 2022-2027 phase. 

11- Decree No. 123/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the ASEAN-Hong Kong China Free Trade Agreement

12- Decree No. 124/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the Viet Nam-Japan Economic Partnership Agreement in the 2022-2028 period.

13- Decree No. 125/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the Viet Nam–Korea Free Trade Agreement in the 2022-2027 phase. 

14- Decree No. 126/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the ASEAN Trade in Goods Agreement during the 2022-2027 period.

15- Decree No. 127/2022/NĐ-CP dated December 30, 2022 promulgating Viet Nam’s special preferential import tariff schedule for the implementation of the Trade Agreement between Viet Nam and Laos from December 30, 2022-October 4, 2023. 

HCM City sets up food and beverage association

HCM City authorities have decided to establish the municipal food and beverage association.

Under the management of the HCM City Department of Tourism, the HCM City Food and Beverage Association (FBA) is expected to help promote the cuisine culture of the city in particular and Vietnam in general. It will also hold cultural, food, and tourism events to seek cooperation opportunities with partners both inside and outside the country.

The FBA will also focus on studying the sci-tech application on cuisine development.

The association has 10,000 members who are culinary artisans, skilled chefs, and entrepreneurs, as well as those from restaurants, hotels, and coffee shops.

Non-cash payment through NAPAS doubled in 2022
The number of non-cash payment transactions through the National Payment Corporation of Viet Nam (NAPAS) nearly doubled in 2022 compared to the previous year.

Nguyen Quang Minh, NAPAS’ General Director, made the statement at a conference held in Ha Noi on Wednesday.

“In 2022, NAPAS has completed the key tasks assigned by the State Bank of Vietnam and closely followed the non-cash payment development plan for the 2021-25 period. It has promoted its role as a supplier of the national payment infrastructure, financial switching services, supporting banks, financial companies, payment intermediaries and partners to develop a digital payment ecosystem while increasing convenience and payment experience for all people.”

Minh also said the proportion of cash withdrawals in total transactions processed through the NAPAS system decreased from 12 per cent in 2021 to 6.56 per cent in 2022.

In terms of ensuring safe, stable and smooth operating infrastructure in 2022, the service-level agreement (SLA) for ATM/POS switching services; online card payment and NAPAS 247 Quick Transfer service reached nearly 100 per cent.

NAPAS has always been ready in terms of systems and resources and developed plans to ensure the safety of important information systems. At the same time, it has expanded its processing capacity to meet the demand for large transaction volume growth during peak times of the year.

The proportion of chip card transactions made through the NAPAS system increased from 26 per cent in 2021 to more than 60 per cent in 2022.

The NAPAS 247 Quick Transfer service with VietQR code also had impressive growth after more than a year since launch.

HCMC targets VND160,000-billion revenue from tourism in 2023

The HCMC Department of Tourism expects the city to attract 40 million tourists, including five million foreigners, and earn around VND160,000 billion from tourism services this year.

Tourism Department director Nguyen Thi Anh Hoa said the city would take a range of measures to boost the city’s tourism market in response to the rising demands of domestic and foreign visitors. 

Local authorities will prioritize the annual activities during the HCMC Tourism Festival and promote the city’s tourist attractions on foreign news channels, including CNN. 

The HCMC government has sought to improve tourism marketing, update destination information on mobile applications and launch promotional events using three-dimension technology. 

Between January and November of 2022, the city attracted around 3.1 million foreign tourists and 28 million domestic travelers. During the period, HCMC earned VND117,988 billion, a 176.5% increase against 2021.

Vietnamese unicorn included in 10 Asian companies to watch in 2023 list

VNG – the first Vietnamese tech unicorn – was included in the 10 Asian companies to watch in 2023 list announced by Japan’s Nikkei Asia web.

According to the web, the VNG has emerged as one of the country’s most watched companies, with a possible initial public offering in 2023. The tech company has registered to trade some of its shares on a local exchange for unlisted firms, a move that is often used for companies to test the stock market before their official IPO. It is also reportedly eyeing a US listing.

Founded in 2004 by Le Hong Minh, an Australian-educated investment banker, the VNG started out as an online game publisher and developer called Vinagame. The company’s cash cow business has expanded to other Asian markets, where it competes with rivals like Singapore-based Sea. With users in more than 130 countries, the VNG aims to reach 320 million customers globally in this year.

Lao Cai prepared to reopen border gates with China

The northern border province of Lao Cai is set to completely resume operation of border gates with the Chinese side as of January 8, said Ha Duc Thuan, vice director of the Management Board of Lao Cai Economic Zone, on January 6.

This is a positive sign for cooperation between the two sides due to the impact of the COVID-19 measures imposed the Chinese sides over the past two years, Thuan said, adding that with the full opening of the border gates, both Vietnamese and Chinese citizens will not be forced to face any further COVID-19 pandemic restrictions.

The move will see authorities of Hekou border gate allow 200 Chinese citizens to enter the Vietnamese province through Lao Cai International Border gates, while the Chinese side is expected to welcome the same number of Vietnamese nationals to travel to the locality on this occasion, said Thuan.

Most notably, Thuan revealed Vietnamese citizens and drivers only need to make a medical declaration, as opposed to being tested for COVID-19.

The vice director said that the board had already sent a notice to relevant agencies and businesses relating to the resumption, while preparing necessary conditions to maintain smooth import-export and entry-exit activities in line with regulations.

Over the past two years, Chinese restriction measures aimed at preventing the spread of the COVID-19 pandemic have seriously affected import-export activities through border gates.

Statistics show the import and export value of goods and services via Lao Cai’s international border gates reached US$1.7 billion in the first nine months of 2022, an annual decline of 39.4%.

Spring Industry, Trade and Culinary Fair 2023 opens
The Spring Industry, Trade and Culinary Fair 2023 was kicked off in the Mekong Delta province of Ben Tre on Tuesday.

The fair takes place from Tuesday to next Monday (January 9), with 250 booths from more than 150 businesses and establishments.

Eighty stalls display OCOP products from the locality and other provinces across the country, while twenty food and tourism booths and 150 general trade booths aim to capture a slice of the market for the upcoming Lunar New Year.

On the occasion, 46 products including 35 three-star products and 11 four-star products were awarded the OCOP product certificate of Ben Tre Province. 

HCM City seeks to improve agricultural efficiency

HCM City plans to increase the value of its agricultural output to VNĐ640-660 million (US$27,400-28,200) per hectare this year, according to its Department of Agriculture and Rural Development.

It was VNĐ570 million (US$24,400) per hectare last year after rising sharply from 2021.

The city is restructuring agriculture, focusing on six key items, vegetables, flowers and ornamental plants, cows, pigs, brackish water shrimp, and ornamental fish. The six items offer farmers higher incomes than other products, according to the department.

Agriculture accounts for 0.6 per cent of the city’s economy but plays an important role in local supply, according to the department. Last year the city restructured agricultural production towards increasing added value, developing sustainably and building new-style rural areas.

Total agricultural production was worth VNĐ19 trillion ($810 million) last year, up 3.7 per cent from 2021, with the six key items accounting for VNĐ12.9 trillion ($552 million).

The city has developed various urban farming models with high efficiency due to the use of technology in recent years. The rate of use of technology in agriculture has increased from 10 per cent in 2010 to 48 per cent now. But agriculture is facing difficulties such as small scale and rapid urbanisation.

The city has 113,634ha of farmlands, or 54.2 per cent of its total area, including 400ha of hi-tech farming areas.

Its 88.17ha hi-tech agricultural zone in Củ Chi District, the first of its kind in the country, has attracted many investors who grow orchids and other flowers, ornamental plants, mushrooms, medicinal plants, and raise ornamental fish.

Aquatic exports to China anticipated to surge considerably in 2023

Vietnamese seafood exports to the Chinese market are forecast to record strong growth after northern neighbour is scheduled to reopen its borders on January 8, according to industry insiders.

Le Hang, communications director of the Vietnam Association of Seafood Exporters and Producers (VASEP), pointed out that China’s reopening is anticipated to push up the consumption for Vietnamese seafood products.

Despite rising global inflation, China remains an attractive market for Vietnamese seafood enterprises this year, particularly thanks to its increasing demand, geographical proximity, lower logistics costs, and low risks than other markets, said Hang.

Sharing this perspective, Le Ba Anh, deputy head of the National Agro-Forestry-Fisheries Quality Assurance Department (NAFIQAD), emphasised that Vietnamese seafood exports, especially items such as lobster, white shrimp, black tiger shrimp, and crab, are all projected to record extensive growth following China’s reopening of its borders.

Over recent times, despite the impact of their ‘Zero-COVID’ policy imposed by China, both countries have maintained import and export registration and licensing procedures for their enterprises.

So far, the Chinese side has granted licenses to 802 Vietnamese enterprises, while 780 Chinese firms are also authorised to export their products to the Vietnamese market.

VASEP statistics indicate that though Vietnam’s seafood exports in December fell by 13% year on year to US$785 million last year, exports to China (including Hong Kong) increased by 17%, opening up bright prospects ahead for a boom in export growth in the near future.

With the Chinese market bringing in a revenue of over US$1.8 billion for the Vietnamese seafood industry last year, representing a rise of 59% compared to 2021, there are positive signs for the aquatic products to see a sharp rise after the reopening.

In order to achieve the seafood export target of US$10 billion this year, Truong Dinh Hoe, general secretary of the VASEP, advised local firms to devise specific marketing strategies in order to make effective inroads into China, which is Vietnams largest trading partner.

Companies’ profit growth may cool down but market sees potential

The profit growth of listed companies is forecast to cool down in 2023 but experts said there are still many positive factors to support the market in the near future.

Vietnam’s economy in 2023 still faces many challenges, affected by slowing exports and increased unemployment, Nguyen Hoai Phuong, Investment Director of VinaCapital, said at a Talkshow organised by Dau tu (Investment) newspaper last week.

Retail growth will slow down from the recovery in 2022, she said. Currently, many organisations forecast that the profit growth of listed companies will cool down in 2023. However, experts said that this is not the focus of the stock market this year. Instead, investors are paying attention to a number of supporting factors.

First is the disbursement of public investment. Along with the Government’s determination and progress for key projects, the disbursement rate of public investment in 2023 is forecast to increase compared to 2022, thereby also promoting economic growth, and at the same time pressure from construction costs will be significantly reduced.

Second, China will open its economy. Currently, there is no specific time for China to officially open its economy. However, the move to relax social distancing regulations also showed a change in the strategy of this country. Reopening China’s economy will have a positive impact on many fields of Vietnam’s economy such as import and export, tourism, and raw materials.

Third, the exchange rate and interest rate cooled down. This will help some businesses to access capital flow and liquidity will be under less pressure than in 2022.

Fourth, exports to the US or EU may recover in the second half of 2023. Profits are growing against a low base in 2022 as exports have slowed. In addition, a number of factors such as falling transportation costs, falling petrol prices and declining commodity prices, also contribute to the profit growth of enterprises.

Nguyen Hoai Phuong said that the market is no longer at risk of a sharp drop. Recently, the stock market still fluctuated in a narrow range and amid weak sentiment. Therefore, there will be room for the market to recover when the supporting factors of the economy and the market are more obvious in the coming months, respectively.

According to Hoang Viet Phuong, Director of SSI Research, the internal factors of the stock market recently stem from the inadequacies of the corporate bond market and the real estate market. These two markets are closely related to the banking system, so it has had a large impact on the economy.

In 2023, SSI Research forecasts that interest rates are likely to cool down, but we need to wait until that interest rate becomes lower and attractive enough to stimulate demand in the real estate market, she said.

For example, the amendment of Decree 65 will be passed, interest rates’ upward momentum will slow down and reverse to decrease, the exchange rate will be stable and public investment disbursement will become stronger. Those are the factors that support the market. In the positive scenario, the market is still likely to grow by 5-10% in 2023.

China’s FDI into Vietnam forecasted to keep rising

China’s foreign direct investment (FDI) inflow into Vietnam is projected to continue rising as China reopens its doors and resumes flights between the two countries, said AgriBank Securities Joint Stock Company (Agriseco).

Vietnam saw an annual growth rate of 17% in the Chinese FDI during the 2015–2022 period. In the first 11 months of 2022, China stood fourth among foreign investors in Vietnam. 
According to Agriseco, the low labour cost in Vietnam and its close geographical proximity are among Vietnam’s advantages in attracting Chinese FDI.

The Vietnamese sectors of mechanical engineering, textiles, footwear, electronics, pangasius processing, and automobiles will benefit the most thanks to China’s loosened COVID-19 prevention measures.

Particularly, China’s reopening will help Vietnamese garment and textile firms to access material sources more easily. Between January and November 2022, Vietnam imported around half of its garment and textile materials from China.

During China’s closure due to the COVID-19 pandemic, many Vietnamese garment and textile businesses struggled with material shortage.

VCCI comments on draft regulating corporate bonds

In response to lawmakers’ invitation to comment, the Vietnam Chamber of Commerce and Industry (VCCI) has recently presented its views and suggestions to the draft amending Decree No 65 on corporate bonds.

VCCI said that the draft is well formulated, successfully repairing the cracks that had appeared in Decree No 153. More importantly, it helps mitigate the problem of information asymmetry between bondholders and issuers.

But the good news goes only so far. The chamber said the draft gives little time for stakeholders to prepare for the big changes that it is going to bring about. With such a short window, they would be struggling to adapt to the new legal document.

VCCI took credit rating as an example, which would be mandatory for bond issuers on January 1, 2023. It said the date is too tight for credit rating agencies to service a large number of clients that would flock to them by the deadline. 

The chamber also said the proposal to push the date back to January 1, 2024, would make no difference to the situation because bond issuers are likely to leave their application for credit rating to the last minute. 

To prevent the bottleneck, VCCI suggested certain bond issuers be picked out and assessed for creditworthiness in 2023. Once the issuers are assigned credit scores, the authorities then proceed to make credit rating obligatory for all bond issuers in 2024.

VCCI also called on commercial banks to ensure that bondholders are fully aware of the financial risks associated with corporate bonds when they purchase the bonds via banking channels.

Hanoi lures nearly $1.7 billion in foreign investment in 2022

Hanoi lured nearly US$1.7 billion in foreign direct investment in 2022, up 10.3% year-on-year.

Last year, the Hanoi Department of Planning and Investment granted investment licenses for 365 new projects, with a total registered capital of $233 million.

In addition, more than 200 projects were applied to raise their investment capital, with a total additional capital of US$834 million. Foreign investment through capital contributions and share purchases reached US$625 million in 2022.

In the same period, new businesses in Hanoi reached 29,600, an increase of 23% against 2021, with a total registered capital of VND328.4 trillion ($13.9 billion), down 5%.

As many as 3,600 enterprises announced their dissolution, and 16,400 firms registered to suspend operation, up 16% and 38%, respectively.  In addition, 9,800 businesses restored their operation, up 1.5%.

During the 2021-2025 period, Hanoi sets the target of drawing $30-40 billion of FDI and disbursing $20-30 billion.

Vietnam is one of potential markets for branded residences

Vietnam is among the four markets with potential growth in branded residences segment, according to a global Savills report.

Branded residences, as a property sector, have proved to be incredibly resilient in the face of global uncertainty and change. The sector has not only survived the disturbance but continues to thrive. Over the past 10 years, it has grown by over 150%, Savills reported. 

Savills Branded Residences shows that Dubai, South Florida, and New York are the top three locations for branded residences globally this year, based on their supply of completed and pipeline schemes. 

By volume of pipeline, the United States, the United Arab Emirates, Vietnam, and Mexico are forecast to add the largest number of schemes – more than 30 in each country, in the future.

Vietnam is leisure and business destination, and both tap into a wide range of international demand. The high net-worth individual (HNWI) population in Vietnam has expanded by 86% in the last five years. The burgeoning middle- and upper-classes in the country also present further potential for branded residences.

Mathew Powell, Director of Savills Hanoi said: “During the economic turmoil, buyers will look for the property with long-term investment potential, this is also an advantage of branded residences. International brands bring their own quality assurance: through design, service, amenities, but also through reputation. Therefore, it is good time for branded residences development to the global experiences that branded residences bring. Vietnam market for branded residences is continuing to expand, especially Vietnam urban and resort market with a very strong potential.”

He also stressed the associated risks of poorly planned projects. The failure to hand over projects on time or with the expected financial commitments has impacted the appetite for the second home market.

Booming e-commerce sales provides opportunities for cooperatives

Booming e-commerce in Vietnam is providing significant opportunities to promote sales while cooperatives are trying to improve the quality of their products to meet consumers’ demands better.

According to the Ministry of Industry and Trade, made-in-Vietnam goods accounted for more than 90% of products on shelves of domestic distribution companies and 60-95% of foreign supermarket chains.

According to a survey by e-commerce aggregator platform iPrice Group, the percentage of shopping through online channels more than doubled over the same period last year.

Seeing the trend of booming e-commerce, highlighted after the COVID-19 pandemic, cooperatives were making moves to promote sales via this channel.

Many cooperatives improve their products in terms of quality, packaging, and origin to better meet the demand of consumers, which would help improve consumers’ trust in shopping online.

According to the Ministry of Agriculture and Rural Development, there are more than 17,770 agricultural cooperatives in Vietnam; 1,718 of these have applied high technology in farming and preservation, automation technology and biotechnology.

Of them, 21% have plans for e-commerce sales, 23% sell their products on e-commerce platforms, 21% have created simple websites, 7% have websites that appear on Google and 7% advertise on Facebook.

Vietnamese rubber companies helpful in Laos

A number of Vietnam’s rubber growing projects in the southern Lao province of Attapeu have produced positive results since 2008, contributing to the host country’s socio-economic development.

Identifying rubber as a key pillar for socio-economic development in disadvantaged areas, the provincial authorities have granted licenses to five Vietnamese firms to grow rubber trees and build rubber processing plants in four districts since 2008.

Director of the provincial Department of Agriculture Phonepaseuth Thongsithavong hailed the Vietnamese rubber companies for bringing high economic efficiency and generating jobs for thousands of workers.

He stressed that they also pay attention to social welfare work, contributing to improving local lives and pushing forward the province’s socio-economic development.

Attapeu is now home to over 15,564ha of rubber cultivation which yield 46,531 tonnes of rubber latex on average and earn more than 23 million USD from export each year.

In the near future, the province will continue offering extensive support for Vietnamese firms to do business there, contributing to Lao national development and fostering Laos-Vietnam relations, Thongsithavong said.

Hanoi eyes 950 firms in support industries this year

Hanoi has set a target to have about 950 enterprises operating in the field of supporting industries this year, an increase of approximately 20 compared to 2022.

Of the total, there will be about 300 – 350 firms with production systems and products with international standards and sufficient supply capacity serving participation in the global production network of multinational conglomerates in Vietnam.

As a result, industrial production value of the industries is expected to account for some 16 – 17% of the capital city processing and manufacturing production value, with the development index of the industries exceeding 11-12%, an annual rise of about 1%.

To this end, the local authorities will hire experts for technical consultation, as well as assist firms in receiving technology transfer, conducting research and development activities, and applying management systems meeting global supply chains’ requirements, among others.

The city also planned a support industry expo this year with a scale of between 200 and 300 stalls, attracting the participation of international companies from Japan, Taiwan (China), Hong Kong (China), and Thailand.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes

Source link

Leave A Reply

Your email address will not be published.