Business in brief 24 Nov 2011
The trade deficit continued its down-turn, falling to US$8.9 billion in the first 11 months of 2011, a year-on-year decrease of $1.7 billion, the General Statistics Office (GSO) said. The GSO said growth in exports had been higher than imports. In the first 11 months of this year, export turnover was $22.5 billion, up 34.7 per cent over the same period last year. Meanwhile, imports in the same period rose 26.4 per cent, worth $96.07 billion. "The price of many Vietnamese exports has increased in the current time so that the export turnover has been pushed up," said the GSO, adding: "the price of agriculture products increased by up to 66 per cent while the price of crude oil increased by 43.6 per cent."
Vietnam’s central bank expects bank loans to increase 15 percent this year, lower than the original target. State bank of Vietnam Governor Nguyen Van Binh said the growth will be kept at 17 percent or below next year. The monetary authority will focus on providing loans for agricultural production, exporters, support industries and small- and medium-sized enterprises, he told the press Monday. The central bank originally capped credit growth at 20 percent this year, but loans expanded at a much slower pace than expected. Credit grew only 8.61 percent in the first 10 months. Last week, the central bank decided to ease restrictions on real estate loans.
Russia would provide Vietnam a loan of $8 billion to build its first nuclear power plant, Russia’s first deputy Prime Minister Igor Shuvalov has said. The construction of the power plant will be completed in 2020, he said Wednesday. Shuvalov recently met his Vietnamese counterpart Hoang Trung Hai in Moscow. During their meeting, they signed an inter-governmental agreement on creation of a centre for nuclear studies and technologies in Vietnam, Xinhua reported. Vietnam plans to build up to eight nuclear power plants by 2030.
Provinces in the Mekong Delta have exported 487,000 tons of tra fish over the past ten months, fetching US$1.47 billion or more than 30 percent of total export earnings. The current price of tra fish is VND27,500-VND28,300 per kilo, VND2,000 higher than in October. These provinces are applying new models of fish breeding in line with the standards of the Vietnamese Good Agricultural Practices (VietGAP), the Global Good Agricultural Practices, the Safe Quality Food (SQF) and the Hazard Analysis and Critical Control Points.
The State Bank of Vietnam (SBV) and the Asian Development Bank (ADB) introduced a micro-financial handbook in Hanoi on November 24. The four-part handbook is part of the ADB’s technical project on officializing micro-financial institutions, which launched in December 2009 with the aim of improving the capacity of Vietnamese micro-financial institutions and providing stable micro-financial services for poor people, especially those living in rural areas. Speaking at the event, ADB country Director Andrew Head said the operation of micro-financial institutions in Vietnam is important tools for helping the poor. Therefore, ADB has held many seminars and training courses in this connection. He pledged further support for the Vietnamese government to build strategy for development of micro-financial institutions in the ten-year period (2010-2020).
More than 200 foreign and domestic economic groups involving in agriculture, aquaculture and forestry gathered in Dong Nai on November 24 to attend the opening of the 2011 Agricultural and Trade Fair for the Southeastern region. The fair also has 20 stands showcasing the agricultural achievements of 11 southern cities and provinces including Dac Nong, Lam Dong, Ninh Thuan, Binh Thuan, Ba Ria-Vung Tau, Binh Phuoc, Binh Duong, Dong Nai, Tay Ninh, Ho Chi Minh City and Ben Tre. On display are machines, services and technologies for harvesting, processing and preserving agricultural products as well as a wide range of high quality goods for farmers and rural areas. This is a good chance for businesses and farmers to strengthen cooperation and expand the market for agricultural products.
A workshop on opportunities for Vietnamese seafood in the United Arab Emirates (UAE) market was held in the UAE capital city of Abu Dhabi from November 21-23. The event was jointly organized by the Vietnam Association of Seafood Exporters and Producers (VASEP) in cooperation with the Vietnamese Embassy in the UAE on the occasion of VASEP’s participation in a food fair in Abu Dhabi. Speaking at the opening ceremony, Vietnamese Ambassador Tran Ngoc Thach highlighted the recent strong development of the Vietnam-UAE trade relations, especially in the field of fishery, saying that the workshop was a good chance for the two countries’ seafood businesses to seek cooperative opportunities. He stressed that the UAE is not only a sale market but also a gateway for Vietnamese seafood products to markets in the Middle East and North Africa.
Russian First Deputy Prime Minister Igor Shuvalov has announced that Russia and Vietnam are likely to sign an agreement on the establishment of a free trade area (FTA) next year. Deputy PM Shuvalov, who has just paid an official visit to Vietnam, made the statement on the Russia 24 TV channel on November 23. He said Russian and Vietnamese officials have begun to compile the FTA paperwork to be presented to the two governments by the end of this year. The Deputy PM affirmed that Russia and Vietnam are likely to sign the FTA in mid-2012 when Russia assumes the Chair of the Asia-Pacific Economic Cooperation Forum (APEC). Three countries of the customs alliance – Russia, Belarus and Kazakhstan, and ASEAN members may implement a FTA in the middle of next year, he said.
Nearly 300 delegates from international financial and accounting organizations gathered in Ho Chi Minh City on November 23 to discuss issues related to corporate finance administration and Asia’s economic prospects. The event, held by the Japan Association for Chief Financial Officers and the Vietnam Club of Chief Financial Officers, aimed to prepare Asian chief financial officers for a new phase of development. Participants in the forum included business directors and senior financial personnel. The world’s leading finance experts delivered keynote speeches on the Finance and Accounting Skills Standard, finance shifts, and risk management.
The United Arab Emirates (UAE) is not only a consumption market but also a gateway for Vietnamese aquatic products to penetrate the Middle Eastern and North African markets. This was said by Ambassador Tran Ngoc Thach at a conference on Vietnamese seafood jointly held by the Vietnamese Embassy in the UAE and the Vietnam Association of Seafood Exporters and Producers (VASEP) in Abu Dhabi from November 21-23. The Ambassador also reviewed the fast growth in trade relations between Vietnam and the UAE in recent years, particularly in the seafood sector. For his part, UAE Deputy Minister of Foreign Trade Abdullah Ahmed Al Saleh said the conference will provide a good opportunity for both countries’ businesses to seek partners and boost cooperation. The conference was part of the 2011 Middle Eastern Food Exhibition (SIAL Middle East), attended by nine Vietnamese exporters.
The APAVE Asia Pacific on November 22 launched its new services of aviation and space technology to promote cooperation in risk control in Vietnam. The APAVE Asia Pacific is a member company of the APAVE Group, which is one of the world’s leading groups in supervising quality and safety and providing technical assistances in the fields of test, measurement, management consultancy and training. APAVE Pacific Asia General Director Nguyen Cong Phu said the company has helped the Vietnam Civil Aviation Administration (VCAA), Vietnam Airlines and a number of airport management corporations upgrade their management systems in accordance with the ISO 900 Standard. It also trained the first 10 engineers and specialists of Vietnam Airlines in the field of Airbus and Boeing aircraft maintenance through an APAVE program in France, he said.
