EVFTA opens new era in Vietnam-EU trade ties: Italian experts The factory of the Far Eastern New Apparel Vietnam company in Bac Dong Phu Industrial Park, Binh Phuoc province The EU-Vietnam Free Trade Agreement (EVFTA) is hoped to usher in a new period in promoting cooperation and mutual economic development between the two sides as it comes into effect in mid-2019, according to Italian experts. In a recent interview granted to Vietnam News Agency’s correspondent in Italy, Vietnam’s Honorary Consul in Turin Sandra Scagliotti and Chairman of the Italy-Vietnam Chamber of Commerce Fulvio Albano stressed that the new-generation agreement may mark the beginning of a new era in trade relations between Vietnam and the EU. Negotiations and the legal review have been completed for both the free trade agreement and the one on investment protection. The EVFTA process is now awaiting the Council of Europe and the European Parliament to sign and ratify it. The agreement … [Read more...] about BUSINESS NEWS IN BRIEF 22/1
It support services for small business
BUSINESS NEWS IN BRIEF 19/1
Hanoi 3rd in JLL's City Momentum Index The Asia-Pacific is home to 19 of the top 20 cities on the sixth City Momentum Index published by JLL, highlighting the continuing shift of fast urban growth from the West to the East. Overall, Indian and Chinese cities dominate the rankings, accounting for three quarters of the top 20. Leading the pack are Bengaluru and Hyderabad in India, with Hanoi third. “Asia continues to show strong momentum, with cities that are successfully expanding their innovation economy punching above their weight in terms of attracting capital, companies, and people,” said Mr. Jeremy Kelly, Director of Global Research at JLL. “It’s clear that the tech sector is a key driver of both real estate and economic momentum - driven by large technology firms as well as dynamic startups in cities like Bengaluru, Hyderabad, Ho Chi Minh City and Shenzhen.” Although the global economic cycle is in its late stages, there are still many cities in the … [Read more...] about BUSINESS NEWS IN BRIEF 19/1
IFC works up Vietnam’s appetite for food safety standards
Businesses and investors can make big money from higher food safety standards. Rana Karadsheh, IFC Asia director for Manufacturing, Agribusiness and Services, shared her thoughts with VIR’s Nam Phuong. A Vietnamese poultry farm in IFC's food safety programme It is obvious that Vietnam is suffering from a food safety nightmare. Local food processors frequently come under attack for their poor hygiene practices and blatant use of toxic chemicals or preservatives, while 90 million consumers fret about catching terminal diseases from unclean food. In the most recent scandals, coffee was found to be made from electric battery and prawn was injected with deadly insecticide. Besides health consequences, these scandals are holding back Vietnam’s economic growth and its goal of becoming the world’s top exporter of food products. A recent World Bank report estimated that Vietnam loses $700 million each year in productivity due to its contaminated food. IFC' Rana … [Read more...] about IFC works up Vietnam’s appetite for food safety standards
BUSINESS NEWS IN BRIEF 20/11
New trends in Vietnam’s rice exports 2018 is witnessing new trends in Vietnam’s rice export sector, notably the priority of exporting high-quality rice through international bidding as well as stricter and more diverse trade barriers from importing countries. Preliminary data by the General Department of Customs shows that Vietnam exported 264,500 tonnes of rice in October, generating a revenue of US$135.56 million, up 22.96% in volume and 31.8% in value, compared with the same month last year. The total volume of rice exports in the first ten months of 2018 was 5.15 million tonnes, worth US$2.6 billion, representing year-on-year increases of 6.62% and 21.49% in volume and revenue respectively. What is notable during the period is that the price of Vietnamese rice has now surpassed that of Thailand, averaging at more than US$500 a tonne, up about 15%. In 2016, Vietnam exported 4.8 million tonnes of rice, bringing in US$2.1 billion. The respective volume and revenue figures … [Read more...] about BUSINESS NEWS IN BRIEF 20/11
VPBank named best bank for SMEs
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Fung Kai Jin, VPBank’s deputy general director and director of the SME Sector (middle) receives the award. — VNS PhotoViet Nam News HÀ NỘI — VPBank was named by IFC as one of three banks with the best services for small-and-medium sized enterprises (SMEs) in Asia at the Global SME Finance Forum 2018 held in Madrid on Monday. VPBank surpassed more than 100 international candidates to achieve the silver award. The prestigious prize was evaluated by a jury board including 60 persons in the first round and another 6-8 in the second round. VPBank received the award thanks to its breakthrough growth in the SME sector including both financial and non-financial factors. In addition, the jury board also commended VPBank for its efforts in applying digital technologies to bring more convenience to customers. In Việt Nam, VPBank is one of the leading banks in the SME segment, with more than 75,000 customers. The bank is a pioneer in providing financial … [Read more...] about VPBank named best bank for SMEs
Developing new value for 30 years
Developing new value for 30 years, photo: shutterstock Mikio Masawaki-General director, Sapporo Vietnam Sapporo officially entered the Vietnamese market in 2011. At the beginning, we invested more than $50 million into building Long An Brewery to Japanese standards to ensure the quality of Sapporo products in Vietnam. Beside Japan, this is our first overseas brewery. Vietnam is one of the most interesting and dynamic beer markets in the world, with high potential growth supported by many beer lovers. With the mission, “Contribute to enriching Vietnamese cuisine,” Sapporo Vietnam offers consumers safe and high-quality beer products according to Japanese standards and also the best match to Vietnamese consumers’ taste. According to our Brand Health Research in 2018, our flagship brand – Sapporo Premium Beer – is trusted by nearly 100 per cent of target customers, and it is gradually becoming a unique brand in the premium beer segment. Sapporo Premium Beer … [Read more...] about Developing new value for 30 years
BUSINESS IN BRIEF 27/6
Industrial production expands 18 percent in Tien Giang Workers at a seafood processing factory at the My Tho Industrial Park of Tien Giang province The Mekong Delta province of Tien Giang saw a record yearly growth of 18 percent in industrial production value in the first half of this year, to nearly 51.1 trillion VND (2.245 billion USD), according to Director of the province’s Department of Industry and Trade Ngo Van Tuan. The director said most major industries of the province such as food processing, beverages, garment making, shoes and metal production posted good growth compared to 2017. He noted that foreign-invested enterprises operating in key local industrial parks were the driving force behind the strong growth. Tuan cited as an example Heineken Vietnam Brewery Tien Giang whose beer output rose by 39.4 percent year on year. The local shoe making industry enjoyed a 25 percent growth with many orders from foreign partners, especially from China. The for-export tra … [Read more...] about BUSINESS IN BRIEF 27/6
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
HCMC tourism sector needs supporting services
HCMC tourism sector needs supporting servicesDao Loan HCMC - The government of HCMC is working on a plan to diversify tourism products but what travel firms need more is to have more supporting services for the sector. Last Tuesday, the city launched a new tour to Can Gio, which takes in three sites -- Dan Xay Ecotourism Resort, Vam Sat Ecotourism Resort and the Vietnam Bird’s Nest Exhibition Center. Two days later, a quarter specializing in gold and jewelry at Hoa Binh Market in District 5 came into being. Not long before, an oriental medicine quarter was opened, also in District 5. Businesses in the sector have expressed appreciation of the city’s effort to create new tourism products. However, these destinations would not be attractive if services for tourists there are not taken good care of. The oriental medicine quarter with a wide range of pharmaceutical products lacks stops and places for visitors to experience products. Similarly, tourism-related services are not … [Read more...] about HCMC tourism sector needs supporting services
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