Theme park builder concerned about nearby waste complex

HCMC – The developer of the Disneyland-style Happyland Vietnam project in the southern province of Long An on Wednesday expressed grave concern over a nearby, huge waste treatment project still under preparation.

The US$2 billion Happyland Vietnam tourism and recreational project is to be developed by a subsidiary of the HCMC-based Khang Thong Group. This theme park, expected to cover 300 hectares along the Vam Co Dong River in Ben Luc District, suddenly finds itself located in close proximity with what will become a dumpsite nearly six times larger.

This huge “land of happiness” is expected to start construction early next year and to open from April 2014 with an estimated 14 million visitors a year, said Nguyen Anh Diep, CEO of Happyland Entertainment Development Joint Stock Company under Khang Thong Group.

Diep told the Daily on Wednesday that “the company is very concerned about negative impacts on his Happyland project because of bad odor from the Thu Thua Waste Treatment Complex” some 3km away.

The waste treatment site – which is still in the process of making the feasibility study – is to be developed by Vietnam Waste Solutions Company Limited (VWS), also the developer of Da Phuoc Waste Treatment Complex in HCMC that has already caused huge grievances to local residents.

“Environmental pollution could be occurring like what has been happening at Da Phuoc Waste Treatment Complex. If air is to be polluted, millions of visitors at the tourism area would suffer,” Diep said.

The future operation of the huge dumpsite will also damage the view of the park, he said.

Diep explained Happyland Vietnam was designed with a riverfront section stretching some 3.7 kilometers along the Vam Co Dong River, so it will be very inconvenient for visitors to see waste being transported from HCMC to the waste facility on barges passing by the river everyday.

Talking to the Daily on the phone on Wednesday, a leader of Long An Province said the province would strictly oversee the waste treating process of the Thu Thua Waste Treatment Complex to control environmental pollution when it starts operation. However, the leader gave no further comment on negative environmental impacts on the tourism project.    

The dumpsite investor, meanwhile, is proceeding with the project, and is to hold a press conference on Thursday to announce the feasibility study including treatment technologies and investment capital.

Pham Thi Thuy Nga, communications manager of VWS, told the Daily on Wednesday that the company was expected to spend some US$700 million on this huge waste treatment facility over a period of 20 years.

Earlier, the Ministry of Construction and authorities of HCMC and Long An had given approval for VWS to develop the waste treatment area in Tan Thanh and Thu Thua districts of Long An to help treat large amounts of household waste for both Long An and HCMC.

The plan for developing Thu Thua Waste Treatment Complex was agreed upon in 2002 by Long An and HCMC governments. Meanwhile, the investor of Happyland Vietnam project got an investment certificate for the tourism and recreational site around two years ago.

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C/O fraud prevention council to debut next week

HCMC – A council responsible for preventing certificate of origin (C/O) fraud will be launched in Hanoi on October 14, said an expert in the industry.  

Tran Thi Thu Huong, director of the trade documents attesting center of the Vietnam Chamber of Commerce and Industry (VCCI), told the Daily on the phone that the VCCI-affiliated council would issue early warnings about suspected C/O fraud.

The launch comes at a time when many experts are warning of rising C/O fraud in other countries where companies want to evade anti-dumping tariffs.  

“Enterprises should take caution when signing commercial and investment cooperation contracts with partners for products having high risk of being imposed anti-dumping tariffs,” she said, adding the council would work companies via industry associations.  

The forthcoming council will also work with the Ministry of Planning and Investment to provide advice for foreign companies before they set up shop in Vietnam if their products belong to the list of goods already subject to anti-dumping duties. It aims to prevent the possibility that their products don’t meet requirements for C/Os.

“An early warning will help investment licensing agencies that will in turn let investors know whether their products are eligible for certification of origin or not,” said Huong. “This procedure can prevent foreign investors from building factories without a single production line in Vietnam or with pro forma production facilities just to apply for C/Os.”

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C/O fraud prevention council to debut next week

HCMC – A council responsible for preventing certificate of origin (C/O) fraud will be launched in Hanoi on October 14, said an expert in the industry.  

Tran Thi Thu Huong, director of the trade documents attesting center of the Vietnam Chamber of Commerce and Industry (VCCI), told the Daily on the phone that the VCCI-affiliated council would issue early warnings about suspected C/O fraud.

The launch comes at a time when many experts are warning of rising C/O fraud in other countries where companies want to evade anti-dumping tariffs.  

“Enterprises should take caution when signing commercial and investment cooperation contracts with partners for products having high risk of being imposed anti-dumping tariffs,” she said, adding the council would work companies via industry associations.  

The forthcoming council will also work with the Ministry of Planning and Investment to provide advice for foreign companies before they set up shop in Vietnam if their products belong to the list of goods already subject to anti-dumping duties. It aims to prevent the possibility that their products don’t meet requirements for C/Os.

“An early warning will help investment licensing agencies that will in turn let investors know whether their products are eligible for certification of origin or not,” said Huong. “This procedure can prevent foreign investors from building factories without a single production line in Vietnam or with pro forma production facilities just to apply for C/Os.”

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Market rallies to over 460 points

HCMC – The local market continued the uptrend, gaining almost ten points in the VN-Index in the second straight rising session Wednesday given strong rallies of many large caps. The VN-Index added 9.76 points, or 2.76%, against the previous session to close at 460.72.

The market opened higher and climbed slowly until the end of the second matching phase when buying suddenly accelerated and the index rose sharply to close at the daily high of 460.72.

Bids on the Hochiminh Stock Exchange were almost unchanged from the previous day at 72 million shares while offers rose 18% to over 64 million shares. Ending the session, there were 38.3 million shares worth VND1 trillion traded, rising by 15.3% and 25% against the session earlier respectively.

Advancers far outnumbered losers at 210 to 26, including 35 stocks hitting the ceiling prices and four others plunging to the floor prices.

Sacombank (STB) took the lead in terms of liquidity and it ended the day up 0.6% at VND16,900 per share on the volume of two million shares. Tan Tao Investment Industry Corp. (ITA) came next, surging 4.8% from the day earlier to VND17,400 with 1.4 million shares traded.

Foreign participation was also strong as the investors acquired 7.5 million shares worth VND271 billion and offloaded 2.6 million shares worth VND100 billion. They accounted for 26.8% and 9.9% of the market’s buying and selling value respectively.

The Hanoi market made further gains on Wednesday but in lower turnover of VND639 billion. The HNX-Index rose by 2.82 points, or 2.31%, from the previous session and ended the day at 124.84.

There were 273 stocks rising while 39 stocks dropping, of which 20 stocks went to the ceiling prices while three stocks dropped to the floor prices. Foreigners were net buyers and accounted for 1.5% and 0.7% of the market’s buying and selling value respectively.

HCMC Securities Corp. (HSC) in its comment on Wednesday said the market rebounded further as foreigners continued to buy blue-chips fairly aggressively. Turnover was a little higher overall although this was entirely due to an increase in trading in the southern bourse. For the second consecutive day, foreigners were very active buyers and this pushed the VN-Index higher.

“The market has turned around quite abruptly with blue-chips leading the way and apart from the earnings news perhaps some investors are also hopeful that interest rates can indeed fall by the October 15th deadline announced by the Vietnam Banking Association. That would indeed be wonderful news but we remain a little cautious given the upside pressure on CPI (consumer price index) from faster money supply and credit growth and a weaker currency.

“However, for the next day or two, we are likely to see some further upside but we would caution investors not to chase up prices. We keep our medium to long-term positive stance but still think that the fourth quarter will be a tricky time for stocks,” the broker added.

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Traders upbeat on new deals at Expo 2010

Turkey seeks after Vietnam’s wooden products

Deputy Minister of Industry and Trade Nguyen Thanh Bien (3rd, R) and the city’s officials cut the inauguration ribbon for Expo 2010 on WEdnesday - Photo: Thai Hang

HCMC – Many traders attending the HCMC International Furniture and Handicraft Fair and Exhibition, or Expo 2010, which kicked off here in the city on Wednesday morning, said they were optimistic about the number of contracts they would strike at the five-day event.

Dang Van Long, director of Dang Long Furniture Co. specializing in indoor and outdoor furniture, said he met several guests from the U.S., Canada and Japan on the first day of Expo 2010.

“Especially, there is one American retailer who asked for price quotations for big contracts amounting to hundreds of containers. I have participated in the Expo for years but have never seen such positive results right on the first day,” Long said.

Long and other exporters said they had faced difficulties in business due to weak purchasing power of key markets although signs of recovery had emerged since the first months of the year. The situation has forced them to delay plans to expand factories or develop new products.

Traders hence expect the fair will help them bolster business.

On day one Expo 2010 attracted not only international buyers but also local traders who came to get updated on the latest trends in the woodworking and handicraft sectors.

Tran Viet Tien, director of Gia Long Fine Art Co., specializing in home décor from poly resin, composite and foam, said he had many local visitors to his booth on Wednesday. They included contractors for restaurants and resorts.

In opening remarks Deputy Minister of Industry and Trade Nguyen Thanh Bien praised efforts by wood and handicraft enterprises to ride out tough times, saying this had helped push up the country’s overall export.

According to Vietnam’s customs, in the January-September period, wood exports increased by up to 37% from last year’s same period to around US$2.2 billion.

After the opening ceremony, which was also attended by diplomatic offices of France, Korea, Cuba, and the Netherlands, Deputy Minister Bien and representatives of the HCMC government awarded certificates of merit to the city’s 20 leading wood and handicraft exporters.

Expo 2010 will wrap up on October 10. On Thursday and Friday, there will be seminars on new challenges and solutions for the furniture and handicraft sectors, and introduction of a credit program by Viet A Bank to support enterprises.

Ten Turkish businesses are in talks with Vietnamese partners over the supply of wooden products to the country - Photo: Thu Nguyet

* Turkey was among several countries sending trade missions to the HCMC International Furniture and Handicraft Fair and Exhibition 2010 on Wednesday, and had business meetings with local furniture and handicraft makers at the event.

Selman Aycan, a representative of the Turkish Confederation of Businessmen and Industrialists (TUSKON) in Vietnam, said Turkey had a big demand for furniture, thus promising a new market for Vietnamese businesses.

He added that TUSKON is due to organize a trade mission for Vietnamese enterprises to Turkey next June. The market imports furniture, farm products, rubber, construction materials and garments from Vietnam while exporting steel.

However, furniture exports to Turkey are still modest. Statistics of the Ministry of Industry and Trade show Vietnam shipped a mere US$4.97 million worth of furniture to Turkey in the first eight months of this year, up 20% year-on-year.

Vietnamese furniture and wooden products imported by Japan and Turkey gained more than US$271 million and US$4.97 million, up 20.8% and 20% respectively.

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Traders upbeat on new deals at Expo 2010

Turkey seeks after Vietnam’s wooden products

Deputy Minister of Industry and Trade Nguyen Thanh Bien (3rd, R) and the city’s officials cut the inauguration ribbon for Expo 2010 on WEdnesday - Photo: Thai Hang

HCMC – Many traders attending the HCMC International Furniture and Handicraft Fair and Exhibition, or Expo 2010, which kicked off here in the city on Wednesday morning, said they were optimistic about the number of contracts they would strike at the five-day event.

Dang Van Long, director of Dang Long Furniture Co. specializing in indoor and outdoor furniture, said he met several guests from the U.S., Canada and Japan on the first day of Expo 2010.

“Especially, there is one American retailer who asked for price quotations for big contracts amounting to hundreds of containers. I have participated in the Expo for years but have never seen such positive results right on the first day,” Long said.

Long and other exporters said they had faced difficulties in business due to weak purchasing power of key markets although signs of recovery had emerged since the first months of the year. The situation has forced them to delay plans to expand factories or develop new products.

Traders hence expect the fair will help them bolster business.

On day one Expo 2010 attracted not only international buyers but also local traders who came to get updated on the latest trends in the woodworking and handicraft sectors.

Tran Viet Tien, director of Gia Long Fine Art Co., specializing in home décor from poly resin, composite and foam, said he had many local visitors to his booth on Wednesday. They included contractors for restaurants and resorts.

In opening remarks Deputy Minister of Industry and Trade Nguyen Thanh Bien praised efforts by wood and handicraft enterprises to ride out tough times, saying this had helped push up the country’s overall export.

According to Vietnam’s customs, in the January-September period, wood exports increased by up to 37% from last year’s same period to around US$2.2 billion.

After the opening ceremony, which was also attended by diplomatic offices of France, Korea, Cuba, and the Netherlands, Deputy Minister Bien and representatives of the HCMC government awarded certificates of merit to the city’s 20 leading wood and handicraft exporters.

Expo 2010 will wrap up on October 10. On Thursday and Friday, there will be seminars on new challenges and solutions for the furniture and handicraft sectors, and introduction of a credit program by Viet A Bank to support enterprises.

Ten Turkish businesses are in talks with Vietnamese partners over the supply of wooden products to the country - Photo: Thu Nguyet

* Turkey was among several countries sending trade missions to the HCMC International Furniture and Handicraft Fair and Exhibition 2010 on Wednesday, and had business meetings with local furniture and handicraft makers at the event.

Selman Aycan, a representative of the Turkish Confederation of Businessmen and Industrialists (TUSKON) in Vietnam, said Turkey had a big demand for furniture, thus promising a new market for Vietnamese businesses.

He added that TUSKON is due to organize a trade mission for Vietnamese enterprises to Turkey next June. The market imports furniture, farm products, rubber, construction materials and garments from Vietnam while exporting steel.

However, furniture exports to Turkey are still modest. Statistics of the Ministry of Industry and Trade show Vietnam shipped a mere US$4.97 million worth of furniture to Turkey in the first eight months of this year, up 20% year-on-year.

Vietnamese furniture and wooden products imported by Japan and Turkey gained more than US$271 million and US$4.97 million, up 20.8% and 20% respectively.

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Timber exports surge in major markets

The turnover from timber and furniture exports in the first nine months
of this year is estimated at 2.43 billion USD, a year-on-year increase
of 37.7 percent, according to the Ministry of Agriculture and Rural
Development (MARD).

The ministry reported that the total export turnover of forestry products has risen to 2.6 billion USD.

According to Vietnam’s Timber and Forest Products Association, timber
exports are showing positive signs, as orders for exports from now until
the end of the year have risen rapidly and many of them to the
country’s major markets such as the US and the EU are very substantial.

Timber now is amongst the top five Vietnamese exports, and the country is Southeast Asia’s second biggest timber exporter.

Vietnam now has more than 2,500 timber processing businesses, 2.8
times higher than in 2000 and 7.7 times more than 1990. The number of
non-State businesses represents 90 percent of the total.

Timber exports in recent years have increased sharply with more than
3,000 different items produced. Vietnamese wooden products are now sold
in 120 foreign markets, including the US, EU, Japan, Australia, the
Republic of Korea, China and Malaysia.

However, besides domestic resources, Vietnam also has to import a large amount of materials for the industry.

In the first nine months of this year, Vietnam imported 827 million USD worth of timber, down by 31 percent year-on-year./.

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