• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

VietNam Breaking News

Update latest news from Vietnam

  • Home
  • About Us
  • Contact Us
  • Disclaimers
  • DMCA
  • Privacy Policy
  • Submit your story

Vietnam fine arts museum

VIETNAM BUSINESS NEWS FEB. 28

February 28, 2021 by vietnamnet.vn

Export value skyrockets over Lunar New Year

Vietnam’s export turnover during this Lunar New Year saw breakthrough growth, occupying nearly half of the total export-import turnover.

The latest data published by the General Department of Vietnam Customs showed that export volume over the seven days (February 10-16) of the Lunar New Year holiday reached $730 million, rising 79 per cent on-year and accounting for about 44 per cent of the $1.67 billion export-import turnover.

The main export articles include mobile devices and components valued at $332 million; computer and electronic products worth $251 million. The two categories accounted for 80 per cent of the total export value.

This Lunar New Year saw exports going to 80 markets, seven more than last year. China continues to be the leading export market with a value of $189 million (26 per cent). Following are the US ($152 million), South Korea ($67 million), and Hong Kong ($57 million).

According to statistics from the General Department of Vietnam Customs, there were 960 import-export businesses, up 59 per cent on-year. Nevertheless, importers still outnumbered exporters with an import turnover of $940 million, up 37 per cent on-year.

Thus, from early this year to February 16, the total export-import turnover reached $74.51 billion, up 31 per cent on-year. Of this, exports hit $38.57 billion, up 36 per cent on-year while imports reached $35.94 billion, up 26 per cent, resulting in a trade surplus of $2.63 billion.

Drug market forecast to grow by 15 per cent in 2021

The pharmaceutical industry grew by just 2.8 per cent last year, much lower than its average 11.8 per cent growth in the last five years.

It is expected to recover and grow by 15 per cent this year, mainly due to a rapidly ageing population and increasing incomes, analysts at SSI Securities Corporation said.

Last year there was a short supply of active pharmaceutical ingredients from China and India due to social distancing and lockdowns and higher demand for them globally, causing drug prices to rise.

According to the Ministry of Health, domestic drug production grew at 13.8 per cent per year in 2015 – 19 backed by Government policies and construction of new plants.

Vingroup fails to acquire LG Electronics smartphone business

Vingroup is unlikely to be able to realise its ambition to take over LG Electronics’ smartphone manufacturing business.

“LG had been negotiating with Vingroup to sell its smartphone-manufacturing facilities in Vietnam and Brazil, however, the discussions recently collapsed mostly due to different price expectations,” said an industry insider familiar with the matter.

Last month, the Asian media was in a huge stir over the rumoured take-over deal between Vingroup and LG Electronics, the fourth biggest “chaebol” in South Korea.

Accordingly, Vingroup has emerged as the most potential bidder to acquire LG Electronics’ smartphone production line as an important milestone for the Vietnamese group to penetrate the US.

LG reportedly aims to withdraw from the smartphone business due to difficulties, with intentions announced around a month after CEO Kwon Bong-seok said there would be a significant change in operations. The mobile communications business has witnessed losses of around $4.5 billion since 2015.

If the negotiation process is successful, Vingroup could take advantage of LG Electronics’ reputation, innovation, and sales network.

However, with the two sides unable to agree on a mutually acceptable valuation, LG will move on to find another buyer. Also, the company’s smartphone production lines in Vietnam and Brazil can be realigned to manufacture home appliances, noted an official from LG Electronics.He also added there would be no more negotiations with Vingroup, and LG would seek a new buyer, according to Korea Times. VIR

Danang: Mega IT projects to lift up growth

Danang city aims to become an innovative startup metropolis by 2025 by capitalising on a raft of mega IT projects.

Danang is now home to a pipeline of mega IT projects by leading local players, including privately-held CMC Group’s creative space.

According to Nguyen Trung Chinh,CMC chairman, the first phase of CMC Creative Space in Hoa Xuan ward with the investment value of VND12 trillion ($521.74 million) aims to bring jobs to about 2,000 people, which will increase to 10,000 people more in the second phase.

CMC’s target is to turn Danang into an international gateway and major data centre that is part of the strategy to turn Vietnam into a digital hub in the Asia-Pacific.

Through a survey, Danang has the potential to grow into the fourth regional digital hub, following Japan, Hong Kong, and Singapore.

“I am so happy that Danang People’s Committee has quickly released the decision approving the project’s detailed 1/500 planning,” said Chinh.

In light of the approved detailed planning, CMC Creative Space will consist of an R&D space; an IT and software production space; an internet transit station; a date centre; and housing blocks and associated services for experts and employees with a full suite of high-standard utilities.

Deemed as an important pilot project, efforts were taken to ensure speedy approval, paving the way to kick-off the project’s construction in March 2021.

Meanwhile in Ngu Hanh Son district, FPT Corporation, Vietnam’s leading IT firm, has come up with a string of capital-intensive IT projects.

Besides the 5.9ha FPT Complex which has been put into operation attracting more than 3,400 labourers, the company has pumped tens of millions of US dollars into building data centres and a system of educational facilities (schools for all grades and universities).

Nguyen Tuan Phuong, chairman of FPT Software in the central region, unveiled that in the next two years, FPT Group would inject about VND6.7 trillion ($291.3 million) into FPT Technological Urban Area (FPT City Danang) of which about VND1.5 trillion ($65.2 million) will be dedicated to building residential blocks and VND1 trillion ($43.5 million) will be earmarked for the second and third phases of its existing IT service centre to accommodate 10,000 programmers.

The company would further improve FPT City Danang’s infrastructure system with about VND800 billion ($34.8 million) set for building educational facilities.

A string of other projects are promptly in the legal setup phase, awaiting deployment such as VNPT’s IT space (Danang Bay) of more than 35,000 square metres of space in Lien Chieu district with an estimated investment value in the range of VND700 billion to VND1 trillion ($30.43-43.5 million) or the VND2 trillion ($86.96 million) high-tech and software centre of leading military-run telecom group Viettel in Hai Chau district.

These mega IT projects are anticipated to bring breakthroughs to Danang’s development in the upcoming time.

Along with this, the number of IT firms in Danang has been reportedly growing by 25 per cent annually, accounting for 20 per cent of the city’s total number of businesses.

Recent statistics show that Danang accommodates 2.1 IT firms over 1,000 residents, more than quadruple the country’s average. By the end of 2020, the city had 40,500 IT personnel, 20,000 of whom of them 20,000 have been working in the fields of software and digital content creation with per capita monthly wages averaging VND17.8 million ($770).

Nguyen Tuan Phuong from FPT Software shared that digital transmission is taking the whole world by storm, especially amid recent COVID-19 complexities.

“This movement is favourable for Vietnam’s IT industry generally and Danang in particular. The city needs to work on policies to accelerate the development of the IT sector, placing emphasis on training high-quality IT personnel. Availing itself of this opportunity effectively could bring numerous tailwinds to Danang in its digital transformation journey,” Phuong said.

Apt solutions sought for local solar power

The year 2021 will be characterised by an even bigger challenge for the authorities and developers to standardise the quality level of rooftop installations in terms of compliance to construction law, electrical standards, and fire safety, and to match grid availability and local consumption after the Vietnamese rooftop solar market skyrocketed last year.

Prime Minister Nguyen Xuan Phuc last week asked the Ministry of Industry and Trade (MoIT) and Electricity of Vietnam (EVN) to review issues related to Vietnam’s solar power development as well as avoid massive solar development without a proper plan, which could cause power grid overload.

According to the updated data, as of December 25, 2020, there were 83,000 rooftop solar power projects connected to the power system with a total installed capacity of nearly 4,700 megawatts-peak. The total power generation output to the grid from rooftop solar power has reached more than 1.13 billion kWh, contributing to ensuring power supply for the national power system.

Meanwhile, there is no new decision or guidance for implementation of the policy after Decision No.13/2020/QD-TTg issued last April on encouraging mechanisms for solar power development in Vietnam, which had its deadline set for December 31 last year for solar systems of any scale to attain a certificate of delivery and enjoy the feed-in tariff 2 (FiT2) rate, in which the price of each kilowatt-hour generated from ground-mounted, floating, and rooftop solar initiatives were 7.09, 7.69, and 8.38 US cents, respectively.

As a result, it remains uncertain which pricing mechanism will apply to grid-connected solar power projects reaching commercial operation date in 2021.

EVN announced its power companies had ceased buying rooftop solar power after December 31 to wait for further guidance from the government. It will also handle requirements for connection and signing power purchase and sales contracts from solar power systems started before the deadline.

Deputy general director of locally-invested Son Ha Group Hoang Manh Tan said the fact that there is no policy available will make it difficult for businesses to formulate strategies and implement them. Enterprises need continuous and consistent policies, and the gap issue creates difficulties for EVN, other enterprises, and their partners, Tan said.

Thus, ministries and authorities in the coming time must find the right supporting mechanism that enables an organic development of rooftop solar, and minimises loopholes and speculative projects, such as solar farms disguised as rooftop systems.

The prime minister also asked the MoIT to carry out the work of inspecting solar power development in localities and power companies, ensuring compliance with regulations.

It must promptly correct and handle any mistakes, especially operating policies that benefit outdoor voltage deployment over time as well as take measures to minimise the shutdown of renewable energy sources in operation, and minimise the economic losses of investors and waste of renewable energy sources.

At the same time, the boom in solar development also poses a question for the grid operator about how to optimise renewable electricity feeds into the grid, while considering the best interests of electricity producers.

Solar energy expert Mai Van Trung told VIR that in order to keep the average selling price there are several options, including increasing the curtailment or adding more solar power plants and rooftop solar systems with a very low FiT3 rate to compensate the subsidisation of EVN.

The former option over a wide scale could however hurt financial indicators of many projects because of leverage from bankers.

Meanwhile, the latter option could distract potential investors to put the money down. Moreover, the capacity absorption of the national grid is limited due to the intermittency of solar power, Trung said.

There is a declining trend of engineering, procurement, and construction costs of rooftop solar systems over time that can be utilised if the absorption capacity of the grid is available even with the storage added.

Vietnam has plans for solar power auctions but the qualified projects are small and located in lower solar irradiance. Green and cheap credits from international institutions are ready to enter, but the room left for additional capacity is currently being narrowed.

According to the MoIT, there are currently 16 national standards promulgated by the Ministry of Science and Technology related to solar power in the country. However, there is a lack of specific standards for the two main components of rooftop solar power projects – panels and inverters.

In late 2020, the National Assembly passed the new Law on Environmental Protection, which stipulates extended producer responsibility (EPR) for businesses in Vietnam. This means that businesses and producers now bear the responsibility for the waste of their products, including solar panels.

EPR is intended to reduce the cost of managing end-of-life products by reducing waste volume and increasing recycling, thereby contributing to the prime minister’s new target of reducing the amount of waste that goes to landfills by 80 per cent by 2025.

EPR has the potential to create new economic opportunities and share the financial burden of solid waste management more fairly.

According to the new law, businesses can implement EPR in one of three ways including doing the recycle themselves, conducting recycling through a third-party product recycling organisation, and making a financial contribution to the Vietnam Environmental Fund.

According to the draft EPR decree, businesses that recycle themselves or do so via a third party will have to report through a national EPR data portal managed by the Ministry of Natural Resources and Environment.

If a business that does the recycling itself fails to reach the target over 3-5 years in a row, it will be forced to participate in one of the other two mechanisms.

A business that refuses to choose any mechanism will be fined; and if it exceeds its recycling target, it can sell credits to other businesses through a tradable credit system.

Auto imports reach nearly 12,000 units over past 1.5 months

Vietnam’s import of cars between January 1 and February 15 this year reached 11,791 units, worth US$280 million, soaring 84.7% in volume and 76.2% in value against the 2020 figures, according to the General Department of Vietnam Customs.

Of these, the country imported over 3,400 completely built-up units worth over US$66 million from February 1 to 15.

During the past 1.5 months, the number of imported cars with nine seats or less totaled 2,477 units worth US$42.5 million, while 812 trucks valued at US$15.9 million were imported in the period.

Earlier, the country imported more than 8,300 cars worth over US$212 million in January, including over 5,200 cars with nine seats or below and 2,230 trucks. These cars were mostly imported from Thailand, China and Indonesia.

SSI Research forecast that the auto consumption in Vietnam this year could rise some 16% versus last year’s figure. Specifically, SSI Research said that the country’s GDP per capita could improve 8-10% annually in the next decade, while vehicles are more affordable to many more people.

In addition, the volume of locally-made cars is on the rise and scores of companies are focusing on business expansion to lower car prices to attract more customers.

Also, many auto manufacturing and assembly plant projects are scheduled for completion in the next three years, which will add a vibrant atmosphere to the local auto market and offer more benefits to customers.

Further, taxes and surcharges on cars are being steadily reduced under free trade agreements between Vietnam and other countries. This will help cut down on auto prices and stimulate the demand for cars.

Growing concern over overload on Vietnam stock market

The problem if further persists in long-term will make investors become disillusioned on the fairness and transparency of Vietnam’s stock market.

The frequent overload of orders forcing the stock exchange to halt market trading is causing frustration among investors.

Insiders have said that the trading halts, which occurred on the Vietnamese stock exchanges recently, aim to correct an order imbalance as a result of a technical glitch or due to regulatory concerns. When a trading halt is in effect, open orders may be canceled and options still may be exercised.

“Investors want competent authorities to take responsibility for these incidents, not just an apology,” said Nguyen Bich Ngoc, an experienced investor in the stock market, adding the unstable system is putting investors at risks.

Both before and after the Tet holiday, the overload occurred multiple times on both the Ho Chi Minh City and Hanoi stock exchanges whenever liquidity in a trading session hit around VND14-17 trillion (US$608-738 million).

“The phrase of “unplug the power cord” has become a hot topic in every securities forum and social networks,” Ngoc added.

From her own experience, Ngoc said at a trading session on February 19, when she and other investors placed an order at 1pm, but until 2:48pm, the system notified their placement was expired while the transaction period had not ended.

“Orders for purchasing stocks after 1:30 pm or 2pm in the past month were often delayed in process and not submitted to the stock exchanges,” she continued.

“Investors were left to watch their stocks going up or down in values and do nothing,” Ngoc fumed, while saying a lack of solutions to resolve the matter substantially from the Ministry of Finance or the State Securities Commission of Vietnam (SSC) only makes the matter worse.

“We are now forced to live with a faulty system and bear all the risks when we could not sell or buy stocks in case of system overload,” Ngoc stressed.

Last year, the stock market has witnessed strong growth and beat a series of records in terms of the number of new investors and the amount of capital inflows. In contrast with such strong growth, the issue if further persists in long-term will make investors become disillusioned on the fairness and transparency of Vietnam’s stock market, Ngoc stated.

“Investors will not accept losing money in such way or any apology from the authorities when the situation remains unchanged,” she said.

“The SSC must give a clear deadline to resolve this issue one and for all,” Ngoc concluded.

Previously, the SSC attributed the overload issue on the Ho Chi Minh Stock Exchange to the transaction processing capacity of the stock exchange that limits the number of transactions per day, while a recent surge of orders has exceeded the expectation of the market.

To ensure the smooth operation of the stock market, the SSC requested related agencies to optimize the transaction process by increasing the minimum trading lot from 10 to 100 shares, starting from January 4, 2021.

The SSC also urged securities firms to prevent their internal errors or limit automatic transaction.

For mid-term, the HoSE is tasked with upgrading the transaction backup system to ensure the safety of the system until the new IT system for the stock market with support from the Korea Exchange (KRX), South Korea’s bourse operator, is put into operation.

Data from the General Statistics Office (GSO) revealed the amount of capital poured into Vietnam stock market surged 20% in 2020 to VND383.6 trillion (US$16.64 billion). The average transaction value in the stock market is estimated at VND7.05 trillion (US$304.8 million) per session, up 51.5% year-on-year.

Meanwhile, the number of new investors soared by 109% in 2020 against the previous year.

Lam Dong to get first wind plant

GE Renewable Energy has signed a contract with the Ocean Renewable Energy Joint Stock Company to supply 15 wind turbines to its Cau Dat Wind Farm, the first in the Central Highlands province of Lam Dong.

Construction is expected to be finished by the third quarter of 2021.

Gilan Sabatier, regional leader for GE Renewable Energy’s onshore wind business in South Asia and ASEAN, said: “We thank Ocean Renewable Energy Joint Stock Company and their leadership team for selecting GE for this project. The award of the Cau Dat wind farm further validates the great work we have done in Vietnam and reaffirms our contribution to the country’s energy transition.”

Do Van Binh, General Director of Ocean, said, “We are delighted to sign this important deal with GE Renewable Energy for our first wind farm project.”

GE is the only wind original equipment manufacturer in the country./.

Bac Giang betters master plan on IPs development

The northern province of Bac Giang is improving a master plan on the development of industrial parks (IPs) and complexes, as well as land use planning, according it its provincial Party Committee.

The province is also refining a master plan on urban areas for the 2021-2030 period to attract investment.

It built a project on supporting start-ups in the locality, towards strongly developing private economy, and issued a list of projects in need of investment in the fields of agriculture and rural development.

The locality considered building mechanisms to support investment in hotel construction projects and hi-end services.

In particular, Bac Giang will step up administrative reform, improve the provincial competitiveness index, pool resources to build key socio-economic infrastructure while enhancing the quality of human resources and State management on projects.

The province will actively assist investors and businesses in tackling difficulties and accelerating projects, especially those regarding infrastructure construction and business in IPs.

From 2016 to the end of 2020, the province drew 909 projects worth over 5.88 billion USD, marking a 3.5-fold rise from 2011-2015, 616 of them were domestic ones with total registered capital of over 55.7 trillion VND (2.42 billion USD), and 3.84 billion USD were foreign direct investment.

It is now home to 1,786 valid projects, including 1,311 domestic ones worth more than 92.2 trillion VND and 475 foreign-invested ones valued at over 6.2 billion USD. Projects are mostly in industry with 54.3 percent, trade and services 40.5 percent, and agriculture 5.6 percent.

Since 2016, Bac Giang has granted licenses to over 6,000 enterprises and 705 branches and representative offices, with a combined registered capital of more than 64.3 trillion VND. Its gross regional domestic product has expanded by 14 percent annually.

Cumulatively, there have been 10,837 businesses so far in the province, including 466 foreign ones with a registered capital of 3.542 billion USD and more than 10,300 others with over 84.9 trillion VND./.

Binh Duong among world’s outstanding smart communities for three consecutive years

The southern province of Binh Duong has made itself onto the list of 21 localities worldwide having outstanding smart city development strategies (Smart21) this year, which was unveiled on February 25 by the Intelligent Community Forum (ICF).

It is the third year in a row that the province has received the recognition. Binh Duong is also the first Vietnamese locality to be named in the Smart21.

Gaining a place among the year’s Smart21 is considered a badge of honour as well as the first step toward greater recognition as an Intelligent Community positioned to prosper in the broadband economy, the ICF noted.

Workers at a factory in Bau Bang Industrial Park of Binh Duong (Photo: VNA)

There are currently 180 members from different countries, territories, cities and regions participating in the ICF./.

HCM City aims to build AI centres at regional level

Ho Chi Minh City plans to build at least two centres for Artificial Intelligence (AI) research and development as well as technology transfer at ASEAN level.

It is part of the city’s programme on AI research and development for the 2020-30, which was recently approved by the municipal People’s Committee, aiming to turn HCM City into a hub of Vietnam and ASEAN in the field.

In addition, the city will look for qualified personnel in the spheres of data science, big data analysis, natural language processing, computer vision, speech recognition, information security and Internet of Things, among others.

The southern economic hub has set a target to raise the number of AI research papers and patents by 20 percent in the period.

Vietnam sets a goal of being listed in Top 4 in ASEAN and Top 50 of the world in terms of AI research, development and application by 2030.

The target was set in a National Strategy on AI Research, Development and Application by 2030 recently approved by Prime Minister Nguyen Xuan Phuc.

The strategy aims at stepping up AI research, development and application to make it an important technological industry of Vietnam./.

Investment funds in Vietnam remain optimistic despite poor performance

Despite negative performance due to strong fluctuations in Vietnam’s stock market in January, big investment funds in the market remain optimistic.

Vietnam Enterprise Investments Limited (VEIL), a closed-end investment trust managed by Dragon Capital and the biggest investment fund in Vietnam’s stock market, recorded negative growth during the period.

The fund’s performance was negative 3.61 percent in January. VEIL manages assets worth 1.7 billion USD.

As of the end of January, VEIL’s biggest investments were in the banking sector, accounting for 27.13 percent of its investment value, followed by investments in real estate (26.43 percent) and food and beverage (10.17 percent). However all investing sectors had poor performance with banking and real estate sectors posting the biggest losses.

After gaining points in the first half of January, the stock market witnessed some strong corrections as profit booking dragged down the VN-Index. The profit taking was magnified by panic over margin calls.

The market benchmark VN-Index declined 4.28 percent in the first month of 2021.

Dragon Capital said that recently, the fund restructured its investment process with the number of target stocks cutting down to 28 – 32 from 35 – 40.

Finnish equity fund PYN Elite also witnessed is its net asset value (NAV) drop 5.39 percent in January, mostly due to losses in Vietnam Engine and Agricultural Machinery Corporation (VEA), Vietnam JSC Bank for Industry and Trade (CTG) and PetroVietnam Power Corporation (POW). It marked the worst performance of PYN Elite since 2017.

The fund manages total assets worth 572 million USD.

In a letter to investors in February, Petri Deryng, portfolio manager of PYN Elite, said that Vietnam’s stock market began 2021 on a negative note, but the prospects for the whole year are still very positive.

Vietnam’s economy, which has obtained some achievements, rising profits of listed companies and appealing stocks’ valuation are factors contributing to the bright prospects of the market.

The market saw strong fluctuations after the VN-Index surged quickly from 900 points to 1,200 points in just ten weeks.

During the turbulent month, PYN Elite used all of its resources to buy Vinhomes JSC (VHM) shares, making it the biggest investment of its portfolio. At the moment, VHM shares account for 9.82 percent of its portfolio, worth 1.5 trillion VND.

Another investment fund posting negative performance in January was AFC Vietnam Fund, with growth of negative 1.9 percent.

The fund assessed the plunge of the market after rising over 20 percent in the fourth quarter of 2020 and gaining 8 percent in the first seven trading sessions of 2021 was a healthy movement. And reaching the 1,200 point level by the VN-Index was really attractive, luring new strong inflows to the market.

Top five investments of AFC Vietnam Fund were Agriculture Bank Insurance JSC (ABI), accounting for 8.1 percent of its investment value, LienVietPost Joint Stock Commercial Bank (LPB), Dinh Vu Port Investment and Development JSC (DVP), VNDirect Securities Corporation (VND) and Phu Tai JSC (PTB).

As of the end of January, the fund invested most in the financial sector (35 percent of its portfolio) and industrial sector (23.5 percent)./.

Bac Giang: 771 mln USD raised for transport infrastructure development in five years

The northern province of Bac Giang has raised a total of over 17.8 trillion VND (771.54 million USD) in investment for local transport infrastructure development since 2016.

The capital has been injected into a number of key projects, notably a section of Hanoi’s Belt Road No.4 crossing Bac Giang, worth 1.23 trillion VND; upgrade of Provincial Road 295 crossing Voi – Ben Tuan and Ngoc Chau – Thang township, 245 billion VND; and a 5-km road connecting Provincial Road 293 and My An Port in Luc Nam, 115 billion VND.

Over the last five years, the province has developed 11 transport projects under Public-Private Partnership (PPP) scheme, with a total investment of more than 7.5 trillion VND. They include two Build-Operate-Transfer (BOT) projects managed by the Ministry of Transport and eight Build-Transfer (BT) by the province. A majority of the funding, 4.2 trillion VND, has been spent on developing Bac Giang – Lang Son Expressway under a BOT contract.

In addition to private funding, Bac Giang has used Official Development Assistance (ODA) loans for transport infrastructure projects. The largest among ODA-funded projects were 272-billion-VND Dong Bac Belt Road and Tran Quang Khai Bridge project in Bac Giang city financed by the Asian Development Bank (ADB) and the 135-billion-VND Local Bridge Construction and Road Asset Management (LRAMP)’s local bridge component funded by the World Bank (WB).

The province has also spent over 2.18 trillion VND from its budget and close to 1.75 trillion VND from private funding to concrete more than 4,210 km of roads, mostly rural roads.

Thanks to such efforts, Bac Giang is now home to about 153km of expressways which are more than 8m in width, accounting for over 46.4 percent of the total.

It has also concreted over 97.3 percent of district-level, 98.1 percent of commune-level and 92.3 percent of village roads.

In the coming time, Bac Giang plans to attract private investors in transport services, such as inland ports, parking, bus stations, and rest stops. The province will also jointly develop inter-provincial roads with neighbouring localities and by 2025, cooperate with the Ministry of Transport and BOT investors to expand Xuong Giang and Nhu Nguyen bridges on the Hanoi – Bac Giang Expressway./.

Vinh Long works towards sustainable export growth

The Mekong Delta province of Vinh Long is striving to boost sustainable export growth during 2021-2025.

The province has set the target to reel in 870 million USD from exports by 2025, with key export markets including ASEAN, Japan, China, China’s Taiwan, Russia, East European countries, Africa, the EU and the US.

According to Director of the provincial Department of Industry and Trade Nguyen Trung Kien, seeing rice as a key export, Vinh Long plans to ship average 100,000-200,000 tonnes of high-quality rice per year abroad until 2025, and work to increase price of local rice while diversifying rice products to branch out markets.

Holding a huge advantage of tra and basa fish farming, the province eyes to sell some 20,000 tonnnes of frozen tra fish to foreign markets by 2025.

Kien said Vinh Long is making efforts to gain 35-40 million USD from exports of grape fruits, canned fruits, dried fruits, and vegetables by 2025, adding areas were zoned off for cultivation of vegetables and orchards such as grape fruit, orange, tangerine, longan, and mango, among others.

Additionally, the locality targets 530-600 million USD in export revenue of leather footwear and garment-textile, and 60 million USD in export revenue of handicraft products by 2025.

In a bid to realise the set goals, an array of measures were outlined, Kien said, stressing due attention will be paid to developing agricultural processing industry and finished goods to better the products’ value and their competitive edge in the market.

Kien said along with support policies for local production, the province will improve technical services to promote mechanisation of agriculture, particularly post-harvest processing and preservation.

Investment promotion will be given priority so as to attract investment in supporting industries for footwear, garment-textile, electronics and engineering sectors, helping local producers and exporters improve their products’ competitiveness.

On the other, the province encourages local businesses to develop materials zones to ensure stable input for production, apply advanced technology to better products’ quality, while building brands to gain foothold in the market.

According to the Department of Industry and Trade, the province is now housing 40 export firms, including 15 foreign-invested businesses.

During 2015-2020, the locality’s export revenue rose significantly, from 302 million USD in 2015 to 570.5 million USD five years later. The North America accounted for the lion’s share of the province’s export, accounting for 37 percent of the total shipments, followed by Europe (31 percent), and Asia (29 percent)./.

Vietnam offers numerous investment opportunities for Indian businesses

The increasing importance of Vietnam in global supply chains is great potential helping to enhance the Vietnam-India relations, particularly between small- and medium-sized enterprises (SME) that are considered the main drivers for economic growth in each country, heard an online conference on February 25.

The bilateral trade-investment promotion conference titled “Boosting trade-investment cooperation opportunities between Vietnamese and Indian SMEs” was jointly organised by the Trade Office of the Vietnamese Embassy in India, Uttar Pradesh state government, the Indian Industries Association (IIA) and the Hanoi SME Association.

IIA President Pankaj Gupta said that several major enterprises of India such as Adani Group, Mahindra, SRF and Suzlon have shown interest in investing in Vietnam.

He suggesting Indian enterprises invest in Vietnam in the fields of energy, mineral exploration, agricultural chemicals, sugar production, tea, coffee, information technology, and automobile components.

Vietnam is currently holding a lot of advantages for investors such as favourable investment policies, numerous free trade agreements, rapid economic growth, stable political situation, cheap labour costs, and young labour force, he stated.

However, participants pointed to several challenges for foreign investors in Vietnam, including high corporate tax rates of 32-50 percent for companies operating in oil and gas exploration and exploitation and other valuable natural resources, complicated administrative procedures, and dependence on cash transactions.

Meanwhile, Vietnamese Ambassador to India Pham Sanh Chau proposed the two countries’ enterprises expand cooperation in supporting industry, automobile and motorbike spare parts, garment and footwear materials and household appliances.

According to the Vietnam Foreign Investment Agency, as of December 2020, India had nearly 300 valid projects in Vietnam with total investment of nearly 900 million USD, ranking 26th among countries and territories pouring capital into the Southeast Asian nation./.HCM City keeps shutdown of certain services in place

Fruit & vegetable exporters should tap into Northern Europe’s niche market: Newspaper

Vietnamese businesses are believed to possess opportunities, especially in niche markets, when exporting fruit and vegetables to Northern Europe, according to the Cong Thuong (Industry & Trade) newspaper.

The Vietnamese trade office in Sweden said that due to unfavourable weather conditions, Northern European countries very much depend on imported fruit and vegetables, with over 90 percent of fruit and 40 percent of vegetables coming from foreign sources.

The importation of tropical fruit has been growing quickly in recent years, opening up opportunities for both existing and new exporters from developing countries, including Vietnam.

Developing countries account for more than 50 percent of the supply of fruit such as papaya, mango, pineapple, dates, tamarind, and passionfruit imported to the market, and 30 percent of avocado, figs, melons, and grapes.

The EU-Vietnam Free Trade Agreement (EVFTA), which took effect on August 1, 2020, has also generated considerable advantages for Vietnamese firms, as most tariffs on fresh fruit and vegetables have been slashed to zero percent, the trade office noted.

Despite the optimistic outlook, Cong Thuong wrote, the market is relatively small compared to others in Europe. It’s also not easy for new exporters to compete with multilateral fruit and vegetable providers, logistics firms, and packaging companies with a long presence there.

Vegetables grown in Europe now account for 90 percent of those imported into Northern Europe, while those from developing nations stand at less than 10 percent.

Off-season produce like tomatoes and bell peppers are often provided by countries near Northern Europe. Geographical distance and a lack of direct air routes to the region also pose certain difficulties for Vietnam’s fruit and vegetable exports.

The newspaper suggested Vietnamese companies consider producing organic and convenience products, pointing out European consumers’ increasing preference for healthy diets with clean and natural food, as well as those that serve their busy lifestyles.

To make use of this trend, they should ensure that product quality meets requirements, the article said.

It also noted that more attention needs to be paid to sustainable and responsible production and business practices, adding that products will be accepted by Northern European consumers if they comply with sustainability standards.

Brand building and product storytelling are also tools necessary for marketing new products, particularly those for niche markets, according to the paper./.

VIETNAM BUSINESS NEWS FEB. 28

Vietnam lures 5.46 billion USD in foreign investment

As much as 5.46 billion USD worth of foreign direct investment (FDI) was injected into Vietnam as of February 20, equivalent to 84.4 percent of the figure recorded in the same time last year, according to the Ministry of Planning and Investment.

As many as 126 foreign projects were granted investment licences with total registered capital of 3.31 billion USD, a year-on-year fall of 33.9 percent.

Meanwhile, 115 existing projects adjusted their investment capital with a total additional sum of 1.61 billion USD, or 2.5 times higher than the same time last year.

Capital contributions and shares purchases by foreign investors stood at 543.1 million USD, down 34.4 percent.

Japan topped the list of 46 countries and territories landing investment in Vietnam, with 1.64 billion USD, equivalent to nearly 30 percent of the total. Singapore came second with 1.07 billion USD, and the Republic of Korea third with 1.05 billion USD.

The ministry said the southern province of Can Tho lured the lion’s share of FDI with 1.31 billion USD, accounting for 24.2 percent of the total. Hai Phong city was the runner-up since it attracted nearly 918 million USD, or 16.8 percent. Bac Giang came third with nearly 573 million USD (10.5 percent)./.

An Giang boasts strengths in hi-tech agricultural development: Deputy PM

The Mekong Delta province of An Giang boasts strengths in economic development, especially high tech agriculture, Deputy Prime Minister Truong Hoa Binh said while attending a ground-breaking ceremony for a high tech dairy farm project of TH Group in Tri Ton district of the province on February 27.

The dairy cow farming model of TH Group, the largest scale in the region, is expected to become an exemplary model to be multiplied, he said.

The farm is hoped to help fulfil the target of having 500,000 milch cows across the country five years ahead of the deadline set in the master plan on agricultural development to 2020, vision to 2030, he noted.

Spanning 178.4 ha across Tri Ton district’s Vinh Gia and Vinh Phuoc communes, the project is carried out with an investment of nearly 2.66 trillion VND (115.2 million USD), making it the largest closed-loop system dairy project in Mekong Delta.

It includes a fresh milk factory capable of producing 135 tonnes daily.

On the same day, Deputy PM Binh paid a visit to a hi-tech hog farming project of the Truong Hai Auto Corporation (THACO)’s agricultural arm in Tinh Bien district.

The 50-ha project has been basically completed after nine months of construction. Its first phase will become operational by June while the construction of the second one is set to begin later this year, raising its capacity to 11,200 pigs in total.

On the occasion, a New Year tree-planting festival was held in the province in response to a campaign to grow 1 billion green trees between 2021 and 2025 launched by the Prime Minister./.

Deputy PM asks Thai Binh to facilitate Lien Ha Thai IP development

Deputy Prime Minister Trinh Dinh Dung has asked the northern province of Thai Binh and investors to create favourable conditions to draw projects to the Lien Ha Thai industrial park (GREEN iP-1).

During a conference announcing the Prime Minister and the provincial People’s Committee’s Decisions on the GREEN iP-1 on February 27, the Deputy PM instructed Thai Binh authorities and the IP investor to complete procedures in line with the law, including those regarding site clearance, compensation for resettlement, and social housing for workers.

He suggested Thai Binh review its economic structure with a view to adjusting it based on its strength as a coastal province and market demand at home and abroad, select priority projects regarding transportation, urban and rural infrastructure while stepping up administrative reform and creating a pro-business environment.

Deputy Prime Minister Trinh Dinh Dung hands over the PM’s Decision on GREEN iP-1 development (Photo: VNA)

Invested by Green i-Park JSC, the GREEN iP-1 is located in Thuy Lien commune and Diem Dien township of Thai Thuy district. It has a total investment of over 3.88 trillion VND (168.3 million USD).

Once operational, the 50-year project is expected to contribute to the development of the nation as well as Thai Binh and the Red River in particular.

Source: VNA/VNS/VOV/VIR/SGT/Nhan Dan/Hanoitimes

Filed Under: business vietnam economy, Vietnam business news, business news, vietnamnet bridge, english news, Vietnam news, vietnamnet news, Vietnam latest news, Vietnam breaking..., vietnam dong news, cnn business news, philippines business news, recent business news, feb 28 zodiac, business to business news, vietnam china news, vietnam yahoo news, lubbock news channel 28, vietnam business culture, vietnam finance news, vietnam india news

Northern Vietnam households found growing opium as food

February 28, 2021 by e.vnexpress.net

The plants, in their flowering stage, were found growing in their gardens in Luc Ngan District, famous for its litchis. One household had 61 plants, the highest among the eight households.

Local police discovered the cultivation on February 24 and seized all the plants. They said the households will be punished for administrative violations.

Local police seize cannabis trees in a familys garden. Photo courtesy of police.

Local police pluck out opium plants from a family garden in Luc Ngan District, Bac Giang Province. Photo courtesy of police.

Earlier, a 35-year-old man was recently found growing nearly 3,500 opium plants in his garden in Viet Yen District.

Opium is on the list of narcotics forbidden in Vietnam.

Those growing opium on a small scale can be fined VND2-5 million ($86.16-215.40). Farmers found cultivating 500 to 3,000 plants could face jail terms of six months to three years, while those operating on a bigger scale can get up to seven years in jail.

Filed Under: Uncategorized Bac Giang, cannabis, illegal drugs, cannabis tree, Vietnam, Northern Vietnam households found growing opium as food - VnExpress International, vietnam international food, vietnam night food, food i vietnam, all seeds have stored food for the growing embryo, household food insecurity, food bank on northern, fry's food store 43rd avenue and northern, northern il food bank jobs, food bank of northern nevada, food bank of northern indiana south bend, in, wholesale food distributors northern california, household food security status

Long jumper Trong aims to complete eight-metre promise

February 28, 2021 by vietnamnet.vn

If the long jumper can add a small distance to his personal best, he will become the first Vietnamese athlete to jump 8m and prove he belongs on the world stage.

Long jumper Nguyen Tien Trong sets up a new record of 7.98m at the National Athletics Championships in 2019 in HCM City. Photo courtesy of Nguyễn Tiến Trọng

“It is two centimetres.

“Just only two centimetres.

“I will make two centimetres this jump.”

Nguyễn Tiến Trọng thinks about this tiny distance every day in training.

If the long jumper can add the small distance to his personal best, he will become the first Vietnamese athlete to jump 8m and prove he belongs on the world stage.

National record holder

Born in 1997 in Cẩm Giàng District, Hải Dương Province, Trọng was taller and bigger than any of his friends at school.

He was chosen to take part in the provincial track-and-field competitions where he caught the eyes of the Military team’s scouts. He became an athlete when he was 13.

“I am the only one in the family as well as the district pursuing sport. So I think it is a fate that I am ‘engaged’ with athletics,” Trọng told Việt Nam News.

“My height was an advantage when I participated in different school events. I was offered to join basketball and martial arts clubs but athletics is my true love.

“I was only six when I watched the Việt Nam 22nd SEA Games on TV. I had no idea what ‘glory’ meant at that time but was strongly impressed with the way the track-and-field winners were honoured. They received big claps and huge encouragement after winning. It obsessed me. It was the reason why I agreed to join the Military team when invited immediately,” he recalled.

“Coaches had to persuade my parents a lot to let me go, saying that I had potential if I was trained professionally. They seemed okay with some doubts but now they have become my biggest supporters,” he said.

After nearly nine years of training, Trọng has proved his talent.

The man, who was born in the Year of the Buffalo, dominated national underage tournaments and set a record of 7.71m in the long jump before conquering the senior championships since 2016.

He has collected titles from international competitions including open events in Thailand and HCM City in 2019.

Among medals, his most memorable one is the gold at the fifth Asian Indoor and Martial Arts Games in 2017 in Ashgabat, Turkmenistan.

“Athletes from 44 countries came for titles. As a freshman in international events, I thought I would have no chance for the top three because it was Asia and all the jumpers were strong.

“Competing with no pressure, my leaps after three attempts were better than everyone including title favourites Chan Ming Tai (Hong Kong) and Amila Wijayalath Pedige (Sri Lanka). After the last jump, I was named the winner. It was a great feeling that I still shake when I think about,” he said.

At the 2019 national championship, Trọng confirmed his reign of the national men’s long jump pit with a leap of 7.98m, a new Vietnamese record.

“He is on the cusp of the eight-metre club that not too many athletes can do in the world. His jump is history, challenging the next generation,” said Dương Đức Thủy, head of the Athletics Department of the National Sports Administration.

Thủy was happy with Trọng’s result but reminded him: “You still owe me 2cm. Do what you have to do”.

“It is a little pressure for me,” said Trọng who promised to jump 8m to Thủy during an event in 2018. “It is not an easy tiny gap but I feel I can do better. I consider it a target to reach.”

SEA Games in sight

Long jumper Nguyễn Tiến Trọng competes to defend his title at theNational Athletics Championships in 2020in Hà Nội. Photo toquoc.vn

Trọng was expected to complete his target at the 2020 championship in Hà Nội last November.

However, he could only defend his crown with a humble jump of 7.58m.

“I also believed that I could do it. But a leg injury occurred just 10 days ahead of the tournament that prevented me from jumping my best,” he said.

“I have to try harder this year,” said Trọng referring to local tournaments as well as the 31st SEA Games in winter in Hà Nội.

It will be the third Games of the young lieutenant who has recorded poor results in previous tournaments despite being seeded.

At the 2017 event, he finished fifth and two years later he also could not join the top three despite just setting a national record.

“I was inexperienced at the first Games while I was not at my peak in the second one after competing in an international tournament for soldiers,” he explained.

Trọng is one of the athletes tipped to win gold for Việt Nam at the coming Games on home turf as his current results are similar to the top three of the Manila event two years ago.

“My coaches and I are working hard to improve and sustain my ability at a high level. The eight-metre distance is the first step and then I have to do better so that I could set my sights on continental events,” he said.

“I do not set a specific target which will make me tired and nervous but I do not want the gold medal to leave Việt Nam this year,” he said.

“I am trying hard every day to be the second Vietnamese male long jump gold medalist in history.”

Việt Nam have won only one SEA Games gold medal in men’s long jump to date. The first went to Bùi Văn Đông who triumphed in 2017. VNS

Filed Under: Uncategorized tournament, sport, athletics, vietnam sports, nguyen tien trong, Vietnam news, vietnamnet news, Vietnam latest news, Vietnam breaking news, ..., winter long jumpers, 1 metre long box, 2 metre long box, long sleeve jumper dress, long jumper dress, paralympic long jumper, completion day how long does it take, mortgage offer received how long to complete, promising for long lasting, aiming rifle the long dark, jumper rentals long beach, jumper rentals long beach ca

28 locales attend sea festival in Ba Ria-Vung Tau

August 29, 2018 by tuoitrenews.vn

The 2018 Ba Ria – Vung Tau Sea Festival opened in Vung Tau City on Tuesday, expected to be the greatest sea festival ever held in Vietnam.

This is the second time the festival has been organized, with the first one dating back to 2006.

Ba Ria-Vung Tau Province is located on the coast of southeastern Vietnam, around 100 kilometers (a two-hour drive) from Ho Chi Minh City.

The area is well known to tourists for its beautiful scenery and beaches in Vung Tau, the capital of the province, including Back Beach, Front Beach, and Pineapple Beach.

The opening ceremony was held at Cot Co (Flagpole) Park, on Nguyen An Ninh Street of the Back Beach area, where most activities of the festival will take place.

With this year’s theme “Connecting the Provinces, Cities of Vietnam – Sustainable Development of Commerce – Tourism and Economy,” the festival will display a large number of the localities’ main activities, specialties, and cultures, according to news page Vung Tau Tin Tuc (Vung Tau News).

The opening ceremony succeeded in displaying the rich resources and how the regions are favored by nature so as to attract visitors, promote their tourism, and raise investments.

Twenty-eight coastal localities with 800 stalls participate in the festival to display the regions’ cultures, while conducting entertaining activities.

During the opening ceremony, Nguyen Van Trinh, chairman of the Ba Ria-Vung Tau People’s Committee, mentioned the region’s most recent efforts to improve tourism quality including high-quality product promotion, tourism networks, private investment encouragement, and human workforce development, among others.

After having taken a “break” for 12 years, the 2018 Ba Ria-Vung Tau Sea Festival is held from August 28 to September 3. Photo: VOV
After having taken a “break” for 12 years, the 2018 Ba Ria-Vung Tau Sea Festival is held from August 28 to September 3. Photo: VOV

In his opening remarks, Trinh also expressed his desire to connect, partner, and work with private businesses, other regions, and foreign investors.

Moreover, Ba Ria-Vung Tau also introduced its strategic plan and goals for 2030 as a response to the central government’s recent decree aimed at turning tourism into one of Vietnam’s core industries.

The festival plays a vital role in establishing long-lasting, meaningful, and supportive relations among the provinces and cities, as well as promoting Ba Ria-Vung Tau as a touristic destination, both nationally and globally.

Other activities of the festival include kite flying performances, ancient Vespa motorbike parades across Vung Tau, carnivals, beer fests, and musical performances.

One of the most outstanding activities would be the display of sand sculptures on the beach of the DIC Sea Tourist Area on Thuy Van Street, Vung Tau.

Four sculptures will be made by 30 professional sculptors, painters, and university students from the University of Arts in Ho Chi Minh City.

According to Trinh Hang, director of the Department of Tourism of Ba Ria-Vung Tau, all of the expenses, around VND20 billion (US$860,000) were fully raised by International Trade Expo Joint Stock Company.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Filed Under: Uncategorized Vietnam Life - 28 locales attend sea festival in Ba Ria-Vung Tau, ba ria vung tau, ba ria vung tau vietnam, ba ria vung tau tuyen dung, bao ba ria vung tau

Bánh Chuoi – The Nostalgic Food of Childhood

February 28, 2021 by hanoitimes.vn

The Hanoitimes – Although the ingredients to make this addicting dish sound fairly simple: ripe bananas, sugar, flour, turmeric powder, making banh chuoi requires the exceptional skills of a master artisan.

For a lot of Hanoians, banh chuoi (deep-fried banana) is the nostalgic food of childhood. Many of us would savor these crispy, slightly sweet snacks on the sidewalks as an after-school snack, or as a treat to send away the cold.

Street food stalls selling deep-fried bananas are ubiquitous in Hanoi. You can find them pretty much anywhere, but do keep in mind that they are open only in the afternoon. It makes a lot of sense actually, since rarely anyone wants something heavy and greasy in the morning.

A set of deep-fried bananas, along with sweet potato pancakes and corn pancakes. Photo: Thuy An.

Although the ingredients to make this addicting dish sound fairly simple: ripe bananas, sugar, flour, turmeric powder, making banh chuoi requires the exceptional skills of a master artisan. It’s not easy to achieve the golden ratio of the batter to produce a crunchy, delightful texture. And it’s equally tough to master the art of deep frying.

After trying various food stalls, let me introduce you to one of the hidden gems of Hanoi. Settled in Van Chuong street, this food stall has a simple set-up. You’ll find two large pans full of scorching hot oil, a giant bowl of batter mixture, and some racks that serve to cool down the pancakes and to display them at the same time. While there are spaces for you to sit and savor the hot, fragrant pancakes right away, bánh chuối is often a take-away item. So, you won’t find a lot of people who actually stay and eat.

The owner skillfully cooks three different types of pancakes at the same time. Photo: Thuy An.

The key ingredient is obviously the banana. Not all kinds work, actually. The owner uses ladyfinger bananas ( chuoi Su ), a variety of short and small bananas that tastes much sweeter and is more fragrant than the more popular Cavendish cousin. It’s important to use ripe bananas as well, since they’re at their sweetest. The blacker and more wrinkled the peel, the better.

To make banh chuoi , the owner cuts the bananas in half and presses them gently into flat slices using a wooden handle. She then swiftly dips the banana slides one-by-one into the secret batter mixture and fries them to perfection in piping hot oil. Different from other stalls that solely rest the freshly-fried pancakes on a cooling rack, the owner, after cooling the pancakes down, adds another step and actually puts them in a mini oven so that they stay crisp and crunchy.

Different from other stores, the pancakes here are put into a mini oven to preserve the freshness and crispiness. Photo: Thuy An.

The owner confides that she always threw away old oil that had been used several times for frying at the end of the day, and used new oil to maintain the excellent taste of the pancakes. “Everyone in my family has to eat at least two to three fried pancakes per day”, she added.

Usually, deep-frying banh chuoi in old oil gives it an off-putting brown-yellow color and a greasy taste and burnt smell. On the other hand, the fried pancakes here have a bright, appetizing golden color and a signature crunchy texture of foods that are fried in new oil. I also love how she only fries the pancakes when ordered.

Another special point about banh chuoi here lies in its crunchy outer shell. When putting the banana slices into the frying pan, the owner makes sure that each layer is thinly and evenly spread, so that the banh chuoi doesn’t become too dense and the exterior stays airy and crunchy. It is, in fact, very satisfying to bite into since you will be able to taste both the batter and the sweet, soft banana stuffing.

In addition to banh chuoi , the owner also sells sweet potato pancakes and corn pancakes. They are equally scrumptious and worth a try. The sweet potatoes are shredded finely so that when fried, they are cooked evenly and give you a crunch in every bite. Meanwhile, the corn pancakes are made of sweet, juicy corns and can bring you a harmony of flavor and texture.

Banh chuoi is a delicacy that is loved not only among children and teenagers, but also among adults. It’s quite cheap, priced at VND6,000 VND only. So, whenever you’re craving a snack, I hope I’ve given you enough reasons to give it a try.

Address: Opposite of 320 Van Chuong, Dong Da District

Opening hour: 1pm – 7pm

Price: VND6,000 per piece

Filed Under: Uncategorized Vietnam, banh chuoi, banana, pancake, Van Chuong, childhood, inhaled food nhs, nashua nh whole foods, manchester nh whole foods, nh foods whyalla, suncook nh chinese food, nh food bank jobs, chinese food in nashua nh

Ca Mau province looks to develop vibrant blue economy

February 26, 2021 by en.vietnamplus.vn

Ca Mau province looks to develop vibrant blue economy hinh anh 1 Illustrative image (Photo: VNA)

Ca Mau (VNA) – Endowed with a 254-km coastline and an abundance of aquatic resources, the southernmost province of Ca Mau has viewed sea-based economic development as an inexorable trend to help it create breakthroughs in socio-economic development.

Priority on infrastructure development

Due attention has been given to developing infrastructure in order to develop the blue economy in an effective and sustainable manner that is commensurate with the province’s advantages and potential.

Ca Mau plans to continue calling for investment in infrastructure at the 10,802-ha Nam Can Economic Zone , which is envisaged to become a sea-based economic zone with sound logistics services to meet regional and international distribution demand.

It is also encouraging investment to build Song Doc and Nam Can towns into third-tier urban areas by 2025.

Along with developing fifth-tier urban areas in coastal districts such as Dam Doi, Ngoc Hien, Phu Tan, Tran Van Thoi, and U Minh, the province will invest in engineering and shipbuilding industries at the Song Doc, Khanh Hoi, and Rach Goc estuaries, while carrying out construction of the Tan Thuan, Rach Goc, and Cai Doi Vam industrial clusters.

Socio-economic infrastructure in coastal communes, districts, and islands are being completed, providing the conditions necessary for blue economic development .

The province has given top priority to investment in important economic sectors such as aquaculture, tourism and services, renewable energy, and the maritime economy.

It is also improving local fisheries infrastructure to enhance logistics services, and calling for investment in logistics centres in Hoa Trung, Nam Can, Song Doc, and Hon Khoai.

Comprehensive development of the blue economy promoted

Ca Mau province looks to develop vibrant blue economy hinh anh 2 Harvesting white-leg shrimp in Nam Can district of Ca Mau province (Photo: VNA)

Known as one of Vietnam’s four key fishing grounds and with abundant and diverse aquatic resources, of which many have high economic values, Ca Mau has sharpened its focus on developing fisheries exploitation, which is a spearhead economic sector.

The province targets catching 800,000 tonnes of fish and seafood by 2030.

Along with developing a strong fishing fleet of more than 4,500 vessels, the province will also re-arrange seafood production based on expanding cooperatives and collectives to benefit fishing families and the sustainable protection of the ecosystem.

Ca Mau will fund the upgrading of infrastructure at fishing ports and storm shelters, as well as complete a fishing vessel information system to give timely warnings to fishermen in case of incidents at sea or to facilitate search and rescue efforts.

It will work to create concentrated aquaculture areas that produce high-quality aquatic species, apply state-of-the-art technologies into production, and develop a traceability system for products.

Relevant authorities will expand monitoring systems in concentrated aquaculture areas, to provide environmental and disease warnings to farmers.

The province will also work to create jobs for 25,000 local people living in coastal resettlement areas./.

VNA

Filed Under: Uncategorized Ca Mau, sea-based economic development, Nam Can Economic Zone, blue economic development, renewable energy, blue economy, Vietnam..., updated Vietnam news, nguyen kim ca mau, ao moi ca mau beat, ao moi ca mau che, ao moi ca mau phuong my chi, ao moi ca mau remix, beat ao moi ca mau, bai ao moi ca mau, rao vat ca mau, duc phat thich ca mau ni, bao moi ca mau, vibrant blue, vibrant blue oils

Primary Sidebar

RSS Recent Stories

  • Tan Son Nhat airport to serve 50 million passengers a year by 2030
  • Nam O Reef, the green pearl of Da Nang
  • Sixteen new COVID-19 cases confirmed on Sunday
  • Noodle soup with signature crab meatball in Saigon
  • Added trade potential for Vietnam with UK-EU deals
  • HCMC resolves difficulties for real estate to boost economic development

Sponsored Links

  • Gasly: I’m ready to be AlphaTauri F1 team leader in 2021
  • AlphaTauri needs error-free 2021 F1 season – Tost
  • Red Bull announces launch date for RB16B
  • Netflix reveals release date for season 3 of Drive to Survive
  • Albert Park F1 layout changes explained
Copyright © 2021 VietNam Breaking News. Power by Wordpress.