Day: November 18, 2021

The number of newly established private enterprises in Vietnam has increased steadily every year, from 70,900 in the 2015-2020 period to 112,500 in the 2015-2020. Not only quantity, capital scale and capacity of private enterprises have also improved.

In the first ten months of 2021, despite the serious impact of the COVID-19 pandemic, over 93,000 new firms were set up.

In 2011, there were about 325,000 private enterprises in Vietnam and the figure rose to 647,000 in 2019.

The scale of production and capital of private enterprises also increased sharply, from 6,875 trillion VND (303.6 billion USD) in 2011 to 24,024 trillion VND (1.06 trillion USD) in 2019, nearly 3.5 times higher.

Over the last five years, the number of private enterprises making it into Vietnam’s 500 largest companies is on the rise. Six private firms have even made their way into the Asian and global lists.

The private sector plays an increasingly significant part in the economy as it contributed 40 percent of Vietnam’s GDP.

The Central Institute for Economic Management (CIEM) attributed the positive results to the policy of developing the private economic sector in association with the economic transformation process of the Party and State.

According to experts, although there have been positive improvements, the capacity of the private economic sector is still limited, and does not commensurate with their role and expectations.

In order to improve the capacity of the private economic sector, it is necessary to focus on solutions to assist businesses in restoring production, minimising the negative impacts of the pandemic, stabilising production and business, and ensuring workers’ income and safety for workers, including creating conditions for enterprises to access new loans to restore production and business.

Source: Vietnam News Agency

In order to deal with traffic congestion, mitigate accidents, and improve the capacity of tapping Hanoi – Bac Giang – Lang Son expressway, contributing to drawing more capital to Bac Giang’s industrial parks and socio-economic development, the provincial People’s Council recently issued a resolution on the policy of investment in Nhu Nguyet bridge in the province.

Accordingly, Bac Giang will build Nhu Nguyet bridge across the Cau River, which is located next to the current bridge downstream. The length of the bridge and the road on its both sides is expected to stretch as far as about 1,240 metres. Its starting point is at Km 131+580 in Quang Chau commune, Viet Yen district while the end point is at Km 132+820 on National Highway 1 in Dap Cau ward, Bac Ninh city. The land area for use is about 0.96 ha, including around 0.78 ha in Bac Giang and some 0.18 ha in Bac Ninh.

Investment will be put on reinforced concrete and prestressed reinforced concrete bridge. The bridge will be roughly 445 metres long and 16 metres wide. The road section at both ends of the bridge has a total length of about 800 metres. Therefore, Nhu Nguyet bridge will be expanded from two to four lanes, and has a total width of 33 metres. The total cost of the project will be more than 456 billion VND sourced from local budget.

The project will be carried out during 2022-2024 by the management board of the provincial transport and agriculture projects, with preparations from 2021-2022 and implementation from 2022-2024.

Earlier on October 18, the Prime Minister issued the document No.1390/TTg-CN approving Bac Giang’s investment on expanding Nhu Nguyet bridge using the local budget.

Nhu Nguyet is a road bridge across Cau River, lying on the Hanoi – Bac Giang – Lang Son expressway linking Bac Ninh with Bac Giang province. However, on this route, there are still two positions at Xuong Giang bridge and Nhu Nguyet bridge (Bac Giang) which are being narrowed in size.

At present, traffic density on Hanoi – Bac Giang route has kept increasing. Those around Xuong Giang and Nhu Nguyet bridges have become traffic bottlenecks, directly affecting traffic safety, especially investment environment in Bac Giang.

Authorities of the northern province of Bac Giang have set a target to develop 20 urban areas by 2025, and due attention will be paid to infrastructure development.

Since 2016, the province has mobilised dozens of trillions of Vietnamese dong for urban development programmes.

The province’s Bac Giang city will build its urban development plan until 2035, vision to 2050 and complete its infrastructure network to meet standards for Class-1 urban area.

From now to 2025, the city will step up the construction of some urban residential areas as well as transportation projects.

It is to attract investment in new housing areas and apartments and improving quality of existing ones along with public services and malls.

Meanwhile, the province will issue urban development mechanisms and policies to attract investment in the field and work to enhance urban management capacity.

Bac Giang’s urban population had neared 400,000 as of the end of 2020, or 21.7 percent. It currently has 16 urban areas.

It implemented 47 urban and urban service development projects with total investment of over 13.59 trillion VND (589 million USD), along with 14 housing development projects with total investment of more than 8.45 trillion VND.

Of note, investment in water and transportation infrastructure exceeded 33.5 trillion VND.

Bac Giang is among the first localities to build a provincial development master plan, which serves as the foundation for its future socio-economic development, including urban expansion.

Source: Vietnam News Agency

The Virtual Vietnam Foodexpo 2021, the biggest and most comprehensive event of the country’s food industry, will take place from December 7 to 10, as part of an annual national trade promotion programme run by the Ministry of Industry and Trade (MoIT).

At a press conference held in Hanoi on November 18, Le Hoang Tai, Deputy Director of the MoIT’s Vietnam Trade Promotion Agency (VIETRADE), said the expo will take place on the website https://e.foodexpo.vn/.

With the theme highlighting agricultural products and food: adaptation – transformation – acceleration, the event focuses on discussing the prospect of accelerating Vietnam’s food industry, solutions to help food businesses covert to meet changes in demand and trends in the world market given the new context.

It will feature 300 virtual stalls offering vivid images and documents and diverse interaction tools like video call, chatbox, and meeting conference.

Attracting the participation of more than 20 provinces and cities nationwide and a large number of domestic and international companies in the sectors of food processing, agriculture and fishery, the event is expected to see 5,000 transactions taking place.

As part of the expo, there will be a series of conferences and workshops, including the Vietnam Food Forum 2021 slated for December 7 and chaired by the Ministry of Industry and Trade.

Source: Vietnam News Agency

Tra (pangasius) fish exports to Brazil are expected to grow in the last months of 2021 despite facing difficulties due to the COVID-19 pandemic.

Vietnam raked in 47.44 million USD from exporting tra fish to Brazil this year to mid-October, representing an increase of over 1.5 times against the same period last year, according to Ta Ha, an expert from Vietnam Association of Seafood Exporters and Producers (VASEP).

The VASEP representative said the South American country’s demand for food imports is projected to increase sharply from now until the end of the year and into next year, creating opportunities for Vietnamese tra fish industry to boost exports to the market.

Statistics from the Brazilian Fisheries Association showed that, in the third quarter of 2021 alone, the total import value of aquaculture products increased by 87 percent to 190 million USD. Of which, tra fish is one of the two products that saw import increase.

According to the International Trade Center (ITC), in the first nine months of this year, the value of Brazil’s import of white-meat fish hiked by 14.5 percent year on year to 121 million USD, with that of Vietnam’s tra fish soaring by 41.3 percent to 33 million USD.

Nearly 20 Vietnamese enterprises are exporting tra fish products to Brazil, including Southern Fishery Industries in Can Tho and Hung Ca 6 and Cadovimex II in Dong Thap, with 96 percent of products being frozen fillets.

Source: Vietnam News Agency