The MoU to jointly launch a digital lending platform to benefit SMEs in Việt Nam was signed in HCM City. -- VNS Photo Viet Nam News HCM City – At the 48th World Chief Financial Officers Congress in HCM City yesterday, the AsiaInvest Group and MoolahSense signed a memorandum of understanding to jointly launch a digital lending platform to benefit small and medium-sized enterprises in Việt Nam. “This is an opportunity for SMEs and start-ups in Việt Nam to have a transparent and effective funding source when loans from local banks are limited and hard to access,” Nguyễn Ngọc Bách, chairman and CEO of AsiaInvest, said. The MOU puts in place a roadmap to establish a joint venture that taps into their respective strengths to provide tech-driven financing solutions to address the financing gap plaguing small business in the country. According to the 2017 economic census by the General Statistics Office of Việt Nam, there were … [Read more...] about New digital lending platform for small businesses
Local small business marketing
Local e-commerce market now a playing field for Chinese businesses
Once the deal is completed, JD will become one of the biggest investors of Tiki. JD declined to reveal the investment capital it pledged to inject into Tiki, but Tiki said it has raised US$50 million which will be used to expand business. The latest investment deal made by the second largest Chinese e-commerce firm and the world’s third largest shows that cutthroat competition in the Vietnamese e-commerce market. Winston Cheng from JD said that it will provide high-quality distinctive services to Vietnamese suppliers and consumers because of its professionalism in promoting social media in the field of e-commerce, and partnership between Tiki and VNG in social networks and mobile payments. An analyst said the decision by JD to invest in Tiki shows that Vietnam is an attractive market in the eyes of Chinese e-commerce firms. Alibaba, the largest e-commerce firm owned by Jack Ma, began in Vietnam in April 2016 after the takeover of Lazada. Shopee, a rising star in the … [Read more...] about Local e-commerce market now a playing field for Chinese businesses
Ho Chi Minh City plans more safe farm produce markets
The first market opened in August 2016 at the Dong Ho Restaurant in District 10. Initially it opened every other week, but now it opens on Saturdays. Similar markets now operate every Sunday at Le Van Tam park in District 1 and Le Thi Rieng Park in District 10. Each market features around 20 producers and traders selling rice, vegetables, fruits, poultry, pork, and seafood. Around 500-1,000 people shop at each market every week, bringing in VND 175-265 million (USD 7,700-11,600) in revenues, according to the department. Le Ha Mong Ngoc, Director of Nam Viet (Vietnamese mushroom) Biotech JSC and head of Nam Viet Cooperative, sells her produce at these markets though they are also sold to major supermarkets. Photo: danviet.vn Selling there is a good way to learn about the market and consumer, she said. “Customers who shop at these markets are highly aware of food safety and hygiene.” Over time customers place orders by phone, and … [Read more...] about Ho Chi Minh City plans more safe farm produce markets
Foreign banks try new local tactics
Despite the shifts in mission among these lenders, their long-term commitments remain unchanged, continuing their strategy of growing with the local economy.In September, Singapore’s United Overseas Bank was given full licence to operate as the ninth wholly foreign-owned bank in Vietnam, and is now able to cater to the financial needs of Singaporean investors in the country, as well as help boost economic trade between the two nations.That could be the selling point of the Southeast Asian lender over the course of the year. For its Australian counterparts, such as Australia and New Zealand Bank (ANZ) or Commonwealth Bank of Australia (CBA), downsizing their business operations – namely the former’s retail arm and the latter’s Ho Chi Minh City branch – may not prove as easy as it sounds. An insider account2018 marks the 25th local anniversary of ANZ, which is based out of Melbourne. 2017, meanwhile, constituted a landmark year, as the lender recently … [Read more...] about Foreign banks try new local tactics
HCM City plans more safe farm produce markets
The first market opened in August 2016 at the Dong Ho Restaurant in District 10. Initially it opened every other week, but now it opens on Saturdays. Similar markets now operate every Sunday at Le Van Tam park in District 1 and Le Thi Rieng park in District 10. Each market features around 20 producers and traders selling rice, vegetables, fruits, poultry, pork, and seafood. Around 500-1,000 people shop at each market every week, bringing in VND175-265 million (US$7,700-11,600) in revenues, according to the department. Le Ha Mong Ngoc, director of Nam Viet (Vietnamese mushroom) Biotech JSC and head of Nam Viet Cooperative, sells her produce at these markets though they are also sold to major supermarkets. Selling there is a good way to learn about the market and consumer, she said. “Customers who shop at these markets are highly aware of food safety and hygiene.” Over time customers place orders by phone, and their purchases are delivered to their home, she said. Mai … [Read more...] about HCM City plans more safe farm produce markets
Vietnam’s coffee brand enters Middle East market
Each year, Vietnam’s coffee exports to the Middle East market reach up to US$12 million. The world’s second biggest coffee exporter, mainly ships raw materials, however, this story is likely to turn a new page with the entry of Vietnamese brand, King Coffee. During the Dubai International Coffee & Tea Festival held recently in Dubai, TNI International, owner of King Coffee, inked cooperation agreements with major economic groups from UAE, under the witnesses of Vietnamese representatives. Vietnam will step up the processing of instant and roasted coffee, as well as other coffee products. Vietnamese Ambassador to the UAE Trinh Vinh Quang said that the presence of King Coffee brand in the world market and its development in the Middle East market as well, has demonstrated its efforts, including its vision, prestige and professionalism, especially this new appearance of “Made in Vietnam” product. The Dubai International Coffee & Tea Festival is the … [Read more...] about Vietnam’s coffee brand enters Middle East market
Businesses should better equip themselves for economic int’l integration
At the recent Vietnam International Economic Integration Forum 2017 on the theme ‘Reinforcing momentum for a new development phase’, Dr Nguyen Dinh Cung, Head of the Central Institute for Economic Management (CIEM) attributed domestic businesses’ limited capacity to move up the global supply chain to a lack of long-term strategies for human resources development, unplanned application of advanced technologies in production line modernisation, and ineffective ways in building trust among customers and partners.Most small businesses are working with obsolete business methods and have not done the necessary groundwork to benefit from the opportunities offered by Free Trade Agreements (FTAs). Businesses lack both the knowledge and plans of implementation required for international economic integration, Mr Cung emphasized.The representative from CIEM brought attention to worrying statistics that indicates 63% of local businesses are not equipped for international … [Read more...] about Businesses should better equip themselves for economic int’l integration
Cloud computing service market becomes bustling
Cloud computing service market becomes bustlingBy Ha Van - The Saigon Times DailyHCMC – The cloud computing service market in Vietnam has turned more bustling than ever as several information technology enterprises are in a race to tap strong growth potential of this service.Nguyen Van Hien, general director of iNet Solutions, said service providers have begun finishing infrastructure and commercializing their cloud computing services. Small and medium enterprises will be their strategic customers as cloud computing can help them cut the investment cost of information technology, he added.According to experts, the cloud for enterprises mainly focuses on the public cloud and private cloud, helping them reduce costs and use the service flexibly. The market has now attracted the participation of both local and foreign providers.Vu Minh Tri, CEO of Microsoft Vietnam, said the cloud computing service market in Vietnam would grow rapidly in the coming time, especially in the small and … [Read more...] about Cloud computing service market becomes bustling
Local SMEs most concerned about inflation: HSBC survey
By Thuy Trieu - The Saigon Times DailyHCMC – Over 60% of small and medium enterprises (SMEs) in Vietnam participating in a latest survey by HSBC said they are most concerned about inflation in the next six months. The HSBC Small Business Confidence Monitor found the next concerns among SMEs are economic conditions with 52% of respondents and difficult access to bank loans with 48%. This is also reflected in the HSBC Emerging Market Index survey. In terms of enterprises' confidence, despite falling eight points from the previous survey done six months ago, the Vietnam small business confidence index stays positively at 156, the second highest in the world, over the global average of 125. This is in line with the economic outlook as 60% of SMEs in Vietnam believe the economy will continue growing in the next six months. Over half of the surveyed enterprises in Vietnam are involved in international business, which is much higher than the average global figure of 29%. Mainly these … [Read more...] about Local SMEs most concerned about inflation: HSBC survey
Small-scale exporters struggling at year-end
Small-scale exporters struggling at year-endBy Thai Hang - The Saigon Times DailyHCMC - Despite a huge rise in the total export revenue in the first nine months of the year, local exporters, mainly small and medium-sized firms, are predicted to face great difficulties from now to the year-end.Vietnam’s export revenue in the January-September period amounted to an estimated US$70 billion, up 35.4% year-on-year. In particular, farm produce accounted for 21% of the total export revenue in the first nine months and fetched US$14.9 billion in export revenue, up 40% year-on-year. Export revenue of coffee rose 64%, rice 20%, rubber 60% and other goods 93%.In a meeting recently held in HCMC, Industry and Trade deputy minister Nguyen Thanh Bien pointed out a price hike primarily led to such high achievements. This is seen in exported unprocessed goods which contribute more than half the total export turnover, Bien noted.Since the beginning of the year, the price of input materials and … [Read more...] about Small-scale exporters struggling at year-end