BUSINESS IN BRIEF 18/6

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Savills VN honored among best regional real estate agencies

Savills Vietnam has again been honored among best real estate agents in Asia - Pacific with 7 distinguished awards.

It has been recognized by Asia-Pacific Property Awards 2011, in association with Bloomberg TV, as Vietnam’s best real estate agency, real estate agency marketing, property consultancy, and property consultancy marketing.

The company has also received the awards among regional best real estate agencies, best real estate agency marketing and best property consultancy marketing.

The company’s triumph in the Asia-Pacific Property Award 2011 is the second in a row after the last year’s event.

“This is a reward for Savills staff who have been dedicated to providing the best service in the real estate sector in Vietnam and Asia - Pacific,” said Brett Ashton, managing director of Savills Vietnam.

Asia Property Awards is part of the long-established International Property Awards and its award winners’ logo is recognized as a symbol of excellence throughout the global industry.

The jury of the Asia-Pacific Property Award 2011, led by Lord Bates of Langbaurgh, included over 60 experienced professionals with extensive knowledge in the global real estate industry.

By the end of this year, regional real estate prize winners will continue to compete with the winning representatives from Europe, America, Africa, and Saudi Arabia to find the best candidates in the world for each category.

Asia-Pacific winners have made remarkable achievements with 7 world's best awards in the last 2 years.

Fuel prices not cut despite traders’ big profits

Fuel prices in Vietnam are higher than in neighboring nations and oil companies are making big profits, the Ministry of Industry and Trade admitted at a meeting in Hanoi yesterday.

Global oil prices have fallen to below US$100 a barrel and there is public demand in Vietnam to cut retail prices but the a Ministry of Finance official told Tuoi Tre his ministry would await further developments before making any price adjustments.

The government decided in March that oil prices would be adjusted based on market movements.

Following the surge in global prices in the last few months, the government cut import tax to zero on February 24 while keeping prices steady to share the loss with the oil firms.

Thus, the official said, “If the world price goes down, we will reimpose the import tax first, and reduction of retail prices will be considered after that.”

Meanwhile, oil distributors and retailers are making hefty profits. A wholesale trader told Tuoi Tre that he made a profit of VND700 on every liter of diesel.

Bui Ngoc Bao, CEO of the Viet Nam National Petroleum Corporation, or Petrolimex, said his firm made “a considerable profit on diesel and a little on gasoline.”

The commission for retailers has been hiked.

A Ho Chi Minh City retailer told Tuoi Tre that it gets a commission of VND600-700 on a liter of gasoline and VND700-800 on diesel.

The retailer admitted this was extremely high since VND400-500 was enough to earn big profits.

However, the industry had incurred massive losses when global prices surged since the government wanted to keep prices stable, refusing to allow a price hike for a month, merely cutting the import tax.

FPT, Dassault Systemes ink agreement

FPT Software and Dassault Systemes signed a memorandum of understanding (MoU) yesterday to provide specialised solutions to enterprises in Viet Nam.

Under the MOU, FPT Software and France's Dassault Systemes will build a co-operative product portfolio to meet the demands of the Viet Nam telecommunications and banking sectors.

Nguyen Lam Phuong, Deputy General Director and Technology Director of FPT Software, said: "I am very optimistic about the future development of this partnership because it not only directly represents the interests but also spreads to the entire service industry in Viet Nam."

Philippe Forestier, Executive Vice President of Network Selling at Dassault Systemes, said the co-operation "would contribute to the profound changes business services would experience in the near future. This partnership would enable us to provide clients with essential services to promote creativity and to face numerous legal and regulatory risks."

Dassault Systemesø has also co-ordinated with FPT Software to establish a technology excellence centre for the telecommunications industry in Viet Nam.

Keppel Land launches Riviera Point’s model

Singaporean Keppel Land and its Vietnamese partner, Tan Truong Co Ltd, have officially opened the model apartment of the $200 million high-class residential complex of Riviera Point in HCMC’s District 7.

The project, the largest in District 7 so far, includes 18 apartment blocks with 2,400 apartments situated along Ca Cam River, and about 5-minute drive away from Phu My Hung Township.

In the first phase, the investors will build 549 apartments and penthouses with floor areas ranging 92-190 square meters and 293-339 square meters respectively on three 40-story main buildings. The construction works there are expected to be completed in 2014.

Among 193 apartments being offered this time, 70 percent have been sold at price of over VND30.7 million per square meter.

Forum seeks trademarks for green sea products

Economists and authorities from coastal localities across Vietnam gathered at a forum on Monday to seek ways to build trademarks for the country’s green marine produce and products.

Twenty-six speeches were delivered at the forum in the central coastal city of Khanh Hoa, which was the third of its kind held in response to the annual Vietnam Sea and Island Week.

Participants explored new approaches in managing and building Vietnam’s marine trademarks in the 21st century, and shared lessons learnt from the building of trademarks.

“A trademark of Vietnam’s sea products serves as a tool that the State agencies will use to comprehensively and uniformly manage the country’s sea and islands in the course of accelerating industrialization and modernization and deeper integration into the world economy,” Deputy Minister of Environment and Natural Resources Nguyen Van Duc said.

Da Nang under scanner for selling land dirt cheap

The Da Nang people’s committee has allegedly sold many prime pieces of land to certain companies at throwaway prices.

One such is a 22,700-square-meter plot at 209, Truong Chinh Street, Thanh Khe. It was managed by the Ministry of Defense Military, which, last September allowed the people’s committee to convert its land use to develop the economy.

But instead of auctioning off the land, the people’s committee sold it to Thien Thanh Corporation for building a shopping mall.

Thien Thanh paid VND70 billion (US$3.5 million) though the minimum official rate in that area would be VND140 billion.

Tuoi Tre asked the city why it did not auction off the land but Nguyen Van Can, a people’s committee spokesperson, refused to comment.

Thien Thanh was earlier given 5.5ha in the city centre at a price of VND25.3 million ($1,265) per square meter, a third of the market price.

Nguyen Thanh Trung, head of the people’s committee’s Economic Department, said prices had to be lowered to attract investors.

There have been other similar cases. In February the people’s committee sold 15,421 square meters on Truong Son Street to the Construction Corporation Bac Nam 79 for VND3.7 million ($185) per square meter to build a shopping mall.

Local real-estate firms said the market price of this land would be no less than VND20 million per square meter.

The official price meanwhile is VND4.5 million.

Can said Construction Corporation Bac Nam 79 was a “special” firm and so enjoyed special privileges.

But the firm’s business license has nothing to indicate this.

VN firms’ awareness of social responsibility rising

Vietnamese firms are becoming more aware of corporate social responsibility (CSR) in terms of building brand, securing key staff and winning future contracts, said a recent report.

For them, enhancing public attitude towards the brand is seen as most important (93 percent), followed by Investor Relations (89 percent) and Staff Recruitment and Retention (86 percent), said the 2011 Grant Thornton International Business Report (IBR).

It shows genuine social responsibilities within the context of securing a financially successful business, according to the report.

Moreover, Vietnam does not see CSR as a ‘Save the Planet’, protecting the environment, issue but as a much wider commercial and people subject.

“Looking at the data in detail, as an emerging economy, Vietnam is at the forefront of its ASEAN neighbors in developing a very optimistic attitude to CSR,” said Kenneth Atkinson, Managing Partner of Grant Thornton Vietnam.

“Whilst mature economies are continuing the struggle to rebuild businesses after the economic downturn, Vietnam can take comfort from its GDP growth position and maintain its progress in developing positive opinion in its employees, consumers and potential business partners,” he said.

“As Vietnam moves towards a more open and transparent business environment, it should take the opportunity of encouraging more complete financial and business reporting,” Atkinson said.

“Potential investors will have more confidence in an emerging market that shows leadership in implementing socially responsible practices as a contribution to businesses efforts to attract and retain skilled workers, build brand values and appeal to multinationals for which CSR is becoming higher on the supplier/investment selection agenda,” he added.

On the global scale, businesses remain focused on the merits of CSR in terms of building brand, securing key staff and winning future contracts.

Some 56 percent of businesses cite public attitudes/brand building and recruitment/retention of staff as the key drivers this year, alongside cost management, highlighting the importance of public opinion in shaping businesses' CSR priorities.

However, just 36 percent of businesses globally are motivated to move to more ethical practices by a desire to 'save the planet', down from 40 percent in 2008.

As businesses in mature markets continue to grapple with sluggish growth, businesses in emerging economies appear most concerned with reducing their impact on the environment, said the report.

Some 60 percent of the BRIC nations and 59 percent of those in the ASEAN group cite saving the planet as a driver towards more ethical business practices, compared to just 30 percent in the EU and 27 percent in North America.

"In an increasingly crowded and dynamic marketplace, businesses globally are becoming more aware that adopting a proactive approach to wider corporate social responsibility issues can help them to stand out in the minds of employees, consumers and potential partners,” said Ed Nusbaum, CEO of Grant Thornton International.

“Moreover, as businesses, and indeed consumers, in mature economies struggle with the fallout from the economic downturn, altruistic concerns over the environment have been forced into a backseat role,” he said.

Businesses are focusing on the bottom line and consumers are looking for ways to make declining real disposable incomes go further. That said, businesses in emerging markets, as we have seen with the wider global economy, appear ready to take the initiative in driving the CSR agenda forward," he added.

Meanwhile, levels of CSR activity undertaken in relation to the environment, workforce and wider community vary significantly across the globe.

Businesses in northern Europe and Southern Africa, together with much of North America and the Asia-Pacific region lead the way in initiating socially responsible practices, with those in mainland Europe lagging behind.

The survey also uncovered some polarization in the reporting of CSR practices: A quarter of businesses globally report their CSR activity, but this ranges from 53 percent in Latin America and 41 percent in the BRIC economies to 17 percent in North America and 18 percent in the G7 economies.

Moreover, businesses are divided as to whether the reporting of CSR activity should be integrated with financial reporting: 44 percent agree that this represents best practice, but 40 percent disagree with a further 16 percent unsure.

"All businesses should look closely at the potential commercial benefits of reporting their CSR activity. A competitive advantage exists for businesses which can demonstrate leadership in implementing socially responsible and transparent practices and seize the opportunity to attract and retain skilled workers, build brand value and secure future contracts with multinationals who frequently adopt strict CSR guidelines in selecting their suppliers," Nusbaun said.

The Grant Thornton IBR provides insight into the views and expectations of over 11,000 businesses per year across 39 economies.

Data collection is managed by Grant Thornton International's core research partner - Experian Business Strategies. Questionnaires are translated into local languages with each participating country having the option to ask a small number of country specific questions in addition to the core questionnaire.

From 2011, fieldwork takes place on a quarterly basis every quarter with fieldwork lasting approximately 6 weeks.

Arbitration proves useful in settling disputes

A conference called Viet Nam - Global Investment Destination - An Arbitral Perspective in Ha Noi on Monday revealed that creating a transparent legal environment in which commercial arbitration is the tool in enterprise dispute settlement, contributes to more investment capital.

Arbitration was a suitable form of dispute resolution especially in the context of Viet Nam's global economic integration, said Deputy Minister of Justice Nguyen Duc Chinh at the conference held jointly by the Viet Nam International Arbitration Centre together with Singapore International Arbitration Centre.

Aware of the importance of arbitration, Viet Nam published the Law on Commercial Arbitration early this year, Chinh said.

The law created an important legal framework for organisations and individuals offering arbitration services in Viet Nam, he added.

Trade disputes and differences in trade laws are unavoidable in this international playground, the centre's vice chairman Vu Xuan Phong said.

Employing commercial arbitrators was necessary for enterprises to resolve these disputes, Phong said.

Other experts at the event agreed. They said that hiring arbitrators helped businesses save time and money while further easing the burden on the nation's court system.

Despite these advantages, domestic enterprises seemed to be vague about this form of settlement, Phong said. He added that last year, the centre settled only 60 disputes, a modest number compared to other Asian countries as Singapore and Hong Kong.

He emphasised the importance of a public relations campaign to raise awareness, particularly among domestic enterprises, on the advantages of arbitration.

The firms should be better informed about ordinance on arbitration and the benefits and procedures of this form of dispute resolution, said Tran Huu Huynh, head of the Legal Department under the Viet Nam Chamber of Commerce and Industry.

Arbitrators and arbitration centres also needed to establish closer connections to enterprises, market their roles to business associations and provide information through websites and marketing efforts, Huynh said.

Increasing assistance from the State and relevant agencies were also needed, he added.

Eased trading rules unlikely to inspire long-term rally

The new Ministry of Finance circular, issued last week, eases restrictions on certain types of stock market trading.

Thang Long Securities Co deputy director Quach Manh Hao predicted that, while the circular would create more fair and competitive environment for both investors and brokerages, its positive impact on investor psychology was likely to be only temporary.

"It's economic factors that will help boost the market," Hao said.

Circular 74, which will take effect on August 1, will lift the ban on investors maintaining more than one trading account and will allow them to buy and sell the securities of the same type within a single trading day, so long as the trades are executed through a single trading account with a single brokerage.

This faster turnaround time is restricted, however, to selling shares that the investor already owns. Under the new circular, the regulated time for settlement and clearance of shares remains three days after the transaction (T+3), so shares that investor has just acquired cannot be resold within the same day.

This provision of the new regulation was a disappointment to many investors who had hoped for a change to T+2 or even T+0 settlement times.

"The T+3 has caused bottleneck in the process of rotating capital of investors and it's the major factor blocking cash flow into the stock market. The Ministry of Finance and the State Securities Commission should have given priority to solving this problem before margin trading or multiple accounts issues," said Le Nam, a HCM City-based investor.

"This rule does not mean allowing intra-day trading with T+0 as had been the understanding of many people," said Nguyen Son, head of the market development department of the SSC.

The circular also prohibits transactions that do not ultimately lead to a change of ownership of securities, a measure intended to reduce share price manipulation of investors.

As to the long-awaited rule change to allow margin trading, both investors and securities firms will have to wait for the SSC to issue guiding regulations governing the rate of deposit and the list of securities eligible for financing.

Phan Dung Khanh, head of analysis for Kim Eng Securities Co, also believed the new circular would not drastically affect the market, which remained pressured by the large number of mortgaged shares held as collateral by securities companies, as well as tighter credit policies which have effectively foreclosed bank financing as a source of cash flow into the stock market.

"The market can really only increase when strong cash flows return," Khanh said.

Ministry warns about foreign firms' rising trade deficit

The Ministry of Industry and Trade has drawn attention to a sudden spurt in the trade deficit run up by foreign firms, and urged relevant agencies to investigate the reasons.

In the first five months, excluding US$3 billion from the oil exports, they had racked up a deficit of $1.6 billion, Deputy Minister of Industry and Trade Nguyen Thanh Bien told a recent meeting.

The average whole-year deficit is only $2 billion before 2009.

Thoi Bao Kinh Te Sai Gon (The Saigon Times) quoted Bien as saying that the deficit had jumped last year to $2.7 billion and to $1.6 billion in just the first five months this year.

The Government's opening of the domestic retail market under World Trade Organisation commitments is one of the main reasons for this since this allowed foreign companies to import and directly sell in the country.

Economist Pham Chi Lan said misuse of transfer pricing – the nominal prices companies report when buying or selling from their overseas units – to evade taxes could be another reason.

More than two-thirds of foreign firms have consistently been reporting losses in recent years while Vietnamese firms of the same size in the same industry have been profitable at home and abroad, she said, adding "this is bizarre."

Le Thi Thu Huong, deputy director of the HCM City Tax Department, conceded that the global economic downturn made life difficult for businesses in Viet Nam. However, the Government allowed tax deferment to help them during the tough times, she pointed out.

But some FIEs are believed to take advantage of transferring pricing to shift their revenues and profits to markets where taxes are lower than in Viet Nam. Many FIEs imported machinery and materials from their parent company abroad at high prices but sold their finished products at prices below market level, she added.

The lack of support industries – and thus the need to import feedstock – was also a cause for the trade deficit, another ministry official said.

Toyota Vietnam to recall more Innova J vehicles

Toyota Motor Vietnam said on Tuesday that it would expand the range of checking and adjusting the brake oil pressure on up to 6,108 Innova J vehicles instead of just 167 units that it had announced in the middle April this year.

The company in the middle April apologized to local customers for the technical problems relating to its cars and announced to recall 65,700 Innova and Fortuner vehicles that were manufactured in Vietnam for repair.

Most of the vehicles that were recalled at the time faced the technical problems related to bolts No 8 under the rear seat and the camber bolts that were fixed beyond standard, while only 167 vehicles reportedly had the problem of brake oil pressure.

These glitches in its production process control made its customers confused and worried about Toyota car quality, so TMV decided to implement the Free Inspection Program for all related Innova and Fortuner vehicles, the company said.

The automaker now expands the range of checking and adjusting the brake oil pressure on all Innova J that were produced from December 26, 2005 to November 24, 2010, numbering at over 6,100 units. It might take some two hours for checking and adjusting each vehicle.

TMV never uses the word ‘recall’ in all the released documents. Instead, it is referred to as a ‘Free Inspection Program.’

Earlier Le Van Tach, an engineer working for Toyota, had released documents revealing three glitches in Innova and Fortuner vehicles. He said that Toyota Vietnam had sold around 60,000 faulty vehicles in the country that might face balance issues since their screws were not tightened properly as instructed by the Japanese company.

According to the company, some 4,500 customers have brought their cars to its agents for checking and adjustment under the Free Inspection Program.

Southern exchange to have one more stock index this year

The Hochiminh Stock Exchange is expected to launch in October this year an additional index named VN30, which is calculated based on 30 stocks with capitalization making up over 70% of the total market capitalization.

Nguyen Thi Viet Ha, head of Research & Development of the stock exchange, said that the exchange was collecting ideas from some market members about the VN30, and would make necessary revision before seeking the State Securities Commission’s approval.

Ha said VN30 was just an additional index aiming to provide more references for investors and would be the basis for deploying the derivative market in the future.

Recently, local media has pointed out some defects in calculating the current VN-Index which has been strongly affected by stocks that have big volumes of shares listed but with only a small part of them traded in each session.

In some sessions, while most of stocks on the bourse decline, the VN-Index still goes up because the three largest cap stocks of BVH, MSN, and VIC increase although the combined traded volume of those three is small.

According to Viet Capital Securities, five companies of BVH, MSN, VIC, VNM, and HAG make up nearly 45% of the VN-Index’s total weight. Furthermore, these five companies have a limited amount of shares available to the investing public, with a free-float ranging between as little as 6.5% to 42.7%, and total available shares of the five companies account for only 28% of their total listed shares.

VN30 will not have such defects of VN-Index as it will calculate on the real share volume which is free-floated and eliminate the share volumes held by State shareholders which do not trade or shares whose trading is restrained, Ha said.

In addition, the exchange will use technical calculation not to allow one stock to have too much impact on the VN30.

Because VN30 represents big stocks having capitalization equivalent to 70% of the southern bourse’ capitalization, its movement will be similar to the VN-Index. However, revising the calculation on VN-Index will take time as the index has had historical and technical issues, Ha added.

IBM provides cloud computing for Lac Viet

Lac Viet Computing Joint Stock Co. on Tuesday signed a cooperation deal with IBM Vietnam to provide cloud computing-based solutions and services for local businesses.

Under the agreement, IBM will provide Lac Viet with cloud computing infrastructure and management software, help the expansion of SaaS (software as a service) for corporate customers such as Vebrary, HRM and Master-Retail for digital library, human resources and retail management respectively, said Le Minh Nghia, head of cloud computing department of Lac Viet.

Lac Viet will also provide other services like host for lease, software design and backup services. The enterprise will also update new software versions for customers.

“After receiving confirmation from customers, Lac Viet will expand the solutions in 20 to 30 minutes. We will charge the number of users, software functions and capacity to help businesses save on IT costs,” Nghia added.

Hau Giang plays hard ball

Southern Hau Giang province is scaling up efforts to accelerate the pace of delayed investment projects.

Two paper and pulp projects developed by Hong Kong-based Lee&Man Group are being focused on. Accordingly, in April 2011 the Hau Giang Provincial People’s Committee sent a dispatch to the Hong Kong investor asking it to report on the projects’ progress.

In a reply to the provincial authorities director Cheng Ching Kay at Lee&Man Paper Vietnam Company Limited - the Lee&Man Group’s local subsidiary - confirmed the paper plant would begin operations from August, 2013.

Accordingly, construction of the paper plant restarted in December, 2010. Until present, the project has completed roofing installation, 70 per cent of storehouse’s foundation work and will soon start site clearance.

In respect to the paper factory, the project has finalised pile positioning and set to work with construction contractors in September, 2011. Import of machinery and equipment is slated to begin from June, 2012.

Construction of other associated items such as the office building, a water supply plant, waste-water treatment facilities and a wharf will kick-off in 2012 and be completed in 2013.

The director also asked the provincial authorities for support in building internal roads and assisting the firm to recruit 100 local labourers for further training in China.

In respect to workers’ housing the paper firm asked the province for lease of 5-10 hectares for 70 years.

In June 2007, Lee&Man Paper Vietnam and Lee&Man Pulp Vietnam were granted licences to develop two projects in Song Hau Industrial Zone in Chau Thanh district for 50 years.

Lee&Man Paper Vietnam received approval to build a $280 million packaging paper plant over 200ha with an annual capacity of 420,000 tonnes, while Lee&Man Paper Pulp Vietnam got the green light to develop a pulp mill with an annual production capacity of 330,000 tonnes on a site of 70ha, at a cost of $348 million.

Another delayed project in Hau Giang is a $48.3 million shipyard project. Hau Giang shipyard project formerly developed by Vinashin was handed over to Vinalines who was given 152ha land areas to carry out a seaport and associated logistic facilities construction project.

The provincial authorities also asked Vinalines to reconsider the construction of a 30ha shipyard in the area since it may hurt the environment and local water resources.

According to Hau Giang deputy chairman Nguyen Lien Khoa, the province would intensify efforts to revise investment projects across the province and delayed ones would face stiff penalties.

Nhon Trach projects have mountain to climb

Big property projects in southern Dong Nai province’s Nhon Trach district are suffering delays due to incomplete infrastructure and poor market performances.

The Nhon Trach roading-bridge project, linking Nhon Trach to Ho Chi Minh City’s District 9 developed by Phu My Construction and Investment Joint Stock Company, was sourcing investments.

Construction of Ho Chi Minh City’s outer beltway 3 section crossing Ben Luc-Long Thanh expressway, Nhon Trach area and merging with Ho Chi Minh City-Trung Luong highway is yet to get underway.

“The progress of property projects is poor due to the market’s bad mood and incomplete infrastructure,” said Nhon Trach district’s urban management department deputy head Nguyen Huu Thanh.

Nhon Trach was home to around 82 residential projects and 10 eco-tourism and holiday home projects, Thanh said.

Many big projects, apart from Dai Phuoc Lotus eco-tourism and urban complex, are under preparation.

One such project is the $6 billion East Saigon urban complex to cover 900 hectares developed by Nhon Trach Investment Joint Stock Company, a venture between Tin Nghia Company Limited and Dong Nai Rubber Industry Company. The project was licenced in 2006 and got the prime minister’s approval in 2007.

The project is well-placed since it faces major arterial roads. However, after the ground-breaking ceremony in August 2009, construction of model housing is still in the development pipeline.

The 55ha Long Tan-Phu Hoi residential area, whose detailed planning scale 1/500 was approved in October 2007, is now in the site clearance phase.

The situation is no better for new Nhon Trach city centre project developed by Malaysia-based Berjaya Corporation Berhad.

With investment estimated at over $2 billion and spanning 600ha in Long Tan, Vinh Thanh and Phuoc An communes, it is a pivotal project with great impacts on Nhon Trach district’s appearance. The project was licenced in late 2009 and became Dong Nai province’s biggest FDI project.

According to Berjaya Vietnam Company Limited project development director Phuong Anh Phat, the 1/2,000 planning of new Nhon Trach centre project was basically completed and the developer would finalise relevant inventory work in late June 2011.

“Most of our projects incurred delays on the back of gloomy market forecasts. If we continue construction as schedule it will not be a wise decision,” said Berjaya Vietnam’s general director Nguyen Hoai Nam.

Road traffic safety improvement project kicked off

The Northern Vietnam National Road Traffic Safety Improvement Project was kicked off today in Thai Nguyen province, about 80 km north of Hanoi.

The Hanoi – Thai Nguyen section is part of a comprehensive traffic safety project covering 4 national roads(national highways 3, 5,10,18) and 10 cities and provinces in the northern area of Vietnam.

The project aims to reduce the number of traffic accidents and to mitigate the damage along the target road. Activities carried within the project include civil works, installation of traffic lights and signals, and improvement of traffic enforcement.

Traffic safety education and awareness to local residents and road users are also one of the activities of this project.

The Northern Vietnam National Road Traffic Safety Improvement Project is carried out with ODA worth 6.557 billion JPY (about $81 million) provided by the Japanese government and scheduled to be completed in five and a half years.

Improving traffic safety has been one of highest priorities for Japan International Cooperation Agency (JICA) support to Vietnam during the past several years.

In parallel to funding for transport infrastructure development, JICA has been closely coordinated with Vietnamese counterparts in initiating and implementing various traffic safety related technical cooperation projects. This is in line with JICA’s vision “Inclusive and Dynamic Development”.

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