Opportunities await local firms in Middle EastVan Nam By Van Nam - The Saigon Times Daily HCMC - Producers of furniture, building materials, seafood, farm produce and other products have more opportunities to boost their exports to the Middle East as trade between this region and Vietnam has been expanding and many big-ticket construction projects are in the offing in this region. Le Ba Ngoc, Vietnamese trade counselor in Kuwait, told a seminar on business opportunities in the Middle East in HCMC last week that the Kuwaiti government had passed a number of huge infrastructure projects, including building 50,000 villas, six big hospitals and a city for 400,000 citizens. Ngoc noted that China’s wooden products used to hold 90% Kuwaiti market share in previous years but consumers in that Middle East market was paying more attention to Vietnamese furniture because of stable quality and eye-catching designs. In addition to exports of furniture and building materials, Kuwaiti consumers … [Read more...] about Opportunities await local firms in Middle East
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HSBC: 2012 remains challenging for local firms
HSBC: 2012 remains challenging for local firmsBy Binh Nguyen - The Saigon Times DailyMajor challenges for SMEs remained when the world’s woes and credit growth control in Vietnam were taken into account, Pham Hong Hai told the Daily after a business luncheon entitled “Vietnam Macro Outlook & Visibility Creates Opportunities” last week.“There will be businesses unable to deal with difficulties,” Hai said. He pinpointed cash flow and the access to credit sources as among the major challenges for SMEs next year because banks still scrutinized corporate borrowers when the mobilizing interest rate was still capped as currently.It is too early to say that 2012 would be bright for businesses when considering global uncertainties, although inflation, borrowing and lending interest rates were poised to go down, Hai said at the event organized by the Malaysian Business Chamber in Vietnam (MBC).He said the monetary and fiscal policies that the Government was … [Read more...] about HSBC: 2012 remains challenging for local firms
Most local firms lagging in 4th industrial revolution
Most local firms lagging in 4th industrial revolutionMinh Tam HCMC – The fourth industrial revolution, which entails Internet of Things. intelligent robots. self-driving cars, and genetic editing, among others, remains quite new to domestic enterprises. A majority of Vietnamese businesses, especially those in the finance and accounting sectors, have just entered the third industrial revolution, heard an annual conference held on May 31 by the Vietnam Association of Certified Public Accountants (VACPA) and the Association of Chartered Certified Accountants (ACCA), the global body for professional accountants. Most Vietnamese firms are still in the third revolution, said Will Nguyen, director of information technology (IT) advisory services at KPMG Vietnam. He added just a small fraction of domestic enterprises, especially those having annual revenues of US$500-700 million, are working forwards the fourth industrial revolution. Le Thanh Binh, chief financial officer … [Read more...] about Most local firms lagging in 4th industrial revolution
Ministry to promote competitiveness of local firms
Nguyen Loc An, Deputy Head of the ministry’s Domestic Market Department, said the economy saw positive changes last year.The prices of energy and agricultural products saw an increase last year while those of metal items reported a decrease. Vietnamese agricultural products sold in a Metro Supermarket in Hanoi The goods market has been relatively stable thanks to cooperation among the ministries and localities, bringing down the consumer price index (CPI) to a low growth rate of 3.53 percent for 2017, lower than the Government’s target. The total revenue from retail sales and services reached VND 3.93 quadrillion (USD 174.85 billion) in 2017, surging 10.9 percent year on year.Tran Duy Dong, Director of the department, said the country’s goods market this year would be affected by the price increase trend of materials and fuels in the world since the end of 2017. On the other hand, abnormal changes in the weather will also have an impact on the … [Read more...] about Ministry to promote competitiveness of local firms
Hanoi supports local firms to access new technologies
The department has worked to introduce Hanoi’s goods and handicrafts on its online portal, as well as connect local firms with Vietnamese trade offices in foreign countries. In recent years, the city has issued various decisions to encourage 20 local craft villages and 50 firms to build their own brands.Local businesses are advised to raise their competitiveness and promote brand building, especially enhance industrial application in manufacturing process.As many firms expressed their hope to receive support from local authorities to access capital with preferential interest, local authorities have cooperated with the State Bank of Vietnam to establish links between banking and businesses sectors, Lan added.Credit institutions in Hanoi provided loans worth VND233.73 trillion(US$10.3 billion) to local businesses in 2016 and the figure increased to more than VND300 trillion (US$13.2 billion) this year.To help local businesses get access to the fourth industrial revolution, Vice … [Read more...] about Hanoi supports local firms to access new technologies
Intermech hands over gas compressor to local firm
Intermech hands over gas compressor to local firmBy Thu Nguyet - The Saigon Times DailyHCMC – The New Zealand company Intermech Ltd. has handed over a CNG compressor to PetroVietnam Southern Gas Joint Stock Company (PV Gas South).Intermech, a unit of Atlas Copco, has provided the first of their Variable Inlet Pressure (VIP) daughter station compressors for the PV Gas South CNG (compressed natural gas) program. The signing of the handover contract was witnessed by Prime Minister John Key while he was visiting HCMC last week. Two months ago, Intermech, an exporter of the clean fuel CNG, signed the near-500,000 euro contract for this supply.Energy efficient with VSD (Variable Speed Drive) and pressurized crankcase, the VIP compressor is the latest development by Intermech.“This development adds to the high capacity model mother station already operating in Vietnam and is a significant achievement in serving the needs of our customers with energy efficient equipment,” … [Read more...] about Intermech hands over gas compressor to local firm
Schwab to advise local firms to boost trade links with U.S.
Schwab to advise local firms to boost trade links with U.S.By Mong Binh - The Saigon Times DailyHCMC - Former U.S. Trade Representative Susan Schwab is on her way back to Vietnam to give local businesses advice on how to step up exports to the U.S. and expand trade links with partners in America and other major markets.The important points of Schwab’s upcoming trip were clarified by Anna Nguyen, president and chief executive officer of Link Work Unlimited International Event, which is organizing the trip, at a news briefing in HCMC on In addition to meetings with Government officials, Nguyen said Schwab would spend much of her time chairing international conferences in Hanoi on December 1 and in HCMC two days later.Schwab will point out measures for Vietnamese exporters to spur their sales to the U.S. and other major markets without having to face trade lawsuits and barriers, and the opportunities for market penetration and expansion in the context of global economic slump.She is … [Read more...] about Schwab to advise local firms to boost trade links with U.S.
Local firm gets Japan pulp and wood-free paper tech
Local firm gets Japan pulp and wood-free paper techBy Kinh Luan - The Saigon Times DailyTaisei Group, another Japanese company which has already installed Ohhara-made production lines for a Tay Ninh Province-based mill, pledged at the signing ceremony to help export the tree-free pulp and paper to Japan. Speaking at the signing ceremony, Vietnam Pulp and Paper Association (VPPA) general secretary Vu Ngoc Bao said he expected this technology transfer would help to solve “the crisis of pulp shortages” in Vietnam at the moment. “The need of pulp so far this year has increased 60% from the same period last year,” said Bao. According to him, VPPA member companies have raised pulp production from 100,000 tons per year to 115,000 tons but there remains an imbalance between supply and demand. “In recent years, many pulp production projects have been suspended, such as those in Long An and Kontum provinces,” Bao said. “This tripartite cooperation … [Read more...] about Local firm gets Japan pulp and wood-free paper tech
SPA to help local firms in overseas expansion
SPA to help local firms in overseas expansionBy Dinh Nghia and Cong Sang - The Saigon Times DailyLam Nguyen Hai Long, president of SPA and deputy CEO of Quang Trung Software City (QTSC) Development Company, said at a ‘Software-Trends 2020’ forum on Thursday that SPA member enterprises had agreed to support Vietnamese peers to invest in their countries. In the meantime, QTSC will also support foreign SPA enterprises wishing to do business in Vietnam, he noted.Wee Huay Neo, head of Knowledge Infrastructure Development at Malaysia Multimedia Development Corporation, said software parks (SPs) in Malaysia are based on the model of knowledge infrastructure including human resources, information technology services, research and development, education and intellectual property. But SPs in Vietnam have been centering on physical infrastructure development, she said, adding now is the time for them to turn to human resource development, and research and development.Cooperation among … [Read more...] about SPA to help local firms in overseas expansion
Local firms urged to get ready for FTA with Australia, NZ
Local firms urged to get ready for FTA with Australia, NZBy Mong Binh - The Saigon Times DailyHCMC - Trade experts have called for Vietnamese companies to get prepared for the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), which is expected to take effect from early next year.Nguyen Hong Ha, deputy director of the Vietnam Chamber of Commerce and Industry (VCCI) in HCMC, said that in addition to the support of Government agencies, companies should be active and creative in exploring the “The chance is in the hand of businesses,” Ha said at a news briefing in HCMC last week, which was also attended by Australian consul general Graeme Swift and New Zealand consul general Graham Sims.Australia’s senior trade commissioner Tony Burchill said the pact would lift most tariffs when it came into force, hopefully no later than January 1, 2010.Burchill said 90-100% of tariff lines would be eliminated for Vietnam and other ASEAN nations and that Australia and New … [Read more...] about Local firms urged to get ready for FTA with Australia, NZ