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
Global e-commerce giants willing to take a hit to expand market share in Vietnam
Vietnam’s blossoming e-commerce market has attracted global retailers such as Amazon, Alibaba and Shopee, but earning a profit in the country is another story. American e-commerce giant Amazon is set to join Vietnam's fast-growing market this month by opening up its platforms to local small and medium enterprises. The company is expected to sign a deal with the Vietnam E-Commerce Association at a forum in Hanoi on March 14. The deal was discussed at a meeting late last year between the association and Amazon, the world's most valuable brand now worth $150 billion, according to Brand Finance Global Ranking. Its development strategy will be revealed at the Vietnam Online Business Forum, which will be held first in Hanoi and then move to Ho Chi Minh City on March 16, and include discussions regarding online shopping trends, tax management and new technologies. Other foreign online retailers have already infiltrated the Vietnamese market. Earlier this year, China's second … [Read more...] about Global e-commerce giants willing to take a hit to expand market share in Vietnam
Amazon set to wade into Vietnam’s fast-flowing e-commerce market
By Anh Tu  March 6, 2018 | 03:29 pm GMT+7 Amazon is now world's most valuable brand worth $150 billion. Photo by Reuters The American giant is ready to sign a deal to open its platforms up to Vietnamese exports. American e-commerce giant Amazon is set to join Vietnam's fast-growing market this month by opening up its platforms to local small and medium enterprises. A VnExpress source said the company is expected to sign a deal with the Vietnam E-Commerce Association at an e-commerce forum in Hanoi on March 14. The deal was discussed at a meeting late last year between the association and Amazon, the world's most valuable brand now worth $150 billion, according to Brand Finance Global Ranking. Its development strategy will be revealed at the Vietnam Online Business Forum, which will be held first in Hanoi and then move to Ho Chi Minh City on March 16 and include discussions regarding online shopping trends, tax management and new technologies. … [Read more...] about Amazon set to wade into Vietnam’s fast-flowing e-commerce market
Vietnamobile – the little giant of Vietnam’s mobile telecom market
Vietnamobile, the country’s fourth-largest mobile operator, is making a stunning comeback after spending two years flying under the radar by launching a new product that offers free, unlimited data to subscribers. The company’s ultimate vision, its general director Elizabete Fong says, is to give customers “Unbelievable Freedom” in enjoying their mobile and digital lifestyle. “Groundbreaking,” “disruptive” and “unbelievable” was among the Hong Kong-born excutives favorite adjectives while discussing Vietnamobile’s new ‘Thanh SIM’ during an exclusive interview with Tuoi Tre News on Tuesday. A data-centric world “Since the start of 3G, the whole market has evolved to become more data-centric,” she said, stressing that data is becoming a game-changer for Vietnam’s “very young” telecom market. “Over 50% [of the population] is below 35 years old and we’ve … [Read more...] about Vietnamobile – the little giant of Vietnam’s mobile telecom market
BUSINESS IN BRIEF 4/2
ADB helps urban infrastructure development in HCM CityVice Chairman of Ho Chi Minh City People’s Committee Tran Vinh Tuyen on February 1 received Eric Sidgwick, Asian Development Bank (ADB)’s Country Director for Vietnam.At the meeting, the municipal official affirmed that HCM City is committed to implementing cooperation deals with its partners, especially ADB. He added that the Vietnamese Government is revising projects using official development assistance (ODA) to ensure their effective implementation.Regarding the four major projects between HCM City and ADB, Tuyen noted that the city has asked the Ministry of Planning and Investment to allocate funding for the metro line No.2.It also approved the compensation plan for land clearance which the HCM City’s Management Authority for Urban Railway and ADB have agreed on. In addition, HCM City has worked on ADB’s recommendations on the first phase of the metro line No.5.For his part, Sidgwick affirmed to support … [Read more...] about BUSINESS IN BRIEF 4/2
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
BUSINESS IN BRIEF 1/2
PNJ targets opening at least 40 stores this yearPhu Nhuan Jewelry (PNJ) plans to open at least 40 new stores this year and have 300 by the end of April. The 40 new stores include gold stores or stores combining gold and silver retail.It has also set a net revenue target of VND14.1 trillion ($619.6 million) for the parent company this year, up 30 per cent, with after-tax profit increasing 22 per cent to VND882 billion ($38.7 million).PNJ is in the process of preparing for upgrading and modernizing its ERP system, through which it can study customer behavior at outlets and better understand customer choice.The company also plans to use big data to develop new products aimed at more specific customer groups and at the same time use digital marketing strategies to expand market share.As noted by HSC, PNJ’s sales in FY2017 increased 28 per cent year-on-year to VND10.97 trillion ($482.1 million) thanks to most segments growing strongly. Gold bar revenue increased 20 per cent, to … [Read more...] about BUSINESS IN BRIEF 1/2
Stumbling blocks facing businesses in FTA implementation
Lack of information, human resources and viable strategies are the three major difficulties facing Vietnamese businesses attempting to carry out the Free Trade Agreements (FTAs), says Nguyen Dinh Cung, Director of the Central Institute for Economic Management (CIEM).Are foreign-invested enterprises (FIEs) better positioned to seize the new opportunities from integration and FTAs than domestic businesses? What are the hindrances of local businesses in capitalizing on these FTAs? Obstacles to foreign market accessThe markets with which Vietnam has signed FTAs, have applied diverse and complicated non-tariff measures such as animal and plant health quarantine, Technical Barriers to Trade (TBT) and limitation on distributions.Contrary to tax reduction, the elimination of non-tariff barriers demands institutional, legal and technological changes , thus posing a big challenge for local businesses that need greater investments and better production procedures and management.A factual … [Read more...] about Stumbling blocks facing businesses in FTA implementation
BUSINESS IN BRIEF 10/1
VN steel export up last year Central bank must enhance inspection: PM Prime Minister Nguyen Xuan Phuc on Tuesday required the State Bank of Viet Nam (SBV) to enhance inspection and supervision to ensure the safety of the banking system and increase the confidence of people in the system in 2018.At yesterday’s meeting to review last year’s performance and prepare for implementing tasks in 2018, Phuc also instructed the banking industry to boost the restructuring of ailing credit institutions.Besides ensuring the consumer price index of below 4 per cent, the SBV must also further cut lending interest rate and boost consumer lending this year, Phuc said.He also required the central bank to create favourable conditions for local commercial banks to enhance financial status and operational efficiency, aimed at having a Viet Nam bank, either State-owned or private, at the regional level soon.The Prime Minister has so far entrusted two deputy … [Read more...] about BUSINESS IN BRIEF 10/1
BUSINESS IN BRIEF 9/1
Vingroup, T&T to develop urban railway projects in HanoiThe government of Hanoi City has proposed the Prime Minister allow Vingroup and T&T Group to develop three urban railway projects which the city plans to complete by 2025, Tuoi Tre newspaper reports.The two domestic investors will use their capital to make pre-feasibility studies for these projects.When the projects were announced, many investors expressed interest in Hanoi. However, only Vingroup and T&T Group have registered to take part.Both of them proposed implementing the projects in the build-transfer (BT) format. Particularly, Vingroup registered to build the 38.4-kilometer metro line No. 5 which connects Van Cao and Hoa Lac and metro line No. 2 from Tran Hung Dao to Thuong Dinh with a length of 5.9 kilometers. Meanwhile, T&T Group is keen on metro line No. 4 connecting Me Linh, Sai Dong and Lien Ha, and measuring 54 kilometers in length.The two investors said they would use their own finances to study the … [Read more...] about BUSINESS IN BRIEF 9/1