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
E commerce requirement gathering
BUSINESS IN BRIEF 13/6
Da Nang sets economic goals towards 2030 The central city of Da Nang aims to have the GRDP growth of 9 – 11 percent and GRDP per capita ranging between 7,000 USD and 9,000 USD for 2018 – 2030. The goals were mentioned at a workshop held by the municipal People’s Committee on June 11 to discuss the city’s development by 2030 with a vision towards 2045. The workshop gathered urban planners, economists and policy makers both at home and abroad. These experts shared hands-on experience from a number of local and foreign cities to give leaders of Da Nang a broader view of the city’s advantages, competitiveness, capacity to expand urban spaces in tandem with development of public transport, and how to build policies and raise capital for infrastructure development and develop the city sustainably. To meet the achievements, Da Nang plans to achieve strong economic growth with breakthroughs by promoting Industry 4.0 and international integration; develop a … [Read more...] about BUSINESS IN BRIEF 13/6
BUSINESS IN BRIEF 5/6
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
BUSINESS IN BRIEF 31/3
Danang Hi-Tech Park needs VND1.3 trillion Danang City is promoting investments into housing, training and service facilities in Danang Hi-Tech Park (DHTP) worth a combined VND1.268 trillion, according to the Danang Investment Promotion Agency. Director of the agency Le Canh Duong on March 26 said local and foreign firms could choose to invest through public-private partnerships (PPP), which include build-operate-transfer (BOT). In addition to seeking capital for these facilities, DHTP also wants to attract investors to a research and development center to assist operations of enterprises there. Such projects can be financed by official development assistance (ODA) capital, according to Doan Ngoc Hung Anh, deputy head of the DHTP management board. In particular, the housing development project comprises villas, adjoining houses and condominiums with an investment estimated at VND842 billion. It aims to provide quality accommodation for employees, experts and scientists working at DHTP. … [Read more...] about BUSINESS IN BRIEF 31/3
BUSINESS IN BRIEF 28/3
Fate of Ban Phuc Nickel remains murky The fate of Ban Phuc Nickel mine invested by Ban Phuc Nickel Mines Limited Liability Company (BPNM) remains uncertain. A representative of the Son La Department of Industry and Trade told VIR that the mine’s operation has been suspended since October last year. To date, the department has yet to receive any specific plans to resume the mine’s operation from the investor. Previously, in October 2017, BPNM officially decided to suspend the operation of Ban Phuc Nickel mine until September 30, 2018 due to the company’s massive losses. In 2007, Asian Mineral Resources Limited (AMR), a global mining group listed on the bourse in Toronto, Canada, was granted the licence to exploit and process ores in the Ban Phuc nickel ore mine, which has a reserve of more than 200,000 tonnes of nickel and 18,000 tonnes of copper. According to the initial plan, AMR will co-operate with domestic enterprise Son La Mechanical Engineering JSC to establish … [Read more...] about BUSINESS IN BRIEF 28/3
BUSINESS IN BRIEF 24/3
SMEs benefit from State’s business support policies Small- and medium-sized enterprises (SMEs) will benefit from many support policies of the State, especially those in information support; consultation; human resources development; startup and innovation; and value chain participation. Under Decree 39/2018/ND-CP recently issued by the Government, SMEs will be free to access information in the national information portal for supporting SMEs managed by the Ministry of Planning and Investment, and other information portals managed by ministries, ministry-level agencies, municipal and provincial-level People’s Committees. To help SMEs develop their human resources, the State budget will support at least 50 percent of the total cost of a business start-up and business administration training course for SMEs. Meanwhile, SMEs in advantaged areas and those owned by women will be exempted from tuition fees for training. Business households, which register to … [Read more...] about BUSINESS IN BRIEF 24/3
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
BUSINESS IN BRIEF 14/1
Pepper growers concern about falling pricesPepper growers are entering the harvest season of 2018 in the southeastern region of Vietnam, concerning about price fall and output reduction because of pests and diseases.Traders now pay VND65,000-66,000 a kilogram of pepper, accounting for half of the price in the same period last year.Long lasting rains last year created conditions for pests and diseases to attack pepper crop, resulting in output drop this year.According to statistics, high pepper prices in previous years sent farmers to expand farming area to 40,100 hectares in Ba Ria-Vung Tau, Dong Nai and Binh Phuoc provinces in 2017. The area far exceeds the plan of 12,800 hectares by 2020 of the Government.That has broken supply and demand balance causing continuos price reductions for the last two years. Enterprises develop fast in number, efficiency low: economic survey 2017Data from economic survey of HCMC 2017 showed that although the number of enterprises quickly develops, their … [Read more...] about BUSINESS IN BRIEF 14/1
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 10/12
JETRO to host Invest Japan seminar in Ho Chi Minh CityJapan External Trade Organisation Ho Chi Minh City (JETRO) and the Ministry of Planning and Investment's Foreign Investment Agency will co-organise the Invest Japan seminar in Ho Chi Minh City on December 19.The seminar aims to introduce the strengths of the Japanese market, the advantages of establishing a branch in Japan, as well as JETRO’s free support activities for enterprises in Vietnam looking to invest or establish a business in Japan.The relationship between Japan and Vietnam has improved significantly over the past years. This January, Japanese Prime Minister Shinzo Abe visited Vietnam. In March, the Emperor and his Empress visited Vietnam for the first time, and in June, Vietnamese Prime Minister Nguyen Xuan Phuc visited Japan for the second time after taking office.In terms of the economy, the number of Japanese enterprises investing in Vietnam continues to increase, while trade relations are on the rise. A growing … [Read more...] about BUSINESS IN BRIEF 10/12