Norwegian solar companies seek cooperation opportunity in Vietnam A group of Norway’s leading solar companies attended a Norwegian Solar Seminar in Hanoi on October 15 to look for cooperation opportunities with local partners in the solar energy sector. The event is co-organized by Royal Norwegian Embassy and Power Engineering Consulting Joint Stock Company 1 (PECC1), under the Electricity of Vietnam (EVN) with the attendance of Norweiginan Ambassador designate, Ms Grete Lochen, Commercial Counsellor Mr Harald Naevdal, General Director of EVN PECC1 Mr Pham Nguyen Hung, representatives from the Ministry of Industry and Trade, and over 70 participants from the EVN and its subsidiaries, independent power plant owners, construction companies, private investors from Vietnam and Laos, suppliers and consultants and other stakeholders. At the seminar, an energy consultant of the World Bank presents an overview of Vietnam’s solar energy, highlighting the achievements of … [Read more...] about BUSINESS NEWS IN BRIEF 19/10
Mortgage how to get approved
Real estate fertile ground for foreign investors
There has been something of a real estate “fever” in recent times at the Thu Thiem Urban Area, the proposed new CBD and mixed-used urban area in Ho Chi Minh City’s District 2 and which is set to become the largest inner-city development in Southeast Asia. Investment into the urban area has been strong over the last few years, with a host of both local and foreign real estate developers seizing the opportunities on offer. Vietnam’s real estate market attracted $5.54 billion in FDI in the first half of this year, accounting for 27.25 per cent of total investment into the country, according to the General Statistics Office (GSO). 2018 marks ten years since the last real estate downturn and nearly five years of recovery. “Given that monetary policies are expected to stay neutral-to-accommodative to support growth when FDI inflows in the hundreds of millions of dollars are poised to enter the real estate market, the market is expected to continue stabilizing … [Read more...] about Real estate fertile ground for foreign investors
BUSINESS IN BRIEF 26/6
HCM City to monitor pork prices The HCM City Department of Industry and Trade has promised to prevent any scarcity of pork or sudden price surges, saying the pork market would be steady. According to the department, the price of pig on the hoof reached VND48,000-51,000 per kilo last month, 40 per cent up year-on-year. Last year pig prices had plummeted, causing losses to most farmers, who reacted by reducing their breeding activities, and the resultant low supply pushed up prices, it said. To ensure adequate supply of essential goods, including meat, in the city, the department regularly inspects the market. According to Nguyen Huynh Trang, the department’s deputy director, businesses taking part in the city’s price stabilisation programme have increased supply and sell at 5-10 per cent below market prices. But following the relentless increase in pork prices since April the city has reviewed and agreed for them to increase pork prices once each in April, May and June. In … [Read more...] about BUSINESS IN BRIEF 26/6
BUSINESS IN BRIEF 23/6
Brussels workshop focusses on EU-Viet Nam FTA The Vietnamese Embassy in Belgium held a workshop in Brussels on June 20 to speed up the signing and ratification of the European Union (EU)-Viet Nam Free Trade Agreement (EVFTA). The workshop was held in collaboration with the European Union, EU-Viet Nam Friendship Parliamentarians’ Group and European Institute for Asian Studies. Speaking at the event, Vietnamese ambassador to Brussels Vu Anh Quang highlighted the positive results of economic, trade and investment cooperation between Viet Nam and the European Union and called for the Union’s strengthened collaboration with Viet Nam and the Association of Southeast Asian Nations. According to him, EVFTA is a balanced document that benefits both Viet Nam and the European Union and has large influences on bilateral political, economic, trade and investment ties. The agreement will help EU companies access the 90-million-strong Vietnamese market, contributing to … [Read more...] about BUSINESS IN BRIEF 23/6
BUSINESS IN BRIEF 13/6
Da Nang sets economic goals towards 2030 The central city of Da Nang aims to have the GRDP growth of 9 – 11 percent and GRDP per capita ranging between 7,000 USD and 9,000 USD for 2018 – 2030. The goals were mentioned at a workshop held by the municipal People’s Committee on June 11 to discuss the city’s development by 2030 with a vision towards 2045. The workshop gathered urban planners, economists and policy makers both at home and abroad. These experts shared hands-on experience from a number of local and foreign cities to give leaders of Da Nang a broader view of the city’s advantages, competitiveness, capacity to expand urban spaces in tandem with development of public transport, and how to build policies and raise capital for infrastructure development and develop the city sustainably. To meet the achievements, Da Nang plans to achieve strong economic growth with breakthroughs by promoting Industry 4.0 and international integration; develop a … [Read more...] about BUSINESS IN BRIEF 13/6
The bright outlook for Techcombank
Barry Weisblatt, head of research at Viet Capital Securities What is your outlook for the Vietnamese banking sector? We are generally quite positive in our outlook for the Vietnamese banking sector. 18 per cent credit growth was quite solid in 2017 and was not the kind of window dressing we have seen in previous years where growth accelerates in the last two weeks of the year to reach the SBV’s target but, rather, was stable throughout the year. Moreover, we are seeing a shift into retail lending, which is having several positive impacts. First, the higher yields on retail assets helped keep net interest margins (NIMs) of the banks we cover stable at 2.99 per cent despite rising funding costs. Second, we are seeing non-interest income (NOII) make a more significant contribution to banks’ bottom lines. NOII increased from 12 per cent of Total Operating Income (TOI) for our coverage universe to 18 per cent in just two years due to triple-digit increases at some banks. Much … [Read more...] about The bright outlook for Techcombank
BUSINESS IN BRIEF 16/4
Poultry breeding heats up again General manager CP Vietnam Montri Suwanposri said that Vietnam’s poultry prices are closer with prices of other countries; accordingly, CP Vietnam will sell chicken to Japan after finishing paper works as per the partners’ requirement. Montri Suwanposri added that C.P in Thailand is the leading firm exporting chicken meat to Japan for years with the quantity of five million a week. There has been an increase in poutry meat orders lately because many countries banned import chicken from Brazil , an exporter of chicken to Japan, after food safety scandal. These countries switched to import chicken meat from Asian countries especially Thailand. At present, prices of poultry in hi-tech farms in Vietnam is similar to chicken prices in other Asian countries, accordingly, C.P Thailand will share its orders with Vietnamese firms and C.P Vietnam has planned to sell chicken meat to Japan in 2019. In 2017, Vietnam’s livestock sector marked its … [Read more...] about BUSINESS IN BRIEF 16/4
BUSINESS IN BRIEF 15/4
Saigon Co.op to open 50 more convenience stores Saigon Co.op, the country’s leading retailer, will open an extra 50 Cheers in convenience stores in HCMC in partnership with NTUC FairPrice of Singapore this year, said Nguyen Thanh Nhan, general director of Saigon Co.op. At a 2017 review meeting of Saigon Co.op last week, Nhan said Cheers stores would sell household and consumer goods and operate 24/7. In HCMC, there are already two Cheers stores. Besides Cheers, Nhan said this year Saigon Co.op would open 19 more Co.opmart supermarkets, two more Co.opXtra stores, 150 more Co.opSmile shops and at least one more Co.opmart hypermarket in a high-end residential area. To maintain its position as Vietnam’s leading retailer, Saigon Co.op must focus on expanding the retail network, diversifying products and developing logistics, said Nhan. Saigon Co.op is expected to achieve a 10% increase in total revenue. A report released at the meeting showed that in 2017 Saigon Co.op made some … [Read more...] about BUSINESS IN BRIEF 15/4
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