VN Central Bank asks banks to rectify hotline issues The State Bank of Viet Nam (SBV) has asked banks to provide enough switchboard operators and improve technical infrastructure to process complaints efficiently. The SBV said it found through monitoring that the hotlines of some banks were not operating effectively, making it very difficult for customers and cardholders to request assistance in emergency cases. This has been a cause for concern and has been reported in different forms of mass media. In order to ensure the quality of services, the State Bank has required banks to address the issue to promptly receive and handle the inspection and complaints of customers. Banks must take the initiative in explaining and promptly responding to opinions expressed on mass media regarding the quality of card payment services to avoid pulling down consumer trust in the quality of payment services offered by banks and the development of non-cash payment regulations by the … [Read more...] about BUSINESS IN BRIEF 22/6
Farm produce delivery
BUSINESS IN BRIEF 19/6
Nawaplastic still hungry for Binh Minh Plastic shares Owning a dominant stake in Binh Minh Plastic (BMP) did not quench Nawaplastic Industry Co., Ltd. (Nawaplastic)’s thirst for BMP shares. Most recently, Nawaplastic registered to buy an additional 1.17 million BMP shares to increase its holding to 44.525 million shares, equalling 54.39 per cent of the charter capital. The transaction is expected to occur between June18 and July16. The registered share volume is the remaining part of the 2.86 million shares that Nawaplastic failed to buy during previous transactions. Notably, Nawaplastic registered to buy 2.86 million BMP shares during transactions on May 14-June 12, however, the Thai investor ended up buying 1.69 million of the registered shares as BMP did not match Nawaplastic’s target price. BMP manufactures and trades civil and industrial products made of plastic and rubber. The company also designs, manufactures, and trades in plastic moulds for the casting industry; … [Read more...] about BUSINESS IN BRIEF 19/6
BUSINESS IN BRIEF 16/6
Vietnam targets US$200 bn garment, textile exports by 2035 With import tax cuts presented by free trade agreements (FTAs) to which, Vietnam is a member, increasing automation in production and quite favourable factors in the world market, the country’s garment and textile exports are forecast to hit US$200 billion by 2035. Vu Duc Giang, president of Vietnam Textile and Apparel Association (VITAS), says the US remains Vietnam’s largest garment importer, trailed by the EU and member countries of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). Giang optimistically told the Japanese and Vietnamese media that the garment sector is likely to earn US$34.5 billion from exports this year. It is expected that after the CPTPP comes into effect in August 2018 and export taxes drop to zero, the country’s garment exports will surge by 3% compared to the estimated figure because Canada, Australia, Mexico, and New Zealand, major importers, currently import about … [Read more...] about BUSINESS IN BRIEF 16/6
BUSINESS IN BRIEF 22/4
Vietnam to attend China International Import Exposition Vietnam will display various kinds of products such as farm produce, processed food, consumer products and trade services in 60 pavilions at the China International Import Exposition (CIIE) 2018 which is scheduled to take place in Shanghai city from November 5-10. The Vietnam Trade Promotion Agency (VTPA) under the Ministry of Industry and Trade introduced the event during a press conference in Ho Chi Minh City on April 13. VTPA Director Vu Ba Phu said the expo will create an excellent opportunity for Vietnamese businesses to make inroads into the market, helping narrow the trade gap with China, as well as expand cooperation with Chinese partners and hundreds of other participating economies. To boost exports to China, businesses need to increase the quality of products, build brand names, and improve packaging and designing. At the same time, they need to update information about the market, import-export policies, and … [Read more...] about BUSINESS IN BRIEF 22/4
BUSINESS IN BRIEF 16/4
Poultry breeding heats up again General manager CP Vietnam Montri Suwanposri said that Vietnam’s poultry prices are closer with prices of other countries; accordingly, CP Vietnam will sell chicken to Japan after finishing paper works as per the partners’ requirement. Montri Suwanposri added that C.P in Thailand is the leading firm exporting chicken meat to Japan for years with the quantity of five million a week. There has been an increase in poutry meat orders lately because many countries banned import chicken from Brazil , an exporter of chicken to Japan, after food safety scandal. These countries switched to import chicken meat from Asian countries especially Thailand. At present, prices of poultry in hi-tech farms in Vietnam is similar to chicken prices in other Asian countries, accordingly, C.P Thailand will share its orders with Vietnamese firms and C.P Vietnam has planned to sell chicken meat to Japan in 2019. In 2017, Vietnam’s livestock sector marked its … [Read more...] about BUSINESS IN BRIEF 16/4
BUSINESS IN BRIEF 4/4
Hapro and Protrade Corp. report successful IPOs Both state-owned Hanoi Trade Corporation (Hapro) and Binh Duong Producing and Trading Goods Corporation (Protrade Corp.), the owners of several golden land plots and industrial parks, conducted successful IPOs. On March 28, Protrade, the third largest state-owned firm in the southern province of Binh Duong, offered 30 million shares for sale, equalling 10 per cent of its stakes, at its IPO with the initial price of VND12,000 ($0.53). As a result, 63 investors joined the auction, four of whom won with the highest bid of VND21,000 and the lowest bid of VND16,600. The average selling price was VND17,474, which was 46 per cent higher than the initial price. After the IPO, the state’s holding in Protrade decreased to 50 per cent, equalling 150 million shares. Besides, Protrade Corp. will put 119.7 million shares, equalling 39.91 per cent of the stakes, on sale to strategic investors. Previously, Protrade Corp. also published the … [Read more...] about BUSINESS IN BRIEF 4/4
Gov’t figures out key tasks for 2018 (part I)
The following is the first part: STT Tasks Line ministries Coordinators Deadlines I Enhancing macro-economic stability, controlling inflation, ensuring major balances of the economy, accelerating fast and sustainable growth 1 Comprehensively and flexibly regulate monetary tools to stabilize the monetary market, contributing to control inflation and create favorable conditions for credit organizations to reduce lending rates The State Bank of Viet Nam … [Read more...] about Gov’t figures out key tasks for 2018 (part I)
Exporters urged to take advantage of Russia tariff cuts
Exporters urged to take advantage of Russia tariff cutsBan Mai By Ban Mai - The Saigon Times Daily HCMC – Local companies should make full use of preferential tariffs offered by Russia under its WTO commitments to boost exports to this market, said an expert. Vietnamese agro-products now enjoy 30-50% tariff cuts in Russia. Under Russia’s WTO commitments on tariffs and quotas, the average tariff for goods imported into Russia has been brought down to 7.8% from 9.5%, and the average duty for agro-products has been cut to 10.8% from 13.2%. Such commitments are favorable for the major items Vietnam exports to Russia, including seafood, computers, electronic products, textile-garment, leather-footwear and farm produce. In the past two years, local exporters have effectively benefited from the tax incentives provided by Russia, with exports to this market growing 30% per year. By the end of the first quarter, Vietnam had exported US$417.95 million worth of products to Russia, up … [Read more...] about Exporters urged to take advantage of Russia tariff cuts
Opportunities for export to Russia abound
Opportunities for export to Russia aboundThuy Dung By Thuy Dung - The Saigon Times Daily HANOI – Due to cold weather Russia does not have farm produce that is abundant in Vietnam, giving domestic producers the opportunity to export their goods to the Russian market. At a seminar on new export opportunities in Russia and Ukraine held in Hanoi last week, La Van Chau, former Vietnamese commercial attaché in Russia, said that to meet its demand, Russia had to import fresh and processed vegetables, fruits and drinks in bulk, mainly from Europe, the Middle East, South America and Asia. With a population of some 145 million people, Russia is regarded as a large market for Vietnamese producers of foods and beverages. Chau said Russians like drinking coffee and that Russia imported 123,000 tons of coffee worth half a million U.S. dollars last year, accounting for 94.75% of the Russia coffee market. Of the 123,000 tons imported, 88.68% was non-roasted coffee that is subject to a 0% … [Read more...] about Opportunities for export to Russia abound
Exporters get stuck in rising farm produce prices
Exporters get stuck in rising farm produce pricesBy Ngoc Hung and Thai Hang - The SaigonTimes Daily HCMC – Rising prices of several types of local farm producehave put exporters in hot water as processors cannot buy them while deliverydates approach, industry sources said. The local coffee price is mounting sharply, to some VND50million or US$2,440 per ton, almost on a par with the level of US$2,460 per tonon Tuesday on the Londoncommodities exchange. This means exporters will face big losses when takinginto account all costs and expenses. But the big problem is that most coffee exporters havesigned futures contracts at a much lower price, and now find it hard to fulfillthe deals, especially those with delivery in July.Doan Trieu Nhan, an expert of the Vietnam Coffee and CacaoAssociation (Vicofa), said no one could have forecast at the beginning of thecoffee season that the coffee price would climb steadily for such a long time.That explained why many traders had agreed to sell a … [Read more...] about Exporters get stuck in rising farm produce prices