Press Review 03/10

Press Review 03/10

August August

P. 1: ‘Low valuations, strict liquidity conditions slow M&A activity’ - Saigon Times Daily 27.08.2010

July July

P. 4: ‘Quality key to EU market access’ - Vietnam News 15.07.2010

P. 5: ‘Alain Cany - More confident & straightforward’ - Thời Báo Ngân Hàng (Banking Times) 12.07.2010

P. 8: ‘MUTRAP III Workshop in Can Tho’ – - Thời Báo Ngân Hàng (Banking Times) 12.07.2010

P. 9: ‘Transfer pricing plays a part in FIE losses’ - Saigon Times Weekly 10.07.2010

P. 10: “Transfer pricing claimed to partly cause FIE losses” - Saigon Times Daily 01.07.2010

June June

P. 11: ‘Fit to Print’ - Quality and currency of information are key factors for readers of economic publications - Vietnam Economic Times 06.2010

P. 13: ‘Good to Come’ - Despite a first quarter slow down, enterprises remain upbeat about the long term outlook with confidence in an upturn. - Vietnam Economic Times 06.2010

P. 14: ‘Sense of direction’ - The usual issues remain, but optimism was in the air at last month's VBF meeting – Vietnam Economic Times 06.2010

P.16: ‘BBGV, EuroCham hold talk on Vietnam's outlook’ – Saigon Times Weekly 26.06.2010

P.17: ‘Exporters urged to study EU policies’ - Vietnam News 24.06.2010

P.18: ‘Skills needed by journalist’ – Thời Báo Ngân Hàng (Banking Times) 18.06.2010

co QUANCUA NGAN HANG NHA N110C VIET NAM.

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CAI CACHTHI TIC HANHCHINH:

Manh'danvathangthanhun. .

"Chung toi khuyen khiehnguoi Vi(!t Nam, dil la lamvi(!c trong cae DN nuoengoai hay trong nuoe hay~nh ~n thilo Iu(ln, gOp yeoi mo va vi(!c cat giilmcae thil b,le hanh ehinh -TTHC" . DO la m9t trong sOcae khuyen nghi cUa OngAlain Cany (anh trim) -Chiltieh PhOng Thudng ~ichau Au (EuroCham) ~i

Vi(!tNam khi trao doi va InhUng ket qua ban dau cUa

\ De an 30. (HOngDung thl!e I

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. THU Tl)C GQN NHI; SE TAO MOl TRUONG KINH DOANH THONG THOANG CHO DOANH NGHI~P ANH: DK.--

--- PV: Ong dtinh giti thi nao vikft qua th1/Chifn fJi an 30?

bng Alain Cany: EuroChamnh~n tha'y Chinh phil, cac bQ vacac tinh thanh, d~c bi~t Ia t6 congmc chuyen trach ciii cach TIHCcua Thu tu'dng Chinh phil dii d;.ttdo'<JcmQt s6 thanh congo Thanhdt, cd so dii' li~u qu6c gia v~TIHC dii do'<Jchoan thi~n vaothang 10/2009 nhAm nang caotinh minh b;.tchva cho phep DNva ngo'oi dan do'<Jcti~p c~n thongtin v~ phap Iu~t. Tha hai, vdiNgh! quy~t s6 251NE>-CPngay2/6/2010, Chinh phU dii cha'pthu~n ddn giiin h6a 258 TTHC 00tien, mang I;.ti iinh ho'ong saurQng d~n cac ho;.tt dQng kinhdoanh. Va cu6i dAng, Chinh phildii thOng qua Nghi dinh63/201OINE>-CPngay 8/6/2010,c6 hi~u h,ic ngay 14/10/2010 v~vi~c thi~t I~p "cd ch~ Mu D~ an30" d~ ki~m tra ti~n trlnh thl,ichi~n cac TIHC mdi cling nho'thi~t I~p mQt cd quan mdi d~ki~m soat cac TIHe.

PV: DN chiJ d(li gi 11cac kftqua hay dQng thai tiep theo cootiin trinh th1/Chifn TTHC? DInvUi cac DN, thtich thr1c tUi dliytrong th1/Chifn kft qua fJi an 301::.. '?IU lJl.

bng Alain Cany: Cac k~tquii dii d;.tt do'<Jcla quan trQngnhu'ng chi c6 th~ nh~n bi~t chAcchAn mc dQng toan di~n cua D~an 30 vao cu6i nam 2010. Ngoaira, sl,ithanh cong lau b~n cua D~an 30 se ph~ thuQc nhi~u vaovi~c duy tri do'<Jc dQng Il,ic teStnho'

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hi~n nay. EuroCham tin rAng,di~u d~c bi~t quan trQng la phiiithl,ichi~n va ap d~ng cac khuy~nngh! d~u kh~p 0 cac cffp diapho'dng.

MQtIftnnii'a,va'nd~ then cheStchinh la vi~c dt giiim cac TTHCdo'<Jcdo'a vao thl,ic hi~n ngaytrong Lu~t, Chi th!, Ngh! dinh vaThOng tu'. Day se la mi;>tkh6ilo'<Jngcong vi~c Idn. Hdn nii'a,hi~n chi c6 258 tren t6ng s6 hdn5.000 TTHC dii do'<Jcc~t giiimho~c ddn giiin h6a. Cu6i ding,chUngtoi mu6n chi ra rAng ngaycii mQt thu ~c t6t nha't cling chit6t khi thu ~c d6 do'<Jcchuyenvien ph~ trach ap d~ng. Tuy c6hang nghln can bi;>cong chac lamra't t6t nhi~m ~ cua hQ hangngay, doi khi mi;>tTTHC ddngiiin cling c6 th~ bi hi~u sai, gaykh6 khan them cho DN. ChUngtadn tranh di~u nay. Vi v~y,chUng toi d~ xua't nen c6 nhii'ngkh6a dao t;.to,~p hua'n 0 cac ca'pdia pho'dngd~ cac can bQchuyentrach cac ca'p thl,ic sl,itri~n khaidung cac thu ~c dii do'<Jcddngiiin h6a. Chi khi do'<Jcdao t;.tot6t thl cac can bQ c6 tam huy~tmdi c6 th~ mang l;.tisac s6ng chocac thu ~c sii'a d6i va ddn giiinh6a nay!

PV: Ong co kiin nghi gitrong vifC tiep f1#:th1/Chifn rasoot va cdt giam TTHC cuaChinh phu Vift Nam khOng?

bng Alain Cany: Tit kinhnghi~m cua EuroCham vdi cacnh6m cong mc trong Hi;>id6ng To'va'n Ciii cach TIHC (ACAPR)trong nam vita qua, chUng toikhuy~n khich ngu'oi Vi~t Nam,du la lam vi~c trong cac DN no'dcngoai hay trong no'dc hay m;.tnh

Hi~n De an 30 ve eai each TTHC cda Chinh phil dang Ii" "cu6i giai dO{ln2, dlj lciengiaid~ 3 se ket thilc vao14/10/20fO.Sau 2 nam cfivao ,.., d~, ACAPR dB d(lt

dlit!C nhifng ket qua rat tich cljc, dOng gOp llin vao ket qua cdaDe an 30. Trong giai dO{ln thOng ke, H9i dOng dB ngh;en CUu,lcienngh; hoim th~, b6 sung gan f.500 ten TTHC trong sO htin 6.500ten TTHC 118mtrong danh IIJ4ICthOng ke ban dltu do ciJc #)9,ngilnh, crIBphlidng chuyen cho To Cimg tilc chuyen triIch eai eachTTHC cda Thil tdang Chinh phil tOng h(lp.

Trong d9' iii soiJt f, cO 133 TTHC dlit!C H9i dOng iii soiJt va dengh; bili b6 25 TTHC, dtin giiln bOa fOB TTHC, de xuat 7 mBUdoomau ta khai hiInh chinh, sua d6; 17 mau, de xuBt biIi b6 9 yeu cBucfieu ~n thljc h~n TTHC, sua doi 3 yeu cBUa.eu ~n. Trong giaidO(lniii soiIt 2, H9i dOng dB tham gia ra soiIt 233 TTHC, de ngh;bili b6 6f thU ~c va sua d6; 172 thU ~c. DIj lcien trong quy3/2010, #l9i dOng se trinh ThU tliang quyet d;nh doo gilin bOakhoiIng 5.700 TTHC.

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d;.tn thiio lu~nlg6p y coi mo v~vi~c dt giiim cac TIHC. Trongcac nh6m cong mc, chUng toinh~n tha'y rAng cac thanh vientham gia tho'ong chi d~ xua't sii'ad6i thay VId~ xua't - dt giiimcacthu ~c. Theo d6, tftm vdi cua cacd~ xua'td6 cho'a dii xa. ChUngtoicho riing, cac thanh vien trongnh6m cong tac cua ACAPRkhong nen ngftn ng;.tineu thAngth~n nhii'ng kh6 khan v~ TIHCma hQVu'dngm~c.

Hdn nii'a, di~u dn thi~t lakhong do'<Jct;.to them ba't kynhii'ng TTHC khong cftn thi~ttrong khi vftn dang ti~n hanh D~an 30. Khong c6 Iy do gl khi mi;>tm~t dt giiim 30%, trong khi mi;>tm~t khac la do'a them 30% cacthu ~c nii'a, VI n~u nho' v~y thlmc di;>ngthl,ict~ cu6i cung la cons6 khong. Di~u quan trQng cftn100y la c6 d~n hdn 5.000 TTHCdn phiii do'<Jcra soat va nhii'ngvi~c t6t dii thl,iChi~n dn phiii

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do'<Jcti~p ~c thl,ic hi~n trongnhii'ng nam ti~p theo. ChUng toihy vQng rAng cd quan mdi v~ki~m soat TIHC se ho;.tt di;>ngth~t hi~u quii d~ d;.tt do'<Jccacmuc tieu Idn dii d~ ra deSivdi5.700 TIHC dn do'<Jcra soat.

Thl,icti~n lam vi~c trong quatrinh ra soat, t6 cong mc chuyentrach ciia Chinh phil dii keu gQinhii'ngtrao d6i coi mo va tich cl,icti~p nh~n cac khuy~n ngh!. Dayla cd hQi d~c bi~t d~ ci;>ngd6ngDN Vi~t Nam va no'dc ngoai t;.tiVi~t Nam ciii thi~n moi tru'ongkinh doanh chung. N~u Vi~tNam d;.tt do'<Jc m~c tieu,EuroCham tin riing trong vaithang va vai nam Wi, hdn 30%cac TIHC con lai se do'dc dtgiiim cha khong ~hi sii'a d6i chiti~t. Nho vao d6 giup Vi~t Namnang cao nang Il,icc;.tnhtranh vathanh cong hdn trong trung vadai h;.tn.

PV: Xin cam fin ong!. .--

H{Ithio 1l00an Iyva Dieu hanh -I Hi~ h{i va Doanh nghi~ Vi;i Namll

Ngay 14/7/2010, PhongThudng m~i Chau Au ~i Vi~tNam (EuroCham) se t6 chuc hQithao "Quan ly va E>i~u hanh -Hi~p hQi va Doanh nghi~p Vi~tNam" ~i C~n Thd.

HQithao ~ cung ca'p (;ac,thongtin din ban, cong c~;. va kinhnghi~m thtfc ti~n v~ quan Iy d6ingo~i. E>6ngthai, giup cac Hi~phQi va DN Vi~t Nam nang caonang ltfc v~ thi~t l~p m~ng luoi

quan M va tu va'n. Quan ly Mingo~i la chi~n IUQcnh~m ~o dtfnggia tri va khong chi dtfa tren chiphi ma con la don bay d~ phattri~n cac ho~t dQng va giup thucdfty ti~n trinh xay dtfng m~ng luoi.Quill ly d6i ngo~i t6t con co th~thay d6i hoan toan cac m5i quanh~ gifi'a t6 chuc va cac d6i tIlc ciiat6 chuc do, tir do t6i U'ubOa cae cdhQi hi~n ~i va tttdng lai...-

PV

SPECIALREPORT

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Quality and currency of information are key factors for readers ofeconomic publications.

. THANH N GA reports

Enterprises and journalists have longhad a close relationship. WithVietnam integrating into the globaleconomy, journalism plays an even

more important role in economic devel-opment. Together with the function ofproviding information to readers and repre-senting the voice of enterprises, the two arepartners.

There are now many types of economicnewspapers - electronic, printed, daily,weekly, and monthly. Information about thestock exchange, property, banking andfinance, and others is constantly updated.And the information is becoming available

VIETNAMECONOMICTIMES, JUNE 2010

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in different languages; especially importantin this age of increased foreign investment.

As a foreign invested enterprise (FIE) inreal estate, Savills Vietnam has a solidfoothold in the field. Journalism has helpedthem to better understand the Vietnamesemarket. "Property articles in economicnewspapers give us an overall outlook aboutthe market and are useful for us in knowingabout market trends, which help us offerbetter services and satisfY our customers,"said Mr Brett Ashton, Managing Director ofSavills Vietnam.

In other fields, Mr Pham Van Minh,from a steel FIE, said that the relationshipbetween enterprises and journalism is a goodone. Journalism is the link between enter-prises and the government and can represent

28

the voice of enterprises. "Journalism followsthe changes in enterprises and supportsthem in advertising," he said.

According to Mr Le Khac Hiep, VicePresident of the Vincom Joint StockCompany, the relationship between enter-prises and journalism has recently seenpositive changes. The two-sided relationshipis based on respect, clarity, objectivity, andcommunity interest. Journalists not onlyupdate news but also bring togethereconomic analysts to share views and makeforecasts that help the enterprises betterchoose their business direction. Journalism,he said, plays an important role in devel-oping enterprises.

Mr Ashton sees Vietnamese journalists asdynamic, knowledgeable, quick, and eager

to learn and improve themselves. They workhard to provide readers with good qualityarticles on interesting subject matter.Similarly, a representative of another FIEsaid that Vietnamese journalists followenterprises closely and seek information ofthe micro and macro economy. Many aren'tafraid of the difficulties often found inuncovering information.

But despite their strong points,journalists are still limited in some respects.In English-language economic newspapers,journalists must grapple with language diffi-culties. "This may prevent them fromcommunicating fully with foreign business-people in their articles and can lead tomiscommunication," said one foreignbusinessman.

Another key point is knowledge. It isnecessary for journalists to equip themselveswith thorough knowledge of economic issues."This not only makes the article attractivebut also persuasive," said Mr Minh."Conclusions drawn can influence readers, sothey must be responsible when writing theirarticles." With economic publications this isespecially the case, because an article canaffect. the interests of many people.Journalists in the field must be more carefulwhen putting pen to paper on any issue.

Economic newspapers in Vietnam aregenerally held in high regard. VET is, of

course, one your correspondent knows well.It receives support from readers, business-people and economists. According to theExecutive Director of the European Chamberof Commerce in Vietnam Dr MatthiasDuehn, Vietnam's economic newspapers arestrong on quality and quantity. "VET is agood economics magazine, selecting goodarticles covering a wide range of topics," hesaid. "It is an important magazine for thebusiness community."

But foreign language publications needto do more. Journalists need strongerforeign language skills as Vietnam'seconomy opens up to the world. This allowsa more confident approach to foreignbusinesspeople and more accurate reporting."Economic newspaper should focus on aparticular area in every issue, rather thanevery issue covering more of the same orsimilar topics," said Dr Duehn. It isnecessary to provide analysis from econo-mists in order to gain a broader view ofVietnam's economy. And online and dailynewspapers must guarantee their infor-mation is fully updated. The quality ofinformation can never be underestimated.

There are many opinions about therelationship between enterprises andjournalists, and it's true there are bothstrengths and weaknesses. The two sidesworking together results in better articles,

SPECIALREPORT

. 'Journalists are a bridgethat connects enterprisesand the public. Thecooperation between themedia and enterprisesgivemore value to readers."

Mr Brett Ashton

Managing Director of Savills Vietnam

and the relationship must be based onrespect and understanding.

Together with development in general,journalism in Vietnam needs to do manythings to meet the needs of readers. Qualityarticles will be published elsewhere,contributing to economic development."Thanks to economic newspapers, we canreceive updated information and news onpolicies from the government," said aManager of the Retail Bankin~ Departmentof a foreign bank in Vietnam. 'And I like theeconomic magazine because I can gain awide view about the economy, especiallybanking and the stock exchange. This helpsme to gain an overall picture aboutVietnam's banking sector." .

COVERSTORY,

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Despite a first quarter slow down, enterprises remain upbeat about thelong term outlook with confidence in an upturn.

. HAl BANG reports

Since last November the business confi-

. dence index (BCI) of Vietnamese enter-prises, reflecting expectations of apositive or better business result, has

grown slightly, by 3 points. The attitude wasrevealed in a recent survey conducted by theVietnam World Vest Base financial intelligentserviceand PetroVietnam Finance Corporationon 143 local enterprises, more than half ofwhich were small- and medium-sized enter-prises (SMEs). Eighty per cent of respondentsagreed that the economy is now better than 12months ago; evidence of greater optimismamong enterprises.

The rise in business confidence alsosuggests that the economic situation hasstabilised somewhat, at least for the timebeing, although SMEs, as usual, remaincautious when talking about recovery.About78 per cent of enterprises were confident theirturnover would rise,while 52 per cent plan toincrease staff recruitment this year. Optimistsclearlyoutweigh the pessimists.

BRIMMINGWITHHOPEOne of the voices of the business

community in Vietnam, the EuropeanChamber of Commerce (EuroCham),believes that 2010 is a promising year forVietnam. Dr Matthias Duehn, ExecutiveDirector of EuroCham Vietnam, told VETthat the overalleconomy seems back on trackalready. "Growth figures came in at animpressive5.32 per cent for 2009, 5.8 per centfor the first quarter of 2010, and is now

VIETNAMECONOMICTIMES, JUNE 2010

projected to be more than 6.5 per cent thisyear," he said. "Credit has become accessible,but is still relatively expensive. The stockmarkets have recovered well from theirhistoticallows of about a year ago." There isstill some apprehension about the future but alarge proportion of local enterprises seemconfident that the worst is behind them.Despite the economic picture yet to completelyevolve and some difficulties lying ahead thisyear, enterprise sentiment is that things will getbetter.

Some corporate leaders contacted by VETwere indeed confident and optimistic about thelong term outlook for their businesses. SaigonTransportation Mechanical Corporation(SAMCO), a state owned enterprise entrusted

by the government as one of four corporationsundertaking the key task of developingVietnam's automotive industry, has just held aconference to sum up its preliminary firstquarter performance. In the first three monthsof this year SAMCO recorded turnover ofVND2.891 billion ($161,000), accounting for18 per cent of the yearly plan. Mr Tran QuocToan, Deputy General Director of SAMCO,acknowledged that the first quarter result wasnot as good as expected but believesin a strongrecovery in the next quarter. "If bank interestrates continue to go lower, enterprises andindividuals will be able to accessbank loans andour situation will definitely improve," he said."So we feel reasonably good about the secondhalf of the year."

OUT~OOKONVIETNAM'STRADEVO~UME

MoreVietnamesetraders(79%)expecttradevolumeto increasein thenextsixmonths

14%

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Maintain Sarno Lovol

1H09 2H09

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Source: H5BC Trode Confidence Index, Moy 2010

VIIINAM'S TRADECONFIDENCE

140

Positive

120

108

132

110

Neutral 100 .-- - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - -- - - - -- - - - - - - - - - --- - - - - - - - -- - - - - - -- - - - - - -- - - - - --

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Negative

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It seems that confidence and rhythm in thebusinesscommunity really is back on track anddespite the slowdown in growth in the past fewmonths many people. are talking about abrighter future. Amid difficult times, theKhanh Viet Corporation (KHATOCO) hastried to upgrade its production line to be fullyprepared for business opportunities once themarket recovers.According to Ms Nguyen ThiTuong Anh, General Director ofKHATOCO,the company has recendy installed a new highspeed printer worth VND40 billion ($2.2million). "Despite facing many difficulties andchallengesin the fourth quarter of 2009wedecided that all our investment projects shouldbe implemented without delay," she said. "Webelieve that opportunities are always there,tomorrow or any time in future."

From the perspective of a foreign investedenterprise in Vietnam, Mr Michael Pease,General Director of Ford Vietnam, sees astrong rebound boosting sales in the comingmonths. "The first quarter was verychallenging since the end of the economicstimulus package resulted in strong salesin thefinal months in 2009 and a correspondingoffiet in early 2010," he said. "But we have seena gradual recoveryand our April salesare nearly70 per cent higher than in April 2009." Thebiggest driver of increased sales, he continued,is the passenger car area,where Mondeo, Focusand Escape represent extremely good value formoney and have strong appeal in the currentmarket conditions.

BOLSTERINGCONFIDENCE

Corporate leaders, however, also point outthat enterprise confidence will not only dependon the country's economic prospects but alsoon the government's support policies. At themoment, it is reasonable to say that thedecision to lower il1terestrates has considerablystrengthened business confidence and thecorporate sector is expressing a hope for evenmore. Mr Pease expects that the company'sgrowth in the remaining six months of 2010will be closelylinked to government policies topromote growth in the overall economy. "Theoudook is positive in that area and I wouldexpect to see positive improvements in Ford

2H09 1H10

Source: HSBCTrodeConfidenceIndex, Moy20W

sales as consumers and business regain confi-dence and as interest rates continue their trenddownwards," he said.

Looking at the long-term prospects, hesuggested that enterprises need to achieveglobal skills, scale and cost efficiency tocompete effectively,and this requires a strongdomestic demand base, assistance to developexports, improvements in vocational andprofessional education, and the developmentof a strong supporting industry base."Government action is needed in all theseareas as a matter of urgency if Vietnam is tobe ready for the opening of the market by2018," he said.

Meanwhile, Dr Duehn from EuroChamsaid that European companies mosdy agreethat the worst is behind them and hinted thatthe government would provide the frameworkfor local companies to operate and buildcapacity together with the foreign private sectorin Vietnam. Although it is still clear that themain obstacles for European companies inVietnam remain infrastructure, humanresources, and a lack of consistency and trans-parency in the regulatory environment, theirbelief in future success is strong. "EuroChamand its members maintain their firm belief inthe great potential of Vietnam, both as aregional leader and as a destination forEuropean investment," he said.

Mr Bui Hong Minh, General Director ofthe Cement Finance Company (CFC), believesthat the State Bank of Vietnam should decidewhether to increase or lower the prime ratebased on market conditions. He also under-scored the need for controlling credit activitiesin the banking sector to ensure that enterpriseswith good business performance can easilyborrow capital.

Above all, a healthy economy alwaysneeds astrong corporate sector, as it provides services,products and jobs. Taking into consjderationthat over the last few months many enterpriseswere concerned about the overall economicconditions, this upswing in business confidenceCan be viewed as good news. It partly showsthat the economy is gathering speed once againand companies are gradually planning forinvestment and business expansion. .

17

COVER STORY

. ''EuroCham believes.that 2010 is a promisingyear for Vietnam. Growthfigures came in at animpressive 5.32 per centfor 2009 and 5.8 per centfor the first quarter of2010, and is nowprojected to exceed 6.5per cent this year. Credithas become accessible,butis still relatively expensive.The stock markets have

recoveredwellfrom theirhistorical lows of about ayear ago. Overall, theeconomy seems back ontrack already."

Dr Matthias Duehn, ExecutiveDirector, EuroCham Vietnam

. "Our businessperfor-mance in QI 2010 wasencouragIng as werecorded turnover ofVND467 billion,accounting for 27. 4 percent of the whole year'splan. Based on this, weare confident that thecompany is heading theright way and that thefuture will be better.However, there are stillfactors concerning us,both internal andexternal, such as insta-bility in the macroeco-nomic situation and priceincreasesfor inputmaterials. "

Mr LeVan Tri, Deputy GeneralDirector, Southern Rubber Industry

Joint Stock Company (CASUMINA)

VIETNAM ECONOMIC TIMES, JUNE 2010

BUSINESSREPORT

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ASEAN countries.Wirh the effects of the global cnSlS

perceived as having passed, discussionscentred on the overall investment climate andthe status of economic reforms in relation toinfrastructure, human resources, and thebroader area of public administration,regulation and tax. Discussions were led byrepresentatives from local and foreignbusiness associations, followed by responsesfrom government officials representingrelevant ministries.

The JETRO surveys offer a more nuancedview of" Vietnam's situation. The countryclearly remains competitive, but this may bedue to low labour costs more than highproductivity. In spite of the minimum wageincrease in January 2010, Vietnam has thelowest salaries in both manufacturing andnon-manufacturing sectors among allASEAN countries. The level of salaries iscomparable to that of South Asian countriessuch as Pakistan, Sri Lanka or Bangladesh.

The EuroCham representativecommented that developing the country'sinfrastructure will be one of Vietnam's majortasks to improve its regional competitivenessand become better integrated into globalsupply chains. It is estimated that Vietnamwill need about $70 to 80 billion for

38

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The usual issues remain, but optimism was in the air at last month's VBF.meetlng.

. LE CAM LE reports

Participants at the mid-year VietnamBusiness Forum (VBF), held in May,did not voice many concerns aboutthe need to regain confidence or

stabilise the macroeconomic situation. Butthere was much discussion about policyreforms and the business environment.

The relatively upbeat mood of thebusiness community regarding the macroeco-nomic situation was well captured by surveysconducted among Japanese investors by theJapanese External Trade OrganisationQETRO). According to JETRO, in 2009Vietnam ranked in 15th position among 18countries covered, on estimated operatingprofits. Only 40.6 per cent of companiessurveyed declared they were making profits,whereas 24.5 per cent were breaking even andan unusually high 35 per cent reported losses.Prospects for 2010 can be estimated based onthe percentage of companies declaring theirprofitability will worsen or improve. Theresulting figures put Vietnam at the top of the18 countries, on par with China. Meanwhile,the share of Japanese-affiliated firmsoperating in Vietnam that plan to expandtheir business within the next one to twoyears is reported to be the highest among

VIETNAMEcONOMIC TIMES, JUNE 2010

investment in infrastructure over the next fiveyears. According to the World Bank, demandfor infrastructure investment will be close to11 per cent of Vietnam's GDP during thisperiod, but there could be a potentialfinancing gap of up to 5 per cent of GDP."Some of this investment should be in theform of PPPs, in order to benefit from theleverage provided by the efficiency, compe-tition and investment of the private sector,"said Mr Tony Foster, on behalf of the VBFInfrastructure Working Group. However, thegroup also identified five main reasons whyprivate sector infrastructure is not picking upat the rates observed in China and in otheremerging countries. These are: regulatoryinadequacy, financing limitations, riskprofiles, administrative burdens and afford-ability gaps.

To address these concerns the VietnameseGovernment is developing new regulations toupgrade the regulatory framework governingPPP projects and contracts. For the first timein several VBF meetings, Mr Foster wasactually in a position to congratulate thegovernment for the progress made on thisfront. This was because of the draft decree toregulate Pilot PPP Projects.

The draft decree does not attempt to coverall circumstances, but rather to allow pilots to

serve as a learning experience based on whicha more comprehensive framework can bedeveloped later on. Mr Dang Huy Dong,Deputy Minister of Planning andInvestment, eXplained this choice by sayingthat there cannot be a single templateapplicable to all sectors.

The Decree will support transparent andspeedy mechanisms for potential investors tocompete for government support. This couldbe under the form of an auction for the shareof the project costs the investors would wantthe government to shoulder. Among equallyqualified investors, the one requesting thelowest government support would be selectedto implement the project. Mr Dong alsoteferred to guarantees, explaining that theircharacteristics would be specified as part ofthe project, so that when potential investorscompete they know what those characteristicsare, and lengthy negotiations can be avoided.In the past, the negotiation of suchguarantees could add years of negotiations tothe preparation of a PPP project. Mr Dong

.added that a task force would be set up,convening representatives of all relatedauthorities, in the spirit of a "one-stop-shop".

Participants also commended thegovernment on the progress made in thesimplification of administrative proceduresunder Project 30. And while there was somedebate in relation to tax administration andto land management, the feeling from themeeting was one of broad agreement on the

sense of direction between government andthe business community.

There was more controversy in relation toother policy areas. One industry that has thepotential to markedly increase in size andthereby contribute significantly to theVietnamese economy is mining. Controversyover mining has been common over the lastfew VBF meetings. But this time it centredupon the taxation of mining activities, andespecially on the sixth draft of the MineralLaw, currently being debated by the NationalAssembly.

According to Mr Nguyen Xuan Tuongfrom the VBF Mining Working Group,mining enterprises will now be subject to fivedifferent duties: corporate income tax, royaltytax, environment fees, wastewater fees andresource compensation fees. The groupclaims that some of these duties are untea-sonable. "Enterprises have to spend moneyon implementing obligations in compliancewith the approved Environmental ImpactAssessment, but also pay fee for environmentprotection?" Mr Tuong questioned. He alsowondered about the difference betweenroyalty tax and resource compensation fee.The responses from line ministries suggestedthat there is less than full consensus withingovernment in relation to the resourcecompensation fee.

The debate on mining notwithstanding,the atmosphere at the VBF discussion wasconstructive and participants shared a

BUSINESS REPORT

renewed sense of optimism about economicprospects for Vietnam. "Over the last sixmonths we have seen evidence of recovery,confirming the government and the StateBank of Vietnam's credentials in handling theimpact of the financial crisis," said Mr SimonAndrews, IFC's regional manager.

He also remarked that macroeconomicimprovements, including a stabilisedexchange rate and lower inflation, have beencomplemented by efforts at both nationaland sector levels to improve the businessenvironment. "It is therefore encouraging tonote the increase in FDI disbursements forthe first half of this year as evidence of greaterforeign investor confidence in Vietnam'srecovery process," he said.

The biggest challenge for Vietnam for theremainder of 2010, many believe, will be tosustain growth without fuelling inflation,while at the same time creating the condi-tions for Vietnam to become an industri-alised country. At the less macro level, the factthat Vietnam ranks last on the competitiveindex for infrastructure quality compared toother neighbouring countries, according tothe World Economic Forum, will require thegovernment speed up the improvement ofthe country's infrastructure. Another call toaction raised at the meeting is that Vietnamadopt education reform as a priority to makethe country more competitive in the globaleconomy and further its own goals of exportgrowth and job creation. .

~ fJ«Uj;

? A " .. ".1' .. A

cO aUANCU.ANGAN HANG NHANuaCVIET,."

so oAC BII;T KY NII;M 85 NAM NGAY BAa CHICACH MANGVII;T NAM (21/6/1925- 21/6/2010)

]:;GA:NHANG 85NAM.NGAYBADCHICACHM4NGVip NAM[21/6/1925- 21/6/2010] RA NGAY 18 _S~ ~~~~~ 13

ONG DINH THE HUYNH -

UVTW DANG, CHU T!CH HQI NHA BAa VII;T NAM:

Nganh Ngan hang luon cung cap thong tin day du cho bao gidi... Bao gidi da du<;lclanh d~o

NHNN Vi~t Nam ra't tin c~y. Tulau nay da co chuong trlnh ph6ih<;lpgifi'a HQi Nha bao Vi~tNam, cac co quan bao chi vdinganh Ngan hang va dem l~ihi~u qua ra't cao. Nhfi'ng namvua qua dudi tac dQng cuakhung hoang tai chinh - ti~n t~the' gidi va suy thoai kinh te'toandu, bao chi chUng ta thlfc hi~n

" ,.

NHA BAOCan nhang

ky nllng gi1

t6t nhi~m V\lcua minh, thOngtinmQt cach chuiin xac, dung dinhhudng VI l<;liich cua da't nudccmnh Ia nha co slf quan tam cualanh d~o Dang, cua dQingu canbQngan hang tu NHNN cho Wicac TCTD.

Gia thie't khong co slf ph6ih<;lpdo, bao chi khong du<;lccung dp thOng tin mQtcach kipthai, chuiin xac... va VI v~y,

chUngta dem thOng tin tdi congchUng khong kip thai, chuiinxac, gay phuong h~i cho da'tnudc thl khong bie't h~u qua the'nao.

Chinh VIv~y, nhiin dip nay,toi xin thay mij.t HQi Nha baoVi~t Nam bay to long bie't ond6i vdi cac d6ng chi lanh d~oNHNN, toan th~ can bQ nhiinvien nganh Ngan hang trong ca

nudc luon danh cho bao chi slfquan tam cung dp thOngtin mQtcach dffy du, kip thai, co dinhhudng d~ bao chi chUngWihoanthanh nhi~m V\l..

(Trich phdt biiu cua UVTWDang, CM tjch Hf)i Nha baoVi~t Nam Dinh The'Huynh tt;lil~trao Ky ni~m chztang vi SIfnghi~p bao chi cho cae liinh dt;loNHNNngay15/6/2010).

Nhin Ii;lich(lng duang lich su 85 nam qua, Bao chi Cach mi;lng Vi~tNam da khong ngung d6i mdi va phat trien mi;lnh me, dong gop xungdang VaGsl,( nghi~p xay dl,(ng va bao v~ T6 qu6c Vi~t Nam xa hqi chunghia. Budc sang thai ky phat trien mdi cua dat nudc, bao chi tiep t~cgiu vai tro quan trQng gop phan cling ca nudc thl,(c hi~n m~c tieu "Dangiau, nudc mi;lnh, xa hqi cong bang, dan chu, van minh" do Dang de ra.

Tung ngay, tung gia, nha bao noi chung, cac phong vien viet baochuyen nganh noi rieng luon d6i m(lt vdi nhung ap Il,(c xuat phat tu nhucau cua chinh nhung bi;ln dQc than thiet. Nha bao can phai co nhungpham chat gi va can b6 sung them nhung ky nang nghe nghi~p gi1 Xinghi Ii;limqt s6 y kien tu nhung bi;ln dQc cua Thai bao Ngan hang.(Nhom PV thl,(c hi~n).

sA DUONG THU HUONG -

T6NG THU KY HII;P HOI NGAN HANG VII;T NAM:

can dUQetiep ~n caebuoithao lu(lnehinhsileh...

Ngu'ai dan c6 quy~n doihOi nh~n du'<.1Cnhung thOngtin chinh sach kip thai. SIfkip thai d day khong chidu'<.1chi~u la nhung chUtntong chinh sach dii banbanh, ma ngay tir hie nhungchinh sach d6 dang du'<.1cthao lu~n. Vi~c cong khaithOng tin cling se gitipnhung ngu'ai xay dlfngchinh sach nMn du'<.1cg6p ytir thu'c tien. Va vai tro cuabao ~hi du'<.1Cth~ hi~n d ch6cung dlp thong tin kip thaide'n cii hai d6i tu'<.1ngdQcgia: ngu'ai dan va nbahO'.lchdinh chinh sach.

D6i voi nhiIng to baochuyen nganh, thong tindang tai thu'ang c6 chi~usau, toan di~n hon thlnhung phan h6i cling dachi~u hon. Va ngay cii khimQt chinh sach dii di vao

cUQcs6ng thl nhung thongtin philn h6i tir nhung d6itu'<.1ngchiu slf di~u chinhcua chinh sach d6 cling ra'tdn thie't d6i vdi ngu'ai lamchinh sach. Suc m'.lnh cuabao chi trong su6t qua trlnhtir xay dlfng, ban banh de'nthlfc thi chinh sach la ra'tIon. Ban than toi cling diic6 nhung ki~m nghi~m v~di~u nay khi con lam d'.libi~u Qu6c hQi. Suc m'.lnhd6 cua bao chi mang tinh

hai mij.t: Tac dQng t6t ra'tlOn,nhu'ng tac dQng xa'u thlc6 th~ de'n muc pha hO'.li.

Chinh suc m'.lnh cuabao chi doi hOi ngu'ai lambao, nha't la bao chuyennganh ph<li c6 kie'n thuc,hi~u bie't nha't dinh. Ta'tnhien khong th~ doi hOinba bao phili c6 kie'n thuc,slf hi~u bie't sau rQng nhu'nhung ngu'ai lam chinhsach. Nhu'ng ne'u hQ c6kie'n thuc va du'<.1Cco quanxay dlfng chinh sach t'.lOdi~u ki~n cho hQ tham gianhung bu6i thao lu~n v~chinh sach tir d~u thl hQ sehi~u sau hon va toan di~nhon v~ chinh sach d6. Vanha v~y, hQ c6 th~ du'a tinchinh xac, toan di~n vaquan trQngnha't la dam baotinh khach quan cua thOngtin..

sA VICTORIA KWAKWA -

GIAM D6c QU6C GIA NGAN HANG TH~ GIGI TAl VII;T NAM:

...H9 COthe lam dUQCnhieuhdn theCac nha bao Vi~t Nam

c6 nhi~u ti~m nang d6ngg6p vao slf phat tri~n cuadfft nu'dc. Tuy nhien, cacnha bao c§n khong nglingnang cao nang llfC tren 3phu'ong di~n sau: Tha nhfft,ky nang thu th~p thong tinlien quan de'n chinh sachphat tri~n cua dfft nu'dchay llfa chQnnhUngchinh sach quan trQngd~ dang cli. TM hai,ky nang philn tich,thong tin. TM ba, ky nanglam n6i b~t y nghIa cua va'n d~ mlnh dinhvie't. Tren thlfc te', toi tha'y nhi~u nba baophOngva'n xong v~ vie't l'.lichu,khong philntich thong tin hay du'a ra thOngdi~p ro rangcua ngu'ai phOng va'n la gl; hay thong di~pd6 se c6 ynghIa nhu' the' nao va tir d6 rut ra

bai hQc thlfc te' gl cho Vi~tNam..

Khong th~ phil nh~n r~ng,cac nha bao Vi~t Nam dii lam t6tcong vi~c cua minh, nhu'ng hQ c6th~ lam du'<.1cnhi~u hon the' d~thu hUt slf quan tam cua b'.ln dQcd6i vdi thong tin hQ dang cli.Di~u nay doi hOi ph6ng vien phiii

n6 llfc nhi~u hon trong vi~c nang cao nangllfc philn tich va tir d6 chia se thOng tin vdi tfftCelmQi ngu'ai. D~ dap ti'ng doi hOi nay, ngaytir d§u, nba bao c§n du'<.1cllfa chQn mQt cachkY cang. Nha bao phiii la ngu'ai c6 ti~m nang,phiii hQCcach di~u tra, philn tich... T6m l'.li,cac nha bao c§n phiii t1!chuftn bi hlmh trangcho minh b~ng nhUng ky nang c§n thie't ph\lCV\lngh~ nghi~p cua hQ..

ONG ASHOK SUD -T6NG GIAM D6c NGAN HANG TNHH MOT THANH VI~N STANDARDCHARTERED (VII;T NAM):

Phili COkien thuc chuyen man yangSau khi Vi~t Nam

gia nh~p WTO, dii c6mQt sl1 thay d6i ldntrong moi tntong kinhdoanh cling nhu sl1phUc t~p cua cac chinhsach cung nhung h~qua cua cac chinh sachnay. VI v~y, chUng tacftnc6 cac nha bao thong hi~u thong tinva thi tntong. Nhil'ng OOa bao d6 laOOil'ngnguoi c6 kha nang t6ng h<;1pvaphan tich thong tin mQt cach chinh xacchU khong phai la nhil'ng nguoi truy~ntin, trinh bay nguyen van chinh sach d6.

Theo toi, d~ mQtto bao c6 th~ truy~ntai dU<;1Cthong tin mQtcach ro rang vasau rQngMn cac dQcgia cua minh, cacOOabao cftn phai c6 kie'n thuc chuyenmon vil'ng v~ cac linh V1!cma hQ ph\}trach. Vi d\},mQt OOabao vie't v~ linhV1!cngan hang thl khong cm cftnam hi~u

v~ finh hlnh kinh te' the' giOi vamoi tntong kiOOdoanh nQi diama con phai am hi~u canhil'ng unh V1!cngan hangho~t dQng va cac san phffmngan hang. ChUng ta c6 th~nMn thfiy la di~u nay khongd~ thl1chi~n bdi mQt vai sanphffm ngan hang thl1csl1kha

phUc~p. Nhu'ngmQtnha bao ph\}trachv~ mang ngan hang nen c6 kie'n thuct6ng th~ v~ OOil'ngsan phffm nay clingnhu OOil'ngich l<;1ima cac san phffmnaydem l~i cho cac DN va nguoi tieu dung.

Ngan hang Standard Chartered rfitsan long h6 tr<;1cac nha bao ph\} trachmang ngan hang trong qua trinh tich luykinh nghi~m va thong tin v~ cac ho~tdQngva san phffmngan hang. ChUngtoitin r~ng di~u nay se giop cac bai bao cuahQtrd nen tho vi va toan di~n hon d6i vdidQcgia..

ONG ALAIN CANY -

CHU T!CH PHONG THUONG MAl CHAu Au TAl VII;T NAM:

SIj da d,ng trong quan diem 18dieukhien chung tai thich thu

Trong OOil'ngnam gftnday, chUng toi OO~n thfiyOOil'ngcai tie'n dfty hUa hyntrong nQi dung, chfit IU<;1ngcua bao chi Vi~t Nam. Baochi da cung cfip thong tinkhach quan cung vdiOOil'ngphan tich khac hiinvdi OOil'nggl thuong du<;1cdQc OOucac thong cao bao chi tntdc day.D6 Ia di~u dang hoan ngheOO va th~ hi~nuy tin bao chi Vi~t Nam ngay cang tang.

Bao chi chilc chiin Ia mQt phuong ti~nquan trQng trong vi~c truy~n d~t thongtin kip thoi v~ cac chinh sach va ke'ho~chcua Chinh pM Vi~t Nam. Bao chi tie'ptoc thuoc sd hOOOOanudc la di~u d~ hi~u

~giai do~n hi~n ~i trong sl1phat tri~ncua Vi~t Nam. Va ngay ca khi thuQcsdhOOOOanudc, bao chi Vi~t Nam c6 th~cung dp cac bai bao cMt lu<;1ngcao va

phan tich sau d~ c~oo traOOvdi mQt s6 cac to bao hangdftu trong khu V1!c...

N6i chung OOil'ngthongtin phan bi~n va sl1da d~ngtrong quan di~m Ia di~ukhie'n chUng toi thich tho.Bao chi nen ~o kha nangth~ hi~n nhi~u y kie'n, doi

khi mau thufin d~ mang de'n cho ngu'oidQc c6 cai nhln t6ng quan t6t oofit. D~ d~tdu<;1cdi~u nay, vi~c giam sat mQt chUt nQidung bao chi n6i chung se c6 l<;1i.

MQt trong OOil'ngdi~u khie'n chUng toirfit vui mUng Ia sl1 hi~n di~n cua mangbao chi xufit ban b~ng tie'ng Anh ~i Vi~tNam. Tuy nhien, tren thl1c te', di~u dangchU y Ia bao chi tie'ng Vi~t n6i chung c6xu hudng cung dp nhi~u thong tin va nQidung t6t hon so vdi bao chi xufit ban b~ngtie'ng Anh..