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SBV continues tightening control over property loans due to credit growth

April 14, 2021 by english.thesaigontimes.vn

SBV continues tightening control over property loans due to credit growth

The Saigon Times

An overall view of an online conference on credit on April 14. SBV pledged to continue to tighten control over property loans due to credit growth – PHOTO: VNA

HCMC – The central State Bank of Vietnam (SBV) has pledged to tighten control over credit for some risky sectors, including property, it was announced at a teleconference on credit activities held by the central bank on April 14.

As of March, credit had grown by 2.93% against the end of 2020 and by 1.3% year-on-year. The demand for credit is expected to rise in the coming months, said Nguyen Tuan Anh, head of the Department of Credit Policies for Economic Sectors at SBV.

Between January and February, credit for the agro-forestry-fishery sector and the industry and construction sector amounted to VND777 trillion, up 0.16%, year-on-year, and VND2,615 trillion, up 1.13%, respectively.

As for risky sectors, as of February, loans for the real estate sector had reached 1,835 trillion, up 2.13% against 2020, while credit for the securities business dropped by 6.9%.

Apart from the tight control over credit for risky sectors, including property, securities and Build-Transfer transport projects, the central bank also continued to enhance the credit risk management of consumer loans and lending for personal needs to ensure the safety of banking operations, Anh said.

As of March 15, real estate outstanding loans growth at 2.13% was higher than the banking sector’s credit growth rate, so the central bank has monitored and issued warnings to credit institutions.

Nguyen Hoang Minh, deputy director of the central bank’s HCMC branch, said that since the beginning of 2021, credit for the property sector in HCMC had risen by 2%, with outstanding loans amounting to VND350 trillion, some 13.5% of the total outstanding loans.

Capital flows into the risky sector were controlled, the local media reported, citing Minh.

To enhance control over the risky sectors, risk management of BOT and BT transport projects and consumption, the central bank has adopted certain regulations, including applying the risk coefficient imposed on the real estate sector at 200% and on the securities business at 150% and revising up the risk coefficient on consumer loans worth VND4 billion or more.

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Key export sectors the target of M&As by foreign investors

April 14, 2021 by en.vietnamplus.vn

Key export sectors the target of M&As by foreign investors hinh anh 1 The leather-footwear industry is among the key export sectors attracting M&As in recent years (Photo: VNA)

HCM City (VNA) – Several of Vietnam’s key export sectors, such as textile-garment, leather-footwear, and electronics have become magnets for merger and acquisition (M&As) activities, posing a risk of leading enterprises in those sectors being purchased by foreign investors.

An advantage of Vietnam’s textile-garment industry is low labour costs, and it was also identified as one of six sectors on a list of supporting industry products prioritised for development.

The country has become the “footwear factory” of the world, while the domestic market boasts a population of more than 96 million.

Vietnam is also establishing itself as the world’s electronic manufacturing hub, with FDI continuing to flow into the sector over recent years.

Tran Phuong Lan, an official from the Vietnam Competition and Consumer Authority at the Ministry of Industry and Trade (MoIT), said that apart from existing development potential, opportunities created by bilateral and multilateral free trade agreements (FTAs) have also fuelled those industries’ development.

For example, she noted, under the EU-Vietnam FTA that took effect on August 1, 2020, 42.5 percent of import tariffs on textile-garment products were immediately eliminated, while those on leather-footwear items will be gradually cut to zero percent. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which came into force on December 30, 2018, abolished tariffs on Vietnam’s textile-garment products exported to other member countries.

A recent study of COVID-19’s impact on certain main industries in Vietnam noted that there have been signs of M&As surging in the textile-garment, footwear, and electronics sectors over the last three years.

In 2018, Japan’s Itochu Corporation spent 47 million USD on purchasing nearly 10 percent of shares in the Vietnam National Textile and Garment Group (Vinatex), raising its stake to almost 15 percent and becoming the second-largest shareholder, after MoIT.

Notable M&A deals last year included the one between the Taekwang MTC Vietnam Co. Ltd and the Jin Heoung Vina JSC in the leather-footwear industry, and the one between the Zenith Electronics LLC and Luxoft USA Inc. in the electronics industry.

Investors from the Republic of Korea, who have continually conducted large-scale M&A deals in Vietnam, also tend to select sectors with potential, like textile-garment, leather-footwear, and electronics.

Economic experts cited the experience of other countries as showing that to ensure effective M&A activities and protect the interests of all sides involved it is necessary to perfect related legal regulations, especially those on information transparency, and set up a regular consultative mechanism between the MoIT and the Ministry of Planning and Investment to develop an M&A database for key industries like textile-garment, leather-footwear, and electronics.

Vietnamese enterprises should proactively diversify technical solutions to keep information transparent, identify their targets in M&A deals, and analyse partners to avoid risks during negotiations.

In particular, experts noted, in M&As involving foreign firms, businesses should have a good grasp of market information and carefully assess foreign investors regardless of the deal’s value.

Nguyen Thi Tong, former Vice Chairwoman and former Secretary-General of the Vietnam Leather, Footwear and Handbag Association, recommended that as the leather-footwear and handbag sector is one of Vietnam’s five key export industries, businesses should make proactive moves to boost their capacity and cooperation via M&As within their sector, to secure sustainable development./.

VNA

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Shrimp sector sets sights on US$4 bln export target in 2021

April 14, 2021 by vov.vn

This information was released during the opening ceremony of the shrimp aquaculture international fair 2021 which got underway on April 14 in the Mekong Delta city of Can Tho.

The event offers an ideal venue for managers, scientists, traders, and farmers to share and introduce various new technology products and advanced models, strengthen connectivity between producers and consumers, while elevating the image of Vietnamese shrimp in the global market.

Nguyen Viet Thang, chairman of the Vietnam Fisheries Association, said despite the impact of the novel coronavirus (COVID-19) pandemic, local shrimp export turnover reached over US$3.7 billion last year.

Currently, Vietnam is home to roughly 200,000 hectares of hi-tech shrimp farming, the majority of which is in the two provinces of Bac Lieu and Soc Trang in southern Vietnam.

Statistics show with the global shrimp industry averaging an annual growth rate of some 7%, total global shrimp production is anticipated to reach 15 million tonnes by 2045.

Many industry experts said Vietnam could become the world’s leading shrimp producer and account for about 25% of the global shrimp market share with an output of four million tonnes of raw shrimp worth US$20 billion by 2045.

This prediction can come true if they said proper strategies are implemented in order to develop the domestic shrimp industry in a sustainable manner, whilst also adapting to issues relating to climate change and making efforts to protect the environment.

Tran Dinh Luan, director general of the Directorate of Fisheries in Vietnam, noted recent years has seen several effective shrimp production models implemented, attracting a host of groups and companies to get involved in the value chains of the local shrimp industry.

Luan also pointed out that with proper strategies, the shrimp sector is expected to gross an export turnover of between US$3 billion and US$ 4 billion, or even as high as US$6 billion, in the near future.

The international fair will offer an opportunity for managers, businesses, and localities to gain greater access to the latest technologies in order to develop the shrimp industry in a sustainable manner, Luan said.

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Singapore’s economy grows 0.2 percent in Q1

April 14, 2021 by en.vietnamplus.vn

Singapore’s economy grows 0.2 percent in Q1 hinh anh 1 Illustrative image (Photo: VNA)

Singapore (VNA) – The Singaporean economy grew 0.2 percent in the first quarter of this year, a positive signal compared to a 2.4 percent contraction in the fourth quarter of 2020.

The growth was fuelled by an expansion of 7.5 percent in manufacturing sector, 3.7 percent in information-communications, finance-banking and professional services.

The construction sector contracted by 20.2 percent year-on-year, improving from the 35.9 percent decline in the previous quarter. The improvement came on the back of a pickup in public and private sector construction activities in the first quarter as compared to the previous quarter, said the Singaporean Ministry of Industry and Trade .

Last year, Singapore’s gross domestic product suffered a 5.4 percent contraction, marking the first recession since 2001.

In a report released in February, the ministry forecast that Singapore’s economy will recover gradually this year and achieve a growth of 4-6 percent./.

source

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National governance, public administration improve: PAPI report

April 14, 2021 by en.qdnd.vn

Since 2018, PAPI has been co-funded by the Department of Foreign Affairs and Trade (DFAT) of Australia, the Embassy of Ireland and United Nations Development Programme (UNDP) in Vietnam.

The report, which assessed citizen experiences with national and local government performance in governance, public administration, and public service delivery, showed that the Control of Corruption in the Public Sector dimension has improved significantly each year since 2016.

The dimension on Vertical Accountability Towards Citizens also steadily improved during the 2016-2021 term, mainly because an increasing number of citizens have contacted local officials, in particular village heads and People’s Council delegates.

Dimensions posting declines included Participation at Local Levels and Public Administrative Procedures.

“New features of the 2020 PAPI Report include insightful findings on the performance of local governments across two terms (2011-2016 and 2016-2021); experience of internal migrants with accessing services in receiving provinces; and voter perception of women in leadership roles,” UNDP Resident Representative in Vietnam Caitlin Wiesen said in her opening remark at the report launch.

“As the Government embarks on a new term, PAPI provides rich and deep datasets on citizens’ perception of local government achievement in each of the 63 provinces and important metrics to review and further improve their performance across eight key dimensions of governance,” she noted.

Analysis in the 2020 PAPI Report shows that citizen engagement and anti-corruption efforts have a positive correlation with Vietnam’s ability to respond to the COVID-19 pandemic.

Australian Ambassador to Vietnam Robyn Mudie, acknowledged an improvement in provincial governance and public administration performance, which may have contributed to Vietnam’s successful response to the COVID-19 pandemic.

Findings from the 2020 PAPI Report show that there is a correlation between good governance and effective pandemic responses, she added.

Nguyen Huu Dung, Vice President of the Central Committee of the Vietnam Fatherland Front said he hope that PAPI will continue to serve as a reliable policy monitoring tool that helps promote government accountability and reforms, thereby furthering modern governance.

Over 14,700 citizens were interviewed for the 2020 PAPI Report. This is the largest number of citizens to participate since the survey was first conducted nationwide in 2011. For the first time, the survey also gathered responses from citizens with temporary residence registration status. Nearly 300 migrants were surveyed in six centrally governed municipalities and provinces (Hanoi, Ho Chi Minh City, Bac Ninh, Da Nang, Dong Nai and Binh Duong).

Source: VNA

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JICA gives recommendations on development of Da Nang’s port

April 14, 2021 by en.qdnd.vn

In their end-of-term report, JICA experts identified the urban planning for the area surrounding Lien Chieu Port, a transport connectivity plan, a plan to find suitable locations for terminals, the feasibility of a public-private partnership, a model for effective management and operation of this port, and an appropriate investment plan harmonising interests of both State and private sector.

Vice Chairman of the Da Nang People’s Committee Le Quang Nam said the Prime Minister, in his decision to give the in-principle approval, requested the municipal People’s Committee to promptly carry out procedures to select capable investors to build and run terminals of Lien Chieu Port in line with legal regulations.

He said JICA’s participation and assistance in preparing for the project are highly necessary that will create a prerequisite for the development of this port.

Shimizu Akira, Chief Representative of the JICA Vietnam Office, said Lien Chieu Port should be put into use as soon as possible, adding that the consultancy group will take into account the city’s opinions to perfect the port development plan.

He also expressed his hope for continued cooperation from local authorities in this issue.

The common infrastructure component of the Lien Chieu Port project was approved in principle by the Prime Minister on March 25, 2021, aiming to build infrastructure for common use in the port so as to create a foundation for developing a seaport in the Lien Chieu area.

It is expected to have total investment of more than 3.4 trillion VND (147.4 million USD) and be carried out from 2021 to 2025.

Source: VNA

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