Azerbaijani investors eye Vietnamese marketAzerbaijani investors with strong financial capacity and professional performance are keen on landing investments in Vietnam, has said Anar Imanov, Azerbaijani Ambassador to Vietnam.In his remarks at a recent workshop themed “Meet Azerbaijan” in Hanoi, the Azerbaijani Ambassador highlighted Azerbaijani enterprises' advantage of plentiful capital and practical experience in implementing projects in Europe, adding that many are seeking investment opportunities in Vietnam.As one of the world’s leading crucial oil and gas producers and suppliers, Azerbaijan also has great potential to boost its bilateral cooperation with Vietnam in three key fields, including tourism, logistics, and agriculture. The diplomat cited a FAM tour jointly held by the Azerbaijan Embassy in Vietnam and Qatar Airways last year as a big effort to bolster tourism cooperation between the two countries.The FAM tour provided many Vietnamese tourism … [Read more...] about BUSINESS NEWS IN BRIEF 15/1
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BUSINESS NEWS IN BRIEF 9/12
Online Friday kicks off with 5,000 promotional products Online Friday 2018 officially kicked off on December 7, with 5,000 products at promotional prices of 0 VND or with prices reduced by 80 to 90 percent, according to event organiser the Vietnam E-commerce and Digital Economy Agency (IDEA) under the Ministry of Industry and Trade. Around 3,000 businesses registered to join the programme. Around 120,000 buyers can access the website onlinefriday.vn or the Online Friday app at the same time. Many big brands participate such as Samsung, Jetstar, Vinamilk, Lazada, Shopee, Tiki, Lotte, Adayroi, The gioi di dong (Mobile World), Yes24, FPTshop and ViettelStore. Delivery businesses such as VnPost, Nijavan, Lalamove and Snailship would support firms by reducing delivery costs for the event. Twenty banks will join in cash-back programmes to help customers use card payments. To ensure product and service quality, the organiser told firms to provide certificates of origin. The organiser … [Read more...] about BUSINESS NEWS IN BRIEF 9/12
BUSINESS NEWS IN BRIEF 1/11
The upcoming Vietnam Digital Economy Forum (VDEF) 2018 will include special sessions which focus on Vietnam’s digital economic perspectives, featuring local and international keynote speakers. The VDEF 2018, whose theme is “Challenges and strategic solutions for small- and medium-sized enterprises (SMEs) in the Fourth Industrial Revolution,” will take place on Thursday, November 1, at the Rex Hotel in District 1, HCMC. The forum is co-sponsored by the Association of Vietnam Scientists and Experts, and Quang Trung Software City, as well as by the HCMC People’s Committee. Some 20 policy makers and leading experts at home and abroad from the digital economy industry, together with 500 guests from ministries, organizations and enterprises, are expected to join this event. The Fourth Industrial Revolution has been impacting the structures that make up the foundations of the global economy and society. Every day, millions of people benefit from innovative products and … [Read more...] about BUSINESS NEWS IN BRIEF 1/11
BUSINESS NEWS IN BRIEF 23/10
Vietnam, EU reiterate commitment to trade, investment deals The Vietnamese Government and the European Commission (EC) have pledged to carry out the Europe-Vietnam Free Trade Agreement (EVFTA) and the Investment Protection Agreement (IPA) in a timely and effective manner. The commitment is expressed in a joint statement issued by Vietnam’s Minister of Industry and Trade Tran Tuan Anh and European Commissioner for Trade Cecilia Cecilia Malmström following their meeting on October 19 in Brussels on the sidelines of the 12th Asia-Europe Meeting Summit (ASEM 12). The statement said the Vietnamese Government is preparing plans to fulfill obligations under the free trade agreements while the EC stands ready to support the necessary reforms and adjustments through technical assistance. Both sides acknowledged the relevance of the trade and sustainable development chapter of the FTA and agreed to jointly promote initiatives in this field, including the ratification of the … [Read more...] about BUSINESS NEWS IN BRIEF 23/10
BUSINESS IN BRIEF 14/6
Wood furniture firms advised to optimise domestic materials The world’s wooden interior décor market is predicted to grow 3.5 percent in 2018 and continue expanding, bringing chances for Vietnamese businesses to raise exports of the products. If Vietnamese businesses optimise the material sources they have and make the best use of trade promotion activities, their export earnings can surpass 8 billion USD. According to Huynh Van Hanh, Vice President of the Handicraft and Wood Industry Association of Ho Chi Minh City, in the past 15 years, the wood industry has maintained the growth rate of 8-15 percent a year despite world economic fluctuation. The biggest issue of the wood processing enterprises in Vietnam is they are focusing on a market section with low added value, mostly concentrating on outsourcing for foreign clients. To further develop the domestic wood sector, the businesses should pay attention to a higher target of selling abroad the whole space of high-end … [Read more...] about BUSINESS IN BRIEF 14/6
BUSINESS IN BRIEF 20/4
Mercedes-Benz Viet Nam recalls 3,624 vehicles over faulty fuse Mercedes-Benz Viet Nam is recalling 3,624 vehicles that are at risk of catching fire due to a potentially faulty fuse. According to the German car maker, the list of recalled vehicles includes C200, C250, C300, E200, GLC 250 4MATIC and GLC 300 4MATIC models, manufactured between September 2015 and February 2017. The models will be checked and installed with an additional fuse in the electrical line to the starter at an estimated time of 30 minutes per car. The recall campaign is scheduled to begin on May 14, 2018, and end on September 9, 2020. Mercedes-Benz Viet Nam is also recalling another 384 vehicles (models E200, E250 and E300) manufactured from August 2016 to April 2017 to replace the seat belts on the left and right backseats. The duration of checking and repairing is estimated at one-and-a-half hours per vehicle. This recall campaign started on April 16, 2018, and will run till December 31, 2022. JLL: Hanoi … [Read more...] about BUSINESS IN BRIEF 20/4
BUSINESS IN BRIEF 1/4
No door for return of RON92 petrol After RON92 petrol was replaced by E5 bio-fuel for about three months, several enterprises said that the consumption of E5 was lower than that of RON92 and petitioned the authorities to resume the use of RON92. However, experts and businesses have asserted that the use RON92 petrol should not be resumed. Recently, Ho Chi Minh City One Member Limited Liability Oil and Gas Company (Saigon Petro) sent an official document to the Ministry of Industry and Trade and Ministry of Finance, saying that the consumption of E5 bio-fuel in the first two months of 2018 accounted for a very low proportion of the total petrol consumption of Saigon Petro, at over 30% of total petrol consumption, while the consumption of RON92 made up 65% of the total consumption. In addition, the company said that many vehicles that require the petrol standards of E5 or RON92 have to switch to using RON95, with a higher price, which is a waste. The company also recommended the … [Read more...] about BUSINESS IN BRIEF 1/4
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
BUSINESS IN BRIEF 27/3
Although Vietnam has stepped up exports to ASEAN, the country ran a trade deficit of US$6.51 billion with the region last year, according to data of the General Department of Vietnam Customs. Vietnam’s trade with other ASEAN countries totaled US$49.53 billion last year, up 19.6% over 2016 and accounting for 11.7% of the country’s total foreign trade. Export growth outpaced import growth but the country still incurred a yawning trade deficit with the region. The country exported US$21.51 billion worth of products to other Southeast Asian countries, growing 23.9% against the previous year, while imports grew by 16.4% year-on-year to US$28.02 billion. The surge in exports to ASEAN is thanks to higher export revenues from mobile phones and phone parts (up US$948 million), iron and steel products (up US$722 million), computers, electronic products and components (up US$488 million), crude oil (up US$378 million), and textiles-garments (up US$181 million). Meanwhile, Vietnam … [Read more...] about BUSINESS IN BRIEF 27/3
BUSINESS IN BRIEF 5/1
Social housing: Loan interest rate maintained at 5% The State Bank of Viet Nam (SBV) has decided to keep preferential loan interest rate unchanged at 5 per cent for purchase, rent or hire of social housing projects in 2018.The decision took effect from the beginning of this year, replacing Decision No 2544/QD-NHNN, dated December 30, 2016, on interest rate for loans applicable in 2017 for social housing projects.The interest rates will be applied for house buyers who have already sought loans from the VND30 trillion (US$1.32 billion) housing stimulus package launched in 2013 as the minimum repayment term is 15 years, and from the Viet Nam Bank for Social Policies (VBSP).The VND30 trillion (US$1.32 billion) housing stimulus package aimed primarily at social policy beneficiaries and estate developers of such projects. Of which, VND21 trillion, accounting for 70 per cent of the package’s total has been given to home buyers of projects. The remaining 30 per cent … [Read more...] about BUSINESS IN BRIEF 5/1