Deputy Prime Minister Vuong Dinh Hue speaks at the forum in Hanoi on August 21 (Photo: VNA) Hanoi (VNA) – Officials and experts talked challenges and solutions to expand the capital – financial market of Vietnam at a forum in Hanoi on August 21. Addressing the event, part of the Vietnam Economic Forum, Deputy Prime Minister Vuong Dinh Hue said it is necessary to look into the imbalance between the credit market and the capital market, between credit and other added services in banks’ credit activities, and between the short-term and long-term markets, particularly the bond market. He cited the figure of 53 percent of businesses operating unprofitably as of the end of 2016, saying that one of the reasons for this is the lack of capital. Many companies depend on bank loans to operate, so their financial expense is very high, plus other high expenses like market access and logistics costs, which hampered their business performance, the Deputy PM said. Deputy … [Read more...] about Forum discusses solutions to expand capital-financial market
Global enterprise marketing
E commerce Platform Export Portal: The bridge for Vietnamese enterprise to expand overseas
(VEN) - Export Portal, a new US-based e-commerce platform with the advanced Blockchain technology was officially introduced to the Vietnamese business community. Export Portal seeks to be an effective link to help Vietnamese companies reach global markets. Ally Spinu - CEO of Export Portal (left) and Nguyen Tan Dat – General Manager of the Sunstar Investment Joint Stock Company sign an agreement for the Sunstar Investment JSC to be the Brand Ambassador of Export Portal in Vietnam A unique and breakthrough model At the workshop entitled, “Supporting Vietnamese Enterprises in Direct Exporting via US E-commerce Platform Export Portal” held by the Industry and Trade Review’s Industry and Trade Media Center in cooperation with the Sunstar Investment Joint Stock Company and Export Portal (the US) on July 3, Ally Spinu - CEO of Export Portal, launched the ecosystem to be a trusted e-commerce platform that facilitates transactions between … [Read more...] about E commerce Platform Export Portal: The bridge for Vietnamese enterprise to expand overseas
Domestic enterprises call for more incentives
Domestic enterprises call for more incentivesThe Saigon Times Daily Laborers are seen working at a local company. According to HAMEE, high taxes and complicated procedures are hindering the growth of domestic businesses – PHOTO: QUOC HUNG HCMC – High taxes and complicated procedures are hindering the growth of domestic businesses, the chairman of the HCMC Association of Mechanical-Electrical Enterprises (HAMEE), said at a meeting with 30 enterprises of HAMEE on July 18. HAMEE proposed the city government address the problems, local media reported. Do Phuoc Tong, chairman of HAMEE, noted that the main hindrance was the tax policy, explaining that enterprises importing machines are enjoying a zero tax rate, while domestic enterprises buying parts of machinery are subject to a 10% tariff. Unreasonable prices resulting from this tax differential and Vietnam-made products that allegedly fail to compete with high quality products from Japan, South Korea and Europe serve … [Read more...] about Domestic enterprises call for more incentives
Vietnam among top five global textile exporters
Illustrative image (Source: VNA) Hanoi (VNA) - Vietnam has made it onto the list of the world’s five biggest textile exporters and producers, with textile and garment export turnover hitting 16 billion USD in the first half of 2018, up more than 14 percent year-on-year. Experts said Vietnam has many opportunities to expand its markets in the field thanks to free trade agreements signed by the country with partners. The signing of the European Union - Vietnam Free Trade Agreement (EVFTA) in 2018 is hoped to help Vietnam's textile and garment industry make deeper inroads into this market. BESIDES, the US is likely to increase import tariffs on textiles and garments from China, and this will create favourable conditions for Vietnamese enterprises to expand and increase their export market share to the US - a key market for Vietnam’s textile products. According to Vu Duc Giang, President of the Vietnam Textile and Apparel Association (VITAS), thanks to the world economy … [Read more...] about Vietnam among top five global textile exporters
Viettel Global to be listed on UpCOM in July
Viettel Global, Viettel Group’s international investment arm, will be listed on the Unlisted Public Company Market (UpCOM) in July and plans to increase charter capital by VND8 trillion ($349.49 million). Myanmar is one of Viettel's newest foreign markets This was one of the contents approved at recent shareholders’ meeting of Viettel Global. The shareholders also approved the plan to increase the charter capital to VND30.43 trillion ($1.33 billion) via issuing 800 million shares at the price of VND10,000 apiece. The entire proceeds from the share sale will be used for investments by 2020. Buyers will be prohibited to transfer the shares for one year. A customer of Mytel In addition, the shareholders approved appointing Le Dang Dung as chairman of the Board of Directors of Viettel Global, while simultaneously approving to look for candidates for the position of general director. At present, Dung fills both positions. To date, Viettel invested more than $2 … [Read more...] about Viettel Global to be listed on UpCOM in July
Trung Nguyen’s dreams of global ambition drown in divorce dispute
The three-year divorce dispute between Dang Le Nguyen Vu, chairman of Trung Nguyen Group, and Le Hoang Diep Thao has drowned Vu’s ambition of taking over the world-leading coffee brand Starbucks to dominate the global coffee market. Trung Nguyen's coffee shop in Singapore. Photo: VTC News Three year divorce with no end in sight Most recently, the dispute between Trung Nguyen Group and Le Hoang Diep Thao, the group’s former deputy general director, is causing a stir again as it has been revealed that the group’s subsidiary—Trung Nguyen Instant Coffee JSC (Trung Nguyen IC)—in mid-2017 sued Thao at the Bac Giang People’s Court for illegally seizing the company’s seals and the Bac Giang branch’s legal documents. Trung Nguyen IC asked Thao to pay a compensation of $75.2 million. On May 16, Thao rejected Trung Nguyen IC as well as her husband Dang Le Nguyen Vu’s accusations. Thao argued that Vu was not Trung Nguyen IC’s legal … [Read more...] about Trung Nguyen’s dreams of global ambition drown in divorce dispute
Future bright for Viet Nam’s capital market
The Vietnamese economy’s bright prospects have created many opportunities for investors in the market. However, the economy is still heavily dependent on credit and the development of this market is still limited. Vietnam News Agency talks to Vu Bang, member of the Prime Minister’s Economic Advisory Group, about how to make Viet Nam’s capital market become more attractive and what opportunities will be identified in 2018. Viet Nam’s economy has long been dependent on credit. According to experts, if firms depend almost entirely on credit, Viet Nam’s capital market will be unable to develop. What do you think about this? Over the past five years, the capital market has helped mobilise about VND1.4 quadrillion (US$61.9 billion) from issuing bonds and shares. On average, enterprises raised VND20-30 trillion ($885 million - $1.3 billion) each year through the capital market. However, the amount of credit [supplied by the monetary market] to the economy is … [Read more...] about Future bright for Viet Nam’s capital market
Global trade war risk has limited impact on Vietnam’s securities
Fears of a trade war between the US and China have rocked global stock markets in recent sessions, but experts anticipate limited effects on Vietnam’s securities market growth as the market is on solid footing and is increasingly reliant on domestic demand. If the conflict occurred only between the US and China, Viet Nam would have a good chance to export to the US. - Photo giathep24h.vn On March 22, US President Donald Trump signed a memorandum that would impose 25 tariffs on up to US$60 billion in annual imports from China. In retaliation, China announced similar tariffs on about $3 billion of US imports. Though there is still speculation that China may expand its target to a broader range of US business interests, international experts believe the current trade spat between the two economic powers will be resolved through ongoing negotiations rather than moving toward a full-fledged trade war. This issue, however, continues to weigh on investor sentiment and raise … [Read more...] about Global trade war risk has limited impact on Vietnam’s securities
Global trade war risk has limited impact on Viet Nam’s securities
Fears of a trade war between the US and China have rocked global stock markets in recent sessions, but experts anticipate limited effects on Viet Nam’s securities market growth as the market is on solid footing and is increasingly reliant on domestic demand. If the conflict occurred only between the US and China, Viet Nam would have a good chance to export to the US. - Photo giathep24h.vn On March 22, US President Donald Trump signed a memorandum that would impose 25 tariffs on up to US$60 billion in annual imports from China. In retaliation, China announced similar tariffs on about $3 billion of US imports. Though there is still speculation that China may expand its target to a broader range of US business interests, international experts believe the current trade spat between the two economic powers will be resolved through ongoing negotiations rather than moving toward a full-fledged trade war. This issue, however, continues to weigh on investor sentiment and raise … [Read more...] about Global trade war risk has limited impact on Viet Nam’s securities
Stock market crashes
Stock market crashesPhuong Thao HCMC – Stocks took a nosedive on January 17 as sellers locked in profit after recent strong gains, with the VN-Index shedding a hefty 28.27 points, or 2.66%, at 1,034.69. According to securities enterprises, market sentiment was negatively affected by a draft amendment to Decision 87, proposed by the State Securities Commission (SSC). According to the document that has been sent to brokerage firms for feedbacks, the equity required for each margin lending transaction should not be below 60%, a significant increase from the current 50%. The money flow, especially from local retail investors, therefore could be tightened. This indicates some caution by the SSC regarding the strong rally in share prices this year. Blue chips were key factor behind the steep decline as only confectionery firm KDC and construction firm ROS in the VN30 basket managed fractional rises. Meanwhile, VNM, the country’s leading dairy enterprise, fell 3.9% at VND200,100 … [Read more...] about Stock market crashes