The director of a leading coffee export company has warned that when foreign groups can control the material growing areas, they would be able to control the coffee industry.
He affirmed that the enterprises would not pay high for materials for ever. Once they can control the whole material area and eliminate domestic firms out of the market, they would lower the purchase prices.
“This happened in some countries in the world already. If the government does not do anything to stop this, the scenario would occur in Vietnam as well,” he said.
Dr. Hoang Tho Xuan, a trade expert, affirmed that under the trade treaties Vietnam signs with other countries, foreign invested enterprises have the right to collect goods for export and distribute domestically through Vietnamese enterprises, not directly from producers.
“Therefore, we have every reason to prevent foreign enterprises from making transactions directly with farmers,” Xuan said.
BUSINESS IN BRIEF 20/10
Three banks to get bonds for bad-debt swap
The Viet Nam Asset Management Company (VAMC) will issue bonds worth VND792.66 billion (US$36.03 million) to buy bad debts from SHB, SCB and GPBank, according to a report from the State Bank of Viet Nam.
SBV said SHB would receive bonds worth VND74.65 billion ($3.39 million), GPBank would get VND170.08 billion ($7.73 million) and SCB, VND547.93 billion ($24.9 million). There will be no interest on the five-year bonds, which came into effect on October, Voyage vietnam
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Starting this month, VAMC signed contracts to buy bad debts from Agribank, PGBank, SCB, SHB and SouthernBank.
Last week, SCB signed a contract to sell VND1.3 trillion ($59.09 million) of bad debt to VAMC, bringing the total, SEO Vietnam
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HCM City firms in line for short-term SBV loans
About VND17 trillion (US$805.6 million) is expected to be lent to businesses, including family-run, under the bank-business connectivity prog-ramme by year-end, a State Bank of Viet Nam official said.
Nguyen Hong Minh, deputy director of the central bank's HCM City branch, said under the programme, launched in 2007 by SBV and the city's districts, eligible borrowers can get short-term loans at interest rates of not more than 9 per cent.
All 24 districts are part of the programme, and so far 600 firms and household businesses have borrowed a total of VND13 trillion in six years but VND17 trillion in the next three months, Minh said.
The programme is expected to help city-based banks increase their credit growth by 2-3 per cent, enabling them to achieve the yearly target of 11-12 per cent.
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Last Thursday alone, 60 borrowers in Districts 1 and 3 inked loan deals worth over VND3.12 trillion ($141.818 million) with 13 banks.
They are mainly involved in agriculture and rural development, exports, support industry, and technology and are small- and medium-sized businesses
Security application reaches 1m mobiles
Viet Nam's leading internet security firm BKAV yesterday said it had attracted one million users to its security application on mobile devices.
The company, better known for it BKAV anti-virus software product which accounts for 70 per cent of the local internet security market, said the figure was based on the number of downloads on Android's Google Play only, not including iOS, Windows Phone, BlackBerry or Symbian handsets. "Among the 1 million users of our BKAV Mobile Security app, about 14 per cent were downloaded from abroad," said BKAV's vice chairman of R&D Ngoc Son.
Son said that last month, BKAV had signed an agreement with Index Corporation, one of the leading mobile content providers in Japan, to distribute BKAV Mobile Security worldwide.
The Ha Noi-based firm previously also teamed up with Japanese electronics giant Sony to integrate its mobile security app in Sony Xperia mobile phones.
BKAV in August warned Vietnamese mobile users that they should care more about protecting data and accounts on their smartphones as most users purchase, sell, lend or borrow smartphones, but still keep their accounts saved on their phones.
This opened up the risk of losing important information such as photos, messages, emails,