BUSINESS NEWS IN BRIEF 16/3

Binh Quoi-Thanh Da urban area project attracts 10 potential investors

An aerial view of Binh Quoi-Thanh Da Peninsula

Ten entities have so far put their names down to join a public tender for developing the Binh Quoi-Thanh Da ecological urban area, according to the HCMC Department of Planning and Investment.

The municipal Department of Planning and Investment is in the process of preparing draft regulations for the tender and will then submit them to the city’s government for approval.

To select financially capable participants, the city will issue some requirements, including placing deposits or pledging a certain amount of money to ensure the project will be executed as planned.

The roster of these firms includes Roytrade Company; FED Vietnam; Petro Dong Nam A Trading Co., Ltd.; an alliance between Golden Star and another firm; an alliance of Thuan Tuan Service and Trading Investment JSC and Golden Wealth Global Pty Company; Environment and Traffic Congestion Handling JSC; Gia Bao Architecture Planning JSC; an alliance of Vietnam AGR.3000, Thailand’d Gaudha Putih and Thai Thanh Van Investment and Development Company; Sunshine Group; and Tan Hoang Minh Company.

Some firms have committed to building several bridges connecting the city to Thanh Da Peninsula if they win the tender.

The HCMC government is reviewing the master plan for the project and will revise it to match the current situation, creating favorable conditions for residents outside the approved boundaries of the project.

The Binh Quoi-Thanh Da project was approved by the HCMC government in 1992. The 426-hectare project, once in place, will accommodate 41,000-50,000 people.

It was assigned to Saigon Construction Corporation in 2004, but the firm failed to deploy it as scheduled, prompting the municipal government to decide on a project recall in 2010. Another domestic firm was tasked with adjusting the scale 1:2000 plan of the project.

A joint venture between Bitexco and Emaar Properties PJSC, a property developer from Dubai, was awarded the project. But Emaar Properties PJSC pulled out of the project in October 2016.

Deputy PM hails Gazprom’s investment expansion plans in Vietnam

Deputy Prime Minister Trinh Dinh Dung (right) and Vitaly Markelov, Deputy Chairman of the Gazprom Management Committee 

Deputy Prime Minister Trinh Dinh Dung has called on Russian gas group Gazprom to continue its close coordination with Vietnamese ministries, agencies, and partners in scientific and technological application and administrative reform in order to reduce costs and improve its investment efficiency.

While hosting a reception in Hanoi on March 14 for Vitaly Markelov, Deputy Chairman of the Gazprom Management Committee, Dung hailed the group’s investment projects in Vietnam. 

He highlighted the fruitful development of the traditional relations, friendship, and strategic partnership between Vietnam and Russia in all fields, particularly in economy, trade, and investment. 

Vietnam and Russia have maintained the operation of the inter-governmental committee for cooperation in economy-trade and science-technology with a deputy prime minister as the head of each sub-committee and meetings held annually, he said. 

Russia now ranks 23rd among foreign investors in Vietnam, with 116 projects mainly focused on oil and gas, industry, manufacturing, mining, transport, and telecommunications, Dung said, noting that Vietnam is running 22 projects in Russia with total investment of nearly 3 billion USD. 

For his part, Markelov stressed that cooperation projects in Vietnam have significantly contributed to Gazprom’s development. 

Gazprom is partnering with the Vietnam Oil and Gas Group (PetroVietnam) and other Vietnamese partners to implement oil and gas projects, he said, adding that the Russian group wants to carry out new investment projects in Vietnam in the spheres of oil and gas exploration, exploitation, transportation, processing, and marketing. 

Having applauded Gazprom’s investment expansion plans, Dung asked the Ministry of Industry and Trade and PetroVietnam to closely coordinate with Gazprom and create conditions for its projects in Vietnam.

Thai firms seek business shortcuts in Vietnam

A workshop was held in Bangkok on March 14 to seek business shortcuts in Vietnam and expand to the global market.

The event was co-organised by Becamex IDC Corp and the Federation of Thai Industries (FTI). Many Thai enterprises interested in business opportunities in Vietnam were also present at the workshop.

According to the FTI, along with the growing political and diplomatic ties, the trade relations between Vietnam and Thailand have seen positive development in recent years.

Thailand is now the biggest trade partner of Vietnam in the Association of Southeast Asian Nations (ASEAN), with two-way trade reaching 17.5 billion USD in 2018.

Vietnam is an attractive investment market with political stability and a lot of investment encouragement policies from the Government.

Participants discussed golden investment opportunities in Vietnam and how to register business and investment licences in the country, which has a population of over 95 million people. 

Businesses also shared experience in investment, supply chains, and logistics, as well as talking about the prospects of bringing products produced in Vietnam to the global market.

Moscow meeting connects Vietnamese, Russian SMEs

Participants at the meeting in Moscow. 

 A meeting was held in Moscow on Wednesday to enhance ties between the small- and medium-sized enterprises (SMEs) of Viet Nam and Russia.

Opening the meeting, Vice President of the All Russia Business Association (Delovaya Rossiya) Nonna Kagramanian said the event was motivated by Russian entrepreneurs’ interest in partnerships with Vietnamese firms. It was part of the Vietnam Year in Russia 2019 – a time for both sides to intensify business links, launch projects and develop joint production.

She noted that an important goal of her organisation is to expand co-operation with businesspeople in Southeast Asia, with Viet Nam a key target.

Vietnamese Ambassador to Russia Ngo Duc Manh expressed his belief that co-operation between the two SME communities will help achieve the bilateral trade target of US$10 billion in 2020.

He welcomed partnerships between SMEs and efforts to create new development drivers this year, saying business-to-business meetings will be held more frequently in the two countries.

At the event, Commercial Counsellor of the Vietnamese Embassy in Russia Duong Hoang Minh gave an overview of Viet Nam’s economy and bilateral economic connections.

Russia now ranks 24th among Viet Nam’s trade partners with bilateral trade reaching approximately $6 billion.

Minh said that although boosting partnerships between Vietnamese and Russian SMEs is a promising move, they still lack information about each other. Therefore, the bridging role of representative economic and commercial offices and the Viet Nam Chamber of Commerce and Industry is more important than ever.

Representatives of about 40 Vietnamese and Russian firms introduced their strengths and demands to partners at the event. Some fields attracting great attention included technology transfer, workforce training, developing a digital economy and keeping up with the Fourth Industrial Revolution.

Founded in 2001, Delovaya Rossiya gathers more than 3,000 companies in various areas in Russia. Its members’ total annual revenue is estimated at more than $42.8 billion. 

More investment in processing key to boost fruit, vegetable export

A safe vegetable production establishment in Hanoi

More investment in processing and post-harvest preservation is needed to create added value for the export of fruit and vegetable products, experts said at a forum on the fruit and vegetable industry in HCM City on March 13.

General Secretary of the Vietnam Fruit and Vegetable Association Dang Phuc Nguyen said the main problem of the sector is the slow pace of mechanisation and lack of technologies in post harvest preservation and processing, resulting in huge post-harvest losses and the degradation of product quality during the distribution process.

He noted that there are just nearly 150 firms operating in fruit and vegetable processing in the country.

Besides raising the added value for products, cutting production and transport costs is a solution to enhance the competitiveness of domestic fruit and vegetable.

Le Van Duc, deputy director of the Department of Cultivation under the Ministry of Agriculture and Rural Development, pointed to the small scale of production, which he said is the cause of uneven quality of products.

Participants also urged building brands and geographical indications for local and regional specialties.

The forum agreed that while export opportunities are abound for the country’s fruit and vegetable, synchronous actions are needed to ensure sustainable growth for the sector.

Last year, the export of fruit, vegetables and flower earned Vietnam 3.8 billion USD, an annual rise of 8.9 percent. With more than 1.8 million hectares of land dedicated for the cultivation of those plants, Vietnam aims for 5 billion USD of revenues from the products in 2020.

RoK leads foreign investors in Ba Ria-Vung Tau province

The Republic of Korea (RoK) is leading other foreign investors in the southern coastal province of Ba Ria-Vung Tau as of mid-March with 21 out of 35 FDI projects licensed in the locality in 2018. 

Noteworthy among RoK projects is the 1.2 billion USD scheme by Hyosung group to build a polypropylene (PP) plant and underground storage facilities for LPG in Cai Mep industrial park, Phu My town. 

Licensed in August 2018, the project is scheduled to be completed at the end of 2020.

According to the provincial Department of Planning and Investment, RoK investors are running 58 investment projects in Ba Ria Vung Tau with total capital of nearly 5 billion USD. Up to 70 percent of the capital was channelled into processing and manufacturing, which are also priorities in the province’s FDI attraction policy.

President of the RoK Chamber of Commerce (KOCHAM) in Vietnam Kim Heung Soo said Ba Ria-Vung Tau has adequate conditions for light and heavy industries along with good infrastructure and an abundant workforce, which make it attractive to foreign investors in general and those from the RoK in particular. 

Secretary of the provincial Party Committee Nguyen Hong Linh said the province highly valued RoK investors for their technology, business administration and environmental protection. 

Ba Ria Vung Tau will continue to work to attract investment from the RoK in selected areas, particularly the support industry and knowledge-based industries that suit the province’s economic development strategy.

Prices of pangasius fish unexpectedly fall

After hovering at high level for a long time, the prices of pangasius fish have unexpectedly dropped, raising concern among pangasius fish farmers.​

According to Mr. Nguyen Thanh Binh, director of Chau Thanh Seafood Production and Service Cooperative in Dong Thap Province, the prices of pangasius fish fell to VND23,500-VND24,000 per kilogram, down VND5,000-VND5,500 per kilogram compared to the beginning of this year. With the current prices, fish farmers almost have no profit but are only able to break even. As the prices of pangasius fish have continuously declined, fish farming households have been concerning and facing dilemma about whether to continue to invest in pangasius fish farming.

Seafood exporters in provinces in the Mekong Delta said that after a great success in pangasius fish export in 2018 with export turnover of US$2.26 billion, the prices of raw pangasius fish have gradually decreased since the beginning of this year because export has been sluggish and pangasius production remains high so firms are not ready to buy more.

Amid the situation, experts said that fish farmers should be cautious in expanding farming area and avoid massive farming which possibly leads to an excessive supply causing prices to decline further.

Meanwhile, the Ministry of Agriculture and Rural Development said that pangasius fish production will be maintained at around 1.51 million tons this year, up 6 percent compared to the previous year, and export turnover aims to reach $2.4 billion, up 12 percent.

The ministry ordered farmers and firms to apply new technology into pangasius farming and processing, improve the quality of fingerlings and mature pangasius fish, restructure production and traceability and encourage firms to invest heavily in fish farming for sustainable development. At the same time, they should closely watch the weather changes, prevent diseases and strengthen value chains.

Hue, Gifu establish five-year cooperation in tourism

Young women depart the Hue Imperial Citadel in Thua Thien-Hue Province. The central province and the Japanese province of Gifu have cooperated on tourism promotion for five years

Thua Thien-Hue Province and the Japanese province of Gifu will organize familiarization trips, or famtrips, to the two localities during the year to realize their five-year cooperation on tourism, which was signed last weekend.

Perfecting institutions needed to rev up economy: experts

Experts during a panel discussion at the 12th Vietnam Economic Conference in HCMC on March 12 

Pushing through institutional reforms is desperately needed to achieve breakthroughs in the nation’s economic growth, especially during its path toward global economic integration, according to experts at a conference in HCMC on Tuesday.

The Vietnam Economic Times, in cooperation with some ministries and agencies, held the annual Vietnam Economic Conference, called “Breakthrough from Growth Drivers” for the 12th time. It gathered executives from more than 300 local and foreign firms.

Participants said the intensive integration into the global economy has enabled Vietnam to perfect institutions and align them with international norms. The participation in global supply chains has brought about both opportunities and challenges, which require the country to adapt to the increasingly fierce competition in a world of free trade.

In the 2016-2020 period, most free trade agreements to which Vietnam is a signatory are witnessing significant reductions in taxes, and the removal of tariff barriers in imports and exports, thereby making it easier for Vietnamese goods to penetrate overseas markets.

Deputy Minister of Planning and Investment Nguyen Van Hieu said that aside from ensuring an environment of fair competition, these trade pacts also set out new requirements for competitive investment, public procurement and e-commerce, among others.

Hieu noted that such requirements are expected to produce direct and far-reaching effects on the national economy and its business community.

Therefore, according to the official, the country needs to push ahead with foreign direct investment (FDI) and create a more conducive investment environment.

Businesses should also actively enhance their governance and manpower training in order to promote integration into the international economy, he said.

Some experts shared the view that it will be challenging for many sectors with fast growth in 2018 to sustain their pace this year, including the processing industry, agro-forestry-fishery production, exports, the domestic market’s purchasing power, tourism, and real estate.

Meanwhile, some institutional bottlenecks relating to public investment or project financing forms of the build-transfer and build-operate-transfer formats that have not been dealt with are likely to affect the growth rate for this year.

Veteran economist Tran Du Lich, a member of the prime minister’s economic advisory group, told the delegates that the main problems facing Vietnam for many years to come will still be the quality of growth and institutional reforms amid complex developments in the global economy and trade.

Therefore, the Government’s economic and financial policies will still need to ensure both growth quality and pace, Lich noted, adding that the annual growth rate is likely to average 6.9% in 2019-2020 and 6.75% between 2016 and 2020.

He stated that thanks to the advantages in terms of economy and political stature, Vietnam can be regarded as an attractive destination for foreign investors. It has been working to perfect institutions, support private businesses, and promote the development of small- and medium-sized enterprises to boost capitalization for economic development.

He recommended that the changes in mechanisms and policies, including those in the financial, monetary and banking sectors, should match the developments in the market.

Vietnam has good FDI prospects. However, institutional reforms are needed to achieve a breakthrough, said Vu Tien Loc, president of the Vietnam Chamber of Commerce and Industry.

He added that it is imperative to perfect the formal system of regulations and institutions, as well as issues related to the business environment, and to pay special attention to their enforcement.

VAMA reports sharpest month-on-month fall in automobile sales

Automobile assembling at Hyundai Thanh Cong factory 

Automobile sales in February declined 61 percent from the previous month, the sharpest month-on-month fall ever.

The Vietnam Automobile Manufacturer Association (VAMA) on March 13 reported its members in February sold only 13,143 vehicles. 

The sharpest drop was seen in sales of passenger cars at 67 percent to only 9,157 vehicles, followed by special-use vehicles at 47 percent to 176 vehicles and commercial vehicles at 34 percent to 3,810 vehicles.

In the month, a similar downturn was seen in domestically-assembled and imported automobiles at 59 percent and 63 percent respectively.

However, the sales did not reflect the consumption power of the country’s entire automobile market, as the figure did not include sales of other manufacturers that are not VAMA members.

For example, Hyundai Thanh Cong alone sold 3,924 vehicles of all kinds.

Huyndai was the most successful firm in the month, pushing Toyota to the second place with 2,300 vehicles sold, followed by Mazda with 1,701 vehicles, Honda with 1,625 vehicles, and Ford with 1,598 vehicles.

The Honda CR-V was the best selling car make in February with 961 vehicles sold, followed by the Hyundai Accent and Grand i10 with 933 and 849 vehicles. The Mazda 3 came fourth with 701 vehicles sold in the month.

Notably, the Toyota Vios, the best seller in many previous months, fell to bottom position in the top five best selling makes with only 636 vehicles sold.

Insiders said the drop in the market was due to the long Lunar New Year (Tet) holiday, falling in early February, which interrupted sales. Meanwhile, customers tended to purchase automobileS before Tet, thus reducing sales after the holiday.

Compared to the same time last year, sales in February rose slightly at 6 percent.

In the first two months of 2019, VAMA members sold 46,653 vehicles of all kinds, up 21 percent year on year, along with 10,731 vehicles sold by Hyundai Thanh Cong.

Vietnam, Singapore boost cooperation in innovation, technology

The 14th ministerial meeting on economic connectivity between Vietnam and Singapore on March 13 

Vietnam and Singapore will expand cooperation in innovation and technology – a new area in the bilateral economic partnership that was recommended at the 14th ministerial meeting on economic connectivity between the two countries.

Vietnamese Minister of Planning and Investment Nguyen Chi Dung and Singaporean Minister for Trade and Industry Chan Chun Sing co-chaired the event in Singapore on March 13.

The two ministers agreed that aside from the six prior areas of cooperation, Vietnam and Singapore will add innovation and technology as the seventh field of collaboration as a priority in the context of the Fourth Industrial Revolution (Industry 4.0).

The two countries will develop action plans with the implementation of specific joint projects.

The Singaporean side suggested reforming cooperation in education and training associated with technology. Specifically, Singapore will provide 50-100 scholarships for outstanding Vietnamese students to study at its leading technology universities.

The two sides also reviewed the outcomes of bilateral cooperation in six fields raised at the 13th meeting in Hanoi in October 2017, namely finance, education and training, transportation, information technology and communications, investment, trade, and services.

They affirmed that economic partnership is one of the key pillars to promote and further deepen the strategic partnership between Vietnam and Singapore.

Vietnam asked Singapore to join efforts to implement new initiatives in the agreement on economic connectivity and encourage Singaporean businesses to put forth new cooperation proposals and increase investment in Vietnam.

Earlier, on March 12, at a conference in Singapore, Minister Dung introduced the National Innovation Centre (NIC) and called for investment in Industry 4.0 projects.

He said the centre is expected to push the transformation of Vietnam’s economic growth, prioritising the spheres of smart factory, digital economy, cyber security, urban area, and environmental technology. 

At the conference, the ministry’s Department of Science, Education, Natural Resources, and Environment signed a memorandum of understanding with the Singapore Manufacturing Federation (SMF) to enhance business and project opportunities in high-tech parks with SMF member companies and businesses to promote innovation and entrepreneurship ecosystems in Vietnam.

Party official lauds US business community’s role in bilateral ties

Head of the Communist Party of Vietnam Central Committee’s Economic Commission Nguyen Van Binh (R) and USABC President and CEO Alexander Feldman 

Politburo member and head of the Communist Party of Vietnam Central Committee’s Economic Commission Nguyen Van Binh has affirmed the important role of the US business community in boosting bilateral ties and promoting Vietnam’s development goals. 

Binh made the statement while hosting a reception in Hanoi on March 13 for representatives from 40 leading US corporations who are on a business trip annually organised by the US-ASEAN Business Council (USABC). The Vietnamese Party and State treasure ties with the US, one of the leading partners of Vietnam, he stressed.

Binh spoke highly of the Vietnam-US relationship over the past years with milestones as the 25th anniversary of the normalisation of Vietnam-US economic ties and the 25th founding anniversary of the American Chamber of Commerce (AmCham) in Vietnam. 

He told the US entrepreneurs that the bilateral comprehensive partnership has been growing in a practical and effective way in diverse areas, especially in economy, trade and investment with two-way trade surging to over 60 billion USD in 2018 from 450 million USD in 1995. 

The Party official asked the USABC and the US firms to continue expanding business operations in Vietnam and serve as a bridge to attract more US enterprises to the country. 

USABC President and CEO Alexander Feldman thanked Binh for his warm hospitality. 

Members of the delegation expressed wish to receive further support from the Vietnamese Party and State in stepping up US business operations in Vietnam, affirming that the development of Vietnam-US economic and trade ties lays an important foundation to reinforce the bilateral comprehensive partnership in the near future. 

In the afternoon of the same day, Binh hosted a reception for Chairman of the International Investment Bank (IIB)’s Management Board Nikolay Kosov. 

Binh spoke highly of partnership between Vietnam and IIB over the past years, especially in developing credit activities in the country via loans in support of Vietnamese small and medium-sized enterprises, trade and infrastructure. 

He also welcomed the lender’s credit and investment expansion plan in Vietnam.

Vietnam – South Africa business dialogue held in South Africa

Deputy Foreign Minister Nguyen Quoc Cuong speaks at the event 

A Vietnam – South Africa business dialogue took place in Cape Town, South Africa on March 13, part of the fourth Vietnam – South Africa inter-governmental partnership forum. 

Speaking at the event, Deputy Foreign Minister Nguyen Quoc Cuong said he was impressed at the number of participants at the event, amounting to nearly 100 from Vietnamese and South African firms. 

He attributed Vietnam’s attractiveness to foreign investors to its political and economic stability, integration into the world economy via bilateral and multilateral trade agreements and improving quality of workforce. 

The Vietnamese government is striving to improve the business environment, cooperation and trade, he said. 

According to him, two-way trade of more than 1 billion USD each year between Vietnam and South Africa remains modest compared to Vietnam’s total trade in goods and services worth 450 billion USD and South Africa’s 230 billion USD last year. Therefore, both countries should work harder to tap the potential of bilateral cooperation. 

Director for South Asia, Central Asia and Southeast Asia at the South African Department of International Relations and Cooperation‘s Asia and the Middle East division Sindiswa Mququ said bilateral political ties have been growing and 25 years of diplomatic ties were marked in 2018. 

As Vietnam has a trade surplus with South Africa, she called for narrowing trade balance between the two nations, adding that the Vietnamese and South African governments are willing to help businesses to boost cooperation and trade via legal frameworks and removal of barriers. 

A representative from the Vietnamese Ministry of Industry and Trade briefed participants about Vietnam’s strengths and cooperation potential in agriculture, services, tourism and apparel. 

Vietnamese enterprises introduced their signature products and sought partners from the host country. 

Participants had a chance to enjoy Vietnamese coffee, coconut products and pepper. 

Several South African firms expressed interest in Vietnamese farm produce and established contacts to boost trade.

Moscow meeting connects Vietnamese, Russian SMEs

The meeting on March 13 aims to boost partnerships between Vietnamese and Russian SMEs 

A meeting was held in Moscow on March 13 to enhance ties between small- and medium-sized enterprises (SMEs) of Vietnam and Russia.

Opening the meeting, Vice President of the All Russia Business Association “Delovaya Rossiya” Nonna Kagramanian said the event was motivated by Russian entrepreneurs’ interest in partnerships with Vietnam. It was part of the Vietnam Year in Russia 2019 – a good time for both sides to intensify business links, launch SME projects and develop joint production to create added value chains.

She noted that an important goal of her organisation is to expand cooperation with businesspersons in Southeast Asia, with Vietnam a key target.

Vietnamese Ambassador to Russia Ngo Duc Manh expressed his belief that cooperation between the two SME communities will help achieve the bilateral trade target of 10 billion USD in 2020.

He welcomed partnerships between SMEs and efforts to create new development drivers this year, affirming that business-to-business meetings will be held more frequently in the two countries.

At the event, Commercial Counsellor of the Vietnamese Embassy in Russia Duong Hoang Minh gave an overview of Vietnam’s economy and bilateral economic connections.

Russia now ranks 24th among Vietnam’s trade partners with bilateral trade approximating 6 billion USD, impressive but below the two sides potential.

He noted although boosting partnerships between Vietnamese and Russian SMEs is a new and promising move, they still lack information about each other. Therefore, the bridging role of representative economic and commercial offices and the Vietnam Chamber of Commerce and Industry is more necessary than ever.

Representatives of about 40 Vietnamese and Russian firms introduced their strengths and demand to partners at the event. Some fields attracting great attention included technology transfer, cooperation in manpower training, developing a digital economy and keeping up with the Fourth Industrial Revolution.

Founded in 2001, “Delovaya Rossiya” gathers more than 3,000 companies in various areas in Russia. Its members’ total annual revenue is estimated at 2.8 trillion rubles (more than 42.8 billion USD).

Firms urged to increase awareness of environmental protection

A textile plant. Vietnamese firms are being urged to improve their awareness of environment commitments in free trade agreements to expand exports. — Photo baotainguyenmoitruong.vn

 Vietnamese firms should increase their awareness of environmental protection to achieve sustainable development amidst rapid global integration, heard a forum in Ha Noi on Tuesday.

The forum was organised by the Ministry of Natural Resources and Environment with an aim to help firms understand challenges and environmental requirements of new-generation free trade agreements (FTAs) on their export products.

Trinh Xuan Quang from the Ministry of Natural Resources and Environment said the common challenge to the business community now was the heavy dependence on “brown growth”.

Development still relies heavily on the use of natural resources with only modest investment of resources in environmental protection, Quang said.

Quang also pointed out that incomplete policies on the management of natural resources and the environment mean firms are less likely to choose environmentally friendly growth models.

“The core issue is how to encourage firms to use natural resources efficiently and shift from brown to green growth,” he said.

According to Pham Van Loi, Director of the Environmental Science Institute, the European Union – Viet Nam FTA and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) include a number of commitments related to climate change, ozone layer protection, sustainable fishing and corporate responsibility.

Firms must study these commitments to comply with them to expand exports, Loi said.

Loi said new-generation FTAs also had higher requirements for transparency in compliance with commitments. Waste discharge information and environmental protection solutions would be made public.

Loi said this remained a challenge for Viet Nam, adding that the country must improve the framework for environmental laws and improve handling of environment-related international trade issues.

According to Loi, the Ministry of Natural Resources and Environment is developing co-ordination mechanisms to help address environmental problems in FTAs.

Under the project, an agency under the Ministry of Industry and Trade specialised in receiving information about environmental issues from FTA member countries regarding the business operation of Vietnamese firms to raise timely solutions. 

Talentnet-Mercer begins 2019 remuneration survey

Businesses executives at a seminar held to announce the results of the 2018 salary survey conducted by Talentnet – Mercer. 

 The 2019 Talentnet-Mercer Total Remuneration Survey, considered the country’s most comprehensive salary survey, has begun.

Using globally standardised methodology the survey last year involved 602 companies and salary data from over 314,000 employees across 16 industries.

The report includes salary range, common allowances and bonuses by industry and level, compensation mix for each level of staff, employee turnover rates, and even recruitment information by occupation and industry.

With people strategy in mind, the survey results can help strengthen business competitiveness in attracting talents and maintaining equity in the market. In combination with other HR factors such as working environment, training and development, business leaders will be able to develop effective policies that align with business goals.

In the digital age, industry and occupation-specific data and figures around salary and compensation provided by the Mercer – Talentnet Total Remuneration Survey is vital in giving businesses an objective point of view in decision making.

The survey will take almost the end of the year to finish, and companies seeking to participate in the survey could get a 5 per cent discount if they register before March 31, Talentnet and Mercer said. 

Nepal comes looking for business opportunities, tourists

Everest base camp trekking in Nepal. — Photo courtesy of Embassy of Nepal, Bangkok

 Viet Nam and Nepal have huge potential for co-operation in various sectors, especially tourism, according to the Viet Nam Chamber of Commerce and Industry (VCCI).

More and more companies from Nepal are seeking opportunities in Viet Nam while that country is also a promising market for Vietnamese enterprises, Nguyen The Hung, deputy director of the VCCI’s HCM City branch, said.

Trade between the two countries was modest at US$38 million in the first nine months of last year, he told a seminar on business opportunities in Nepal held in HCM City on Wednesday.

Many Vietnamese products could be exported to Nepal, including coffee and tea, other agricultural produce, textile and garment, electrical equipment, and food, he said.

Viet Nam is also increasingly popular with Nepali tourists, he said

Around two million Nepalis travel overseas every year, and Asia is their favourite destinations, he said.

Nepal receives 1.2 million foreign visitors every year, and this is growing at 24 per cent a year.

India, China and Western Europe are its top sources of visitors.

In 2017, approximately 7,000 Vietnamese tourists traveled to Nepal, with most of them choosing spiritual tourism and eco-tourism, he added.

Nepal is open for business in many areas, like hydropower, transport, agriculture, tourism, information and communication technology, mining and minerals, health and education, and finance, Janga Bahadur Gurung, counsellor and deputy chief of mission at the Nepali embassy in Bangkok, said.

His Government would announce the new policies for attracting FDI at the 2019 Nepal Investment Summit to be held from March 29 to 30, he said.

Two dozen viable projects in various sectors would be showcased at the summit, he said.

More than 700 participants from more than 50 countries have registered to attend the summit, he added.

Pratigya Rai, second secretary at the embassy in Bangkok, said with its mountain ranges, myriad temples, ancient towns, wildlife and colourful culture, Nepal has a huge amount to offer.

It has eight of the 10 world’s highest mountain peaks, 12 national parks, one wildlife reserve, six conservation areas, and one hunting reserve, she said.

There are direct flights from Bangkok, Kuala Lumpur and Singapore to Kathmandu, the country’s capital, she said.

Kathmandu Valley with its ancient temples and myths and where Hinduism and Buddhism meet is a popular place to visit in Nepal, she said.

Visitors can also try their hand at mountain flights, jungle discovery, zip flying, bungee jumping, mountain biking, sky diving, canyoning, mountaineering, white water rafting and kayaking, paragliding, and trekking, she said.

Nepal has very simple procedures for tourist visas and Vietnamese nationals can even obtain them on arrival, she added. 

Chau Doc- Can Tho- Soc Trang Highway invested nearly US$ 1.3 bln

Minister of Transport Nguyen Van The yesterday led a working delegation to talk with leaders of the People’s Committee of Kien Giang province about the state management of the transport infrastructure and 

Reporting to the working delegation, Deputy Chairman of the People’s Committee of Kien Giang province Mai Anh Nhin said that the investment of transport infrastructure was carried out overall on schedule. 

In particular, the project of Lo Te – Rach Soi Highway linking Can Tho and Kien Giang province has been completed by 55 percent and clearance work of the highway has been handed over 27 kilometers long 

Kien Giang proposed the Ministry of Transport to replace old bridges along the Highway 80, putting into the second phase of Mekong Subregion Southern Coastal Corridor Project towards the medium-term public investment plan for the period 2021-2025; expanding Ho Chi Minh Road through Kien Giang; allocating the state budget to complete items of the Phu Quoc International Passenger Port, creating favorable conditions for transport enterprises on sea route of the Rach Gia – Ha Tien – Kep (a tropical island of Cambodia); directing the restoration of Rach Gia – Phu Quoc air route and vice versa; encouraging businesses to open domestic and international routes to  Phu Quoc International Airport and develop more routes to the Rach Gia airport, etc. 

Concerning the project of Lo Te – Rach Soi Highway, General Director of Cuu Long Corporation, who is the project investor, Mr. Tran Van Thi said that the highway is expected to be completed by the end of March, 2020 in case of enough capital allocation to implement. 

Minister of Transport Nguyen Van The promised to urge assistances of the local authorities and relevant agencies in strengthening connection with neighboring localities. In the near future, the Rach Gia – Phu Quoc flight route will be expected to re-open with a goal of attracting more customers. 

On the same day, the delegation worked with leaders of An Giang province in order to check the province’s infrastructure projects, and assigned the General Department of Roads in coordination with the locality to re-examine the project of National Highway 91 as soon as possible. 

The project of Chau Doc – Can Tho – Soc Trang Highway is considered as a strategic route connecting An Giang province and other Mekong Delta provinces, and creating trade connection between Southeast Asian countries with Vietnam.

As this advantages, the Ministry of Transport decided to prioritize construction of the Chau Doc – Can Tho – Soc Trang Highway, make an investment plan with total capital of VND 29,600 billion (nearly US$ 1.3 billion) before 2030.