Vietnam eager to develop Lien Chieu deep seaport The government has been urging the authorities to appraise Lien Chieu Seaport, showing strong support and promising smoother sailing for the project. Deputy Prime Minister Trinh Dinh Dung recently urged the Ministry of Planning and Investment (MPI) to appraise the capital sources and mobilisation methods of investment capital at Lien Chieu port. Besides, the DPM assigned the Danang People’s Committee to complete the pre-feasibility report for the project after the city studied MPI’ appraisal. Based on reports of MPI and Danang city, the Ministry of Transport (MoT) was asked to build the investment planning evaluation report to submit the prime minister for approval. The assignment of the DPM shows Vietnam’s eagerness to develop the Lien Chieu Seaport project, which is considered one of two key projects that aim to boost the central city as a main logistics centre in the ASEAN and the East-West Economic Corridor (EWEC) … [Read more...] about BUSINESS IN BRIEF 5/6
500 fastest growing private companies
BUSINESS IN BRIEF 29/4
VN firms cosy up to Asia-Pacific partners Construction begins on TAFiCO’s second production line Maybank Kim Eng Securities ups capital Masan Group shareholders approve ambitious sales targets Honeywell opens first Asian cyber-security centre in Singapore Vinafood II starts trading on UPCoM Vinafood II was officially started trading on unlisted public company market (UPCoM) and registered to list 114.8 million shares with the code VSF, yesterday. Reference price on the first trading day was VND 10,100 per share, yesterday. In 2018, Vinafood II said it plans to speed up trade promotion program to food products, exploit large-scale trade markets such as China and Africa. Vinafood II’s representative affirmed this year sees its strong demand for exports. As per plan, Vinafood II will try the diversification of rice export markets, not to depend on the existing ones. It targets to … [Read more...] about BUSINESS IN BRIEF 29/4
BUSINESS IN BRIEF 24/4
Leaders of Ho Chi Minh City recently held a meeting with foreign-invested (FDI) businesses, calling on them to work side by side with the southern metropolis of Vietnam toward the goal of fast and sustainable development. The event on April 21 drew representatives of foreign businesses’ associations and nearly 200 FDI companies in HCM City. Secretary of the municipal Party Committee Nguyen Thien Nhan said over the past years, HCM City has made efforts to improve investment climate, step up administrative reforms, streamline procedures, increase transparency and boost IT application in the settlement of administrative procedures to enhance the attractiveness to foreign investment. As a result, the city attracted 6.6 billion USD in FDI in 2017, surging over 90 percent from the previous year. In the first quarter of 2018 alone, the figure stood at 1.37 billion USD, compared to 5.8 billion USD of the entire country. However, he said, HCM City is also facing an array of challenges … [Read more...] about BUSINESS IN BRIEF 24/4
BUSINESS IN BRIEF 15/4
Saigon Co.op to open 50 more convenience stores Saigon Co.op, the country’s leading retailer, will open an extra 50 Cheers in convenience stores in HCMC in partnership with NTUC FairPrice of Singapore this year, said Nguyen Thanh Nhan, general director of Saigon Co.op. At a 2017 review meeting of Saigon Co.op last week, Nhan said Cheers stores would sell household and consumer goods and operate 24/7. In HCMC, there are already two Cheers stores. Besides Cheers, Nhan said this year Saigon Co.op would open 19 more Co.opmart supermarkets, two more Co.opXtra stores, 150 more Co.opSmile shops and at least one more Co.opmart hypermarket in a high-end residential area. To maintain its position as Vietnam’s leading retailer, Saigon Co.op must focus on expanding the retail network, diversifying products and developing logistics, said Nhan. Saigon Co.op is expected to achieve a 10% increase in total revenue. A report released at the meeting showed that in 2017 Saigon Co.op made some … [Read more...] about BUSINESS IN BRIEF 15/4
Social News 15/1
Small-scale coffee farmer gets helping handLò Thị Phong from Chiềng Chung Commune in Mai Sơn District in the mountain province of Sơn La, has cultivated coffee for more than 10 years on 5,000 square metres of land, but she still finds life difficult.A decade seems long enough to improve farmining practices by trial-and-error, however, according to the middle-aged Thái woman, “even now, we still cannot keep proper financial accounts”.During discussions hosted by CARE International last week, stakeholders in the mountain coffee industry touched on deeper obstacles facing the industry.CARE has worked in Việt Nam since 1989, concentrating on supporting rights and sustainable development among vulnerable groups, particularly remote ethnic communities, poor women and girls and people vulnerable to climate change.Nguyễn Vĩnh Đức, deputy director of the Sơn La branch of the Minh Tiến Coffee Export Joint Stock … [Read more...] about Social News 15/1
BUSINESS IN BRIEF 15/1
Leather, footwear sector targets 20 bln USD in export earningsVietnam sets a target of earning between 19.5 - 20 billion USD from leather and footwear exports in 2018, up 10 percent from 2017, heard a conference in January 12.According to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the leather and footwear industry is expected to grow 5 percent from last year, with the localisation rate reaching 55 percent. Footwear and handbags will remain Vietnam’s top four and 10 exports, respectively.Addressing the event, LEFASO Vice President Phan Thi Thanh Xuan highlighted positive signs in the world’s economy and increasing consumption demand, saying that these create both favourable conditions and challenges to Vietnam in exports and investment.In order to help Vietnamese exporters realise the target, the association will actively participate in relevant policy making while luring foreign and domestic investment in support industry, thus increasing the … [Read more...] about BUSINESS IN BRIEF 15/1
E-commerce as the trend going forward
Updated at Wednesday, 10 Jan 2018, 21:36 The Hanoitimes - Vietnam’s retail market picks up where it left off last year with the addition of two leading brands joined the market right in the first month of 2018. It is thus important for domestic retailers to develop new retailing methods, especially with the focus on e-commerce as a decisive factor to enhance competitiveness. Illustration photo. Last July, leading Korea retailer GS Retail set up a joint venture namely GS25 Vietnam with Son Kim Group, one of Vietnam’s leading privately owned retailers to launch its first convenience store in Ho Chi Minh City on January 19. GS25 Vietnam is set to dominate the retail market with plan to open more than 2,500 stores in the next 10 years. Also in this month, Chinese electronics and software company Xiaomi cooperated with Digiworld of Vietnam to open the first Mi Store in Vietnam, where all Xiaomi’s products will be sold, including smart phones, … [Read more...] about E-commerce as the trend going forward
BUSINESS IN BRIEF 17/12
Customs signs agreement with banks for e-tax payment The General Department of Customs (GDC) on Tuesday signed a co-operation agreement with six commercial banks to implement a 24/7 e-tax payment scheme.The five local banks are Sacombank, VPBank, HDBank, LienvietpostBank, SCB and the foreign bank is Mizuho Bank Ltd. The e-tax payment through the six banks will be implemented from December 15.Speaking at the signing ceremony, GDC’s Deputy General Director Nguyen Duong Thai said the customs sector was required to upgrade its e-payment portal for the purpose of administrative reform.The e-tax payment would facilitate tax payment anywhere, anytime, reduce time and ensure immediate goods clearance. The customs authority will directly support enterprises to make payment documents from the original data and minimise errors in money transfer procedures.This could help shorten time to complete customs procedures for import-export activities to the average level of ASEAN-4 countries … [Read more...] about BUSINESS IN BRIEF 17/12
BUSINESS IN BRIEF 15/12
Measures sought to increase added value of coffeeMeasures were sought to promote coffee processing to enhance coffee export value to 6 billion USD by 2030 at a workshop in Da Lat city, the Central Highlands province of Lam Dong on December 9.The event was organised by the Vietnam Coffee and Cocoa Association (VICOFA) and the Ministry of Agriculture and Rural Development (MARD).Addressing the event, MARD Minister Nguyen Xuan Cuong underlined the development of the coffee sector.Vietnam made up less than one percent of the world’s coffee output 30 years ago. In 2016, Vietnam became the world’s second biggest coffee producer, with 645,000 hectares producing 1.6 million tonnes of beans. The sector earned 3.4 billion USD in export value and provided jobs for some 600,000 people in the year.Coffee plants have made significant contribution to the nation’s development and the wellbeing of Vietnamese farmers, Cuong said.By 2030, Vietnam aims to reduce coffee growing area … [Read more...] about BUSINESS IN BRIEF 15/12
BUSINESS IN BRIEF 12/12
Vietnam, Cambodia to develop cashew farming areaThe Vietnam Cashew Association (VINACAS) is working with the Cambodian Ministry of Agriculture, Forestry and Fisheries to establish a cashew farming area in Cambodia that is able to produce 1 million tonnes of material cashew annually.VINACAS President Nguyen Duc Thanh unveiled the information at the association’s seminar in HCM City on December 7 to seek ways to support foreign trade of cashew between 2018 and 2019.Addressing the event, Thanh said Vietnam has remained the world’s largest exporter of cashew and seen a robust growth of the cashew processing industry in recent years. However, the domestic supplies of cashew nuts have only satisfied about 20-35 percent of the firms’ demand for materials while imports of cashew face risks from quality control and payment, he noted.Cambodia is able to produce high-quality cashew nuts thanks to good varieties and favourable weather conditions, Thanh stated, adding that … [Read more...] about BUSINESS IN BRIEF 12/12