Rice exports set to pick up in Q1 2019 Rice exports are predicted to thrive during the first quarter of 2019 as regular importers are giving positive signs, according to a Ministry of Agriculture and Rural Development source. Rice exports to regular importers such as the Philippines and Indonesia will soar in the first quarter of 2019 as both have recently been hit by natural disasters. The Agro Processing and Market Development Authority made the prediction at a press conference on January 22. The conference briefed expectations of farm produce exports during 2019, reported the news outlet Vietnam Economic Times. The authority stated rice exports to regular importers such as the Philippines and Indonesia will soar in the first quarter of 2019 as both have recently been hit by natural disasters. As many as 166 Filipino companies have made plans to import 1 million tons of rice, of which many have been ordered from Vietnam. This move came after the Philippines lifted its import … [Read more...] about BUSINESS NEWS IN BRIEF 26/1
Niche market insurers
The Vietnam Actuarial Conference 2018 hosted by Prudential with the attendance of over 200 actuaries and insurance professionals discussing Big Data More insurance businesses are now planning to apply new technologies in their management systems and improve customer services, while many also plan to develop new products to meet market demand as well as diversify insurance sales channels, according to a survey released by Vietnam Report in June last year. In particular, 82.4 per cent of insurance companies said they were building a Mobile Internet development strategy and 64.7 per cent have adopted strategies based on two key factors in Industry 4.0: the Internet of Things (IoT) and Big Data. Disruptive technology Big Data provides new insights from social networks, telematics sensors, and other new information channels. As a result, it allows understanding customer preferences better, enabling new business approaches, product development, and enhancing existing internal models, … [Read more...] about How can Big Data drive the future of insurance?
Competition heats up for app-based ride-hailing marketThe Saigon Times Daily Driver-partners are going for a ride on the occasion of Go-ixe's grand opening in the Mekong Delta province of Bac Lieu - PHOTO: GO-IXE BAC LIEU HCMC – Just when the app-based ride-hailing market in HCMC was trying to cool down following the recent significant debut of the giant Go-Jek, locally named Go-Viet, another local firm, Go-ixe, has announced plans to join the ride-hailing race, promising to offer quality services at competitive prices, reported the local media. On September 12, the municipal Department of Transport and Go-ixe Software Technology Co., Ltd. co-organized a press briefing to announce the upcoming pilot operations of Go-ixe in the city. Despite being a latecomer, Go-ixe is confident in its services. Notably, it pledges to collect lower fares than its competitors, not only meeting the demand of customers but also guaranteeing stable incomes for its driver-partners, according … [Read more...] about Competition heats up for app-based ride-hailing market
Vietnam Electricity revises up 2017 pre-tax profit to US$350 million Electricity demand in Vietnam is forecast to continue increasing at an average rate of 9% per annum, driven by rising industrialization, urbanization and affluence, according to Fitch Ratings. Vietnam Electricity (EVN), the sole distributor of electricity in the country, posted a revised pre-tax profit of VND8.14 trillion (US$349.8 million) for 2017, VND1.5 trillion (US$64.48 million) higher than the previously announced figure and up 58% year-on-year, the power company said on its website. EVN's revenue in 2017 reached VND300 trillion (US$12.89 billion), up nearly 8% year-on-year, while the company contributed VND19.66 trillion (US$844.8 million) to the state budget, down 7.3% year-on-year, according to EVN's latest report on its business performance result in the 2015 - 2017 period. Last year, the state-run company set aside VND118.23 trillion (US$5.07 billion) for development investment, down from … [Read more...] about BUSINESS IN BRIEF 14/9
Making repairs: A corner of Khang’s saxophone "hospital". - Photo Tiền Phong Viet Nam News by Trần Nguyễn Anh Among the many jobs to which millions of people aspire – doctor, lawyer, entrepreneur – music instrument repairer is not likely on the list. And in Việt Nam, where jazz music is a niche passion, Nguyễn Khang, a saxophone repairer, dubbed “Dr Sax”, in HCM city, is in a class of his own. Khang’s family moved to the South long ago. Khang’s grandfather was a music instrument repair technician for the military. The family often received broken instruments from churches and artists, and Khang started learning from his grandfather when he was only 10 years old. “I was in fourth grade, so I didn’t understand the dedication of my grandfather to repairing instruments; he considered it a sacred job,” Khang recalled. “One day, during an instrument repairing lesson, I left … [Read more...] about Instrument doctor has int’l sax appeal
VN garment sector to boost export growth The domestic textile and garment industry is expected to sustain growth in exports in the coming months, according to the Viet Nam Textile and Apparel Association (VITAS). Truong Van Cam, VITAS vice chairman and general secretary, said many textile and garment companies had signed contracts to produce export products in the third quarter of this year. Many Vietnamese garment firms had also sustained high growth this year in traditional markets such as the United States, the Republic of Korea, the European Union, and member-states of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Cam said a series of recently-signed free trade agreements (FTAs) was expected to boost the sector. Since 2001, Viet Nam had signed bilateral trade agreements with the US, Japan, China, and the Republic of Korea, as well as Australia, New Zealand, and India, and joined the World Trade Organisation. However, global demand for textiles … [Read more...] about BUSINESS IN BRIEF 6/6
Firms are teaming up to excel in insurance world The firm’s CEO Khamsaya Soukhavong spoke to VIR about the company’s vision to grow sustainably in the Vietnamese market. Could you tell us about the development strategy of Mirae Asset Prévoir? Khamsaya Soukhavong Vietnam’s economy achieved a high growth rate and generally stable macro-economic environment in 2017. The insurance market has itself maintained a high growth rate of around 20 per cent with great potential to develop, as Vietnamese people have increasingly better incomes and a growing awareness of the necessity of insurance. Given these circumstances, Mirae Asset Prévoir (formerly known as Prévoir Vietnam) aims to increase its investment in key resources like professionals, technology, distribution, products, and services, to capture the growth opportunities of the market and anticipate its needs as well as those of the target customers. Shopping behaviours of consumers have been … [Read more...] about Firms are teaming up to excel in insurance world