Viet Nam has lost one spot from last year on the World Bank’s ease of doing business report to rank 69th out of 190 countries and territories. — Photo nhandan.com.vn Viet Nam has lost one spot from last year on the World Bank’s ease of doing business report to rank 69th out of 190 countries and territories. The Southeast Asian nations earned an ease of doing business (EODB) score of 68.36 points, gaining 1.59 points from a year ago, according to the Doing Business 2019 report themed: “Training for Reform”. Compared to other ASEAN countries, Viet Nam’s was behind Singapore’s second position, Malaysia (15th), Thailand (27th) and Brunei (55th), and only higher than Indonesia (73rd), the Philippines (124th), Cambodia (138th), Laos (154th) and Myanmar (171st). According to the report, Viet Nam had made starting a business easier by publishing the notice of incorporation online and by reducing the cost of business registration, In addition, paying … [Read more...] about VN drops on WB business index
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Banks cut fees to improve business climate
Viet Nam News HÀ NỘI – Banks have cut service fees in response to the Government’s push to improve the business environment, deputy governor of the State Bank of Việt Nam (SBV) Đào Minh Tú said on Thursday. During an online conference on banking industry administrative reforms designed to improve the country’s business environment on Thursday, Tú said fees had been cut on services like money transfers, cards and lending. Among the banks, BIDV has reduced or eliminated nine fees in the 2016-18 period, including the charges for money transfers and registration and annual fees for services from BIDV online, Bank Business, BIDV Bank Plus and BIDV Smartbanking. Military Bank has reduced fees on 16 services related to lending, cards, money and remittance transfers while Techcombank has removed money transfer fees for individual and institutional customers. According to Tú, the banking industry is making the moves to help … [Read more...] about Banks cut fees to improve business climate
BUSINESS NEWS IN BRIEF 2/9
Agro-forestry-fishery exports generate 25.7 billion USD in 8 months The agro-forestry-fishery sector raked in 3.13 billion USD from exports in August, raising the total value in the first eight months of this year to 25.7 billion USD, up 7.3 percent year-on-year. According to the Ministry of Agriculture and Rural Development, the best performers in the period included rice, fruit and vegetables, key forestry products and seafood. Exports to major markets like the Association of Southeast Asian Nations (ASEAN), the Republic of Korea (RoK), China, the US and Japan increased significantly over the past eight months. The country exported about 4.4 million tonnes of rice worth 2.2 million USD between January-August, up 6.8 percent in volume and 22.1 percent in value from the same period last year. In August alone, 441,000 tonnes valued at 209 million USD was shipped abroad. China remained Vietnam’s largest rice importer, making up 24.7 percent of the market … [Read more...] about BUSINESS NEWS IN BRIEF 2/9
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 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 25/3
Hanoi eyes 159 industrial clusters by 2030 The capital city will have 159 industrial clusters, covering a total area of more than 3,200ha by 2030, baodautu.vn reports. This is pursuant to its industrial cluster development master plan for 2020 with a vision to 2030. In the period up to 2020, there will be 138 industrial clusters with an area of more than 2,620ha in the city. Of these, 52 are newly-established zones, spanning 590ha. The plan has been approved by the municipal People’s Committee. In the 2021 to 2030 period, five existing industrial clusters will be expanded, having a total area of 45.4ha, and 21 new ones, covering 536ha, will be established. According to the plant, industrial complexes which are located in the five northern districts of the city —Soc Son, Me Linh, Dong Anh, Long Bien and Gia Lam — will prioritise to attract investments in several sectors, including electronics and information technology, engineering, automotives … [Read more...] about BUSINESS IN BRIEF 25/3
BUSINESS IN BRIEF 28/1
One more project in the red for VinachemA Laos-based potassium salt mining and processing project is the fifth million-dollar loss-making project of Vietnam National Chemical Group (Vinachem) and the thirteenth of the Trade and Industry sector.The total investment of this Vinachem project is $522 million, including $105 million from Vinachem, $113 million from Vietnam Development Bank (VDB), $161 million from Bank for Investment and Development of Vietnam JSC (BIDV), and $143 million from VietinBank.The project’s scope of exploration is 10 square metres. It is expected to be built within five years and start exploration from 2020, producing 320,000 tonnes annually. However, after two years of construction, the project has stalled in 2017.In 2017, the 20 subsidiaries of Vinachem recorded a total profit of nearly VND2.2 trillion ($100 million), but four projects had a negative revenue of VND2.115 trillion ($93.2 million). Earlier, in the first days of 2018, Deputy Prime … [Read more...] about BUSINESS IN BRIEF 28/1
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 22/12
Dong Nai attracts $1.3 billion FDI in 2017The southern province of Dong Nai attracted over US$1.3 billion in foreign direct investment (FDI) in 2017, $300 million higher than the set target.According to the provincial industrial zones’ management board, it has attracted 1,733 FDI projects, so far, with total investment of $31.3 billion. Investors from 45 countries and territories have invested in the locality.South Korea is the largest foreign investor in the province, following by Taiwan (China) and Japan.The board said despite laying down stricter conditions for investment projects, FDI capital that poured into the province still increased this year. In particular, disbursement reached $1.1 billion, equivalent to 88 per cent of the total registered capital.In recent years, Dong Nai has given priority to FDI projects using hi-tech, skilled labourers and are environment-friendly.Mai Van Nhon, deputy head of the board, said investors believed in the province’s support for … [Read more...] about BUSINESS IN BRIEF 22/12
Government and Enterprises Jointly Improving Business Environment
Last year was another tireless journey for the Government and the business community to work together to improve the business environment to make Vietnam a world-class friendly destination. This is also an important milestone in the effort to create a conducive business environment to develop enterprises and constitute a government of action, facilitation and integrity to serve business development. In the Doing Business 2018 Report titled “Reforming to Create Jobs”, the 15th edition in the report series released by the World Bank (WB), Vietnam continued to climb 14 places in ease of doing business to No. 68 out of 190 economies, scoring 67.93 points on a 100-point scale. In 2017, the country was ranked No. 82 with a score of 63.83, an increase of nine places over 2016. Dr Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), said, last year, thousands of suggestions from entrepreneurs were collected and considered by government agencies and … [Read more...] about Government and Enterprises Jointly Improving Business Environment