Samsung concludes third training course for Vietnamese consultants Samsung Vietnam and the Ministry of Industry and Trade (MoIT) rounded off its third training course for Vietnamese consultants in the supporting industry with a ceremony in Ho Chi Minh City on October 19. Speaking at the ceremony, Truong Thanh Hoai, Director of the MoIT’s Heavy Industries Department, pointed out some of the industry’s weak points in terms of competitiveness and spare parts materials, attributing them to the limited management and investment capacity of local companies. He said the Government and other relevant ministries have issued many policies to support the growth of the sector, adding that Samsung’s courses are an important part of such efforts. Eight courses of this kind are scheduled to take place in 2018 and 2019, each lasting for three months, aiming to train 200 consultants in total. They are part of a memorandum of understanding (MoU) between the MoIT and Samsung … [Read more...] about BUSINESS NEWS IN BRIEF 21/10
American express strategic planning group
BUSSINESS NEWS IN BRIEF 25/8
RoK technology ventures seek opportunities in Vietnam An event connecting technology ventures of Vietnam and the Republic of Korea (RoK) was held in Ho Chi Minh City on August 22 to strengthen cooperation and trade activities between businesses of the two countries. It was organised by Vuccess Co., Ltd of the RoK, with support from the State Agency for Technology Innovation of the Ministry of Science and Technology, the Vietnam Trade Promotion Agency (Vietrade) of the Ministry of Industry and Trade, along with the Korea Institute of Science and Technology and Korea Techno-Ventures Foundation. At the event, Vietnamese firms were updated on latest technology and cooperation opportunities through 11 leading businesses of the RoK in various fields, including information technology, communications, power-electronics, garment-textile, chemistry, construction, energy and environment. Bui Hoang Yen from the Vietrade said that since Vietnam and the RoK established diplomatic relations in … [Read more...] about BUSSINESS NEWS IN BRIEF 25/8
Social News 7/8
Legal framework for child care on the internet Vietnam, with 64 million Internet users (67% of its population), is among Asian countries having the biggest number of Internet users. A majority of these users are children and teenagers, who are exposed to both benefits and dangers. In addition to close attention from parents and schools, a legal framework is needed to protect children from the risks of the cyber world. While browsing the Internet, children may encounter unexpected information and people. Their personal information can be hacked. More seriously, children can become victims of swindles, exploitation, harassment, and sex abuse. Online game and smartphone addictions can harm children’s mental and physical health. Parents should teach children how to find and use information on the Internet. Dang Hoa Nam, Director of the Department for Children of the Ministry of Labor, Invalids, and Social Affairs, said, “Parents play a very important role. They should be … [Read more...] about Social News 7/8
BUSINESS IN BRIEF 13/7
Hanoi shames over 300 tax defaulters Hanoi Tax Department has publicly named 331 firms who owning taxes and land rental fees valued at VND2.48trn (USD107m). 12 firms own over VND546bn (USD23.60m) in taxes, of which Lilama Hanoi owns VND111bn and Mecomic JSC owns VND60bn. 16 firms own nearly VND1.30trn (USD56.25m) in land rental fees. Lung Do 5 Development and Investment JSC leads the list with VND342bn, followed by Hoang Ha Construction JSC with VND158bn and CT Vietnam International JSC with VND122bn. Lilama Hanoi also owns VND67bn in land rental fees. The authorities have applied various measures including withdrawing the fees from the companies' accounts but have still been unable to recover the tax arrears. Since early 2018, Hanoi Tax Department has publicly named 690 companies that still owe tax arrears. As of now, 198 companies have paid nearly VND47.60bn (USD2m) of the VND1.47trn. The department has warned the firms to pay their taxes before stricter measures are applied. Shrimp … [Read more...] about BUSINESS IN BRIEF 13/7
Mekong Delta faces a bleaker future than people realize
With every passing year of environmental degradation, land loss in the Mekong Delta assumes progressively grave proportions. Forget reversing or stopping the damage, even slowing the process gets more and more difficult. The two most critical sources of the phenomenally productive Mekong River system, Vietnam's Mekong Delta and Cambodia's Tonle Sap (Great Lake), which connect symbiotically during annual monsoon floods, took four or more millennia to develop. But, in the space of a few decades, the Delta has been ecologically degraded to such an extent that its very existence is threatened. The most optimistic prediction is that the Delta is certain to shrink by 30 percent in the next couple of decades, leaving the fate of the remaining 70 yet to be determined. The future of the Mekong Delta is far bleaker than is realized by most of the 18-19 million people who farm, fish and carry on other occupations in the region. Several mega-negative developments have combined to seriously … [Read more...] about Mekong Delta faces a bleaker future than people realize
BUSINESS IN BRIEF 21/6
Digital economy offers SMEs a bright new world of opportunity With the application of digital technologies and e-commerce, small and medium-sized enterprises (SMEs) will be able to compete on a more level playing field with major enterprises when accessing the market. Mr Trinh Duy Hoang, from Vietanalytics Market Research Company said the digital economy has developed rapidly in Vietnam but there remains limited application of digital technologies in small and medium-sized enterprises (SMEs). According to Mr Hoang, digital technologies have become perceived as ‘strange’ by many businesses and there has still only been a small-scale rollout of these technologies in production activities due to high investment costs. From the perspective of Mr Hoang, the biggest hindrance for businesses is the human resource factor. Currently, newly-emerging tech start-ups in Vietnam are mostly SMEs which originate from households. Especially, these businesses have not improved the capacity … [Read more...] about BUSINESS IN BRIEF 21/6
BUSINESS IN BRIEF 29/3
Vietnamese firms urged to deeply explore Cuban market Vietnamese, French firms urged to foster partnerships Domestic pharmaceuticals stocks send good vibes to Abbott and Taisho Since the beginning of the fourth quarter of 2018, pharmaceutical stocks have been forecast to thrive as bustling activities such as state divestitures, mergers and acquisitions (M&A), and notable investments from foreign healthcare firms are being announced left and right. Speaking about the investment and divestment activities between Vietnam-based pharmaceuticals and foreign investors, a representative of State Capital Investment Corporation (SCIC) disclosed that 34.71 per cent capital at Domesco Medical Import Export Joint Stock Corporation (HSX: DMC) is on its divestment agenda in April. US-based multinational healthcare firm Abbott has already expressed a wish to participate in the divestment. In late 2017, Latin American CFR International SpA, DMC’s former largest shareholder, transferred its … [Read more...] about BUSINESS IN BRIEF 29/3
Vietnamese President’s speech at Nehru Memorial Museum
The following is the full text of President Tran Dai Quang’s speech at the event. Vietnamese President Tran Dai Quang talks with Indian scholars and students VIETNAM – INDIA: STRENGTHENING COMPREHENSIVE STRATEGIC PARTNERSHIP FOR THE INTEREST OF THE TWO PEOPLES; FOR PEACE, STABILITY AND PROSPERITY IN THE REGION AND THE WORLD Ladies and Gentlemen, Namaste, I am very pleased to have the opportunity to be here and speak with the politicians, professors, researchers, scholars, and students at the Nehru Memorial Museum & Library, the place which enshrines the historic relics of the life and work of Jawaharlal Nehru - a great Indian leader whose entire life was devoted to India's freedom and independence, and to peace and friendship among nations. To President Ho Chi Minh and the people of Vietnam he was a great and close friend. At the beginning may I express my gratitude to the Indian Government, the Indian Foundation, and to all of you present here, for … [Read more...] about Vietnamese President’s speech at Nehru Memorial Museum
Social News 10/2
Hoi An authorities seek solution to noisy bars, dinersAuthorities in Hoi An, an iconic tourist town in central Vietnam, are seeking solutions for dealing with loud music from local bars in an effort to restore a peaceful atmosphere to the vintage destination.Located in the namesake city in Quang Nam Province, Hoi An Ancient Town was recognized as a UNESCO World Heritage Site in 1999 and has long been famous for its tranquility and unique charm.Recent complaints by tourists, however, have local authorities worry that the destination may lose its tranquil charm due to loud music from local bars, restaurants, and coffee shops.The Hoi An People’s Committee announced on February 7 that it will invite local bar and hotel owners to reach a common ground on ensuring that business operations at certain venues do not compromise the interests of local residents and visitors.The meeting will be chaired by Nguyen Van Son, vice-chairman of the city’s administration and the man … [Read more...] about Social News 10/2
BUSINESS IN BRIEF 4/2
ADB helps urban infrastructure development in HCM CityVice Chairman of Ho Chi Minh City People’s Committee Tran Vinh Tuyen on February 1 received Eric Sidgwick, Asian Development Bank (ADB)’s Country Director for Vietnam.At the meeting, the municipal official affirmed that HCM City is committed to implementing cooperation deals with its partners, especially ADB. He added that the Vietnamese Government is revising projects using official development assistance (ODA) to ensure their effective implementation.Regarding the four major projects between HCM City and ADB, Tuyen noted that the city has asked the Ministry of Planning and Investment to allocate funding for the metro line No.2.It also approved the compensation plan for land clearance which the HCM City’s Management Authority for Urban Railway and ADB have agreed on. In addition, HCM City has worked on ADB’s recommendations on the first phase of the metro line No.5.For his part, Sidgwick affirmed to support … [Read more...] about BUSINESS IN BRIEF 4/2