The 7th international exhibition on technology, equipment and solutions for electricity transmission and distribution (Electric & Power Vietnam 2018) opened in Ho Chi Minh City on September 12. Especially, it is organised in parallel with an international exhibition on renewable energy called “Renewable Energy Vietnam 2018”, contributing to promoting the development trend of electricity in the world. The exhibitions attracted 180 entities from 22 countries and territories across the world, including six groups of international booths supported by international associations such as the Indian Electrical & Electronics Manufacturers’ Association, and Germany’s Federal Ministry for economic Affairs and Energy. The events see big brands in energy and technology industry such as the East Sea Energy Environment Group, the Song La Technical Equipment Co., Ltd, and the Solar Energy. According to BT Tee, General Director of UBM Vietnam, the … [Read more...] about BUSINESS IN BRIEF 13/9
Operational key performance indicators
Keeping your business ahead in the digital age
Grant Dennis Obstacles for ASEAN and Vietnam Fifty years after its establishment, the ASEAN has become one of the fastest-growing and most dynamic regions in the world. The region is still expected to outperform average global growth and is estimated to expand by 5.3 per cent in 2018, led by emerging economies such as Vietnam, which is projected to grow by 6.9 per cent, according to the Economic Outlook by the Organisation for Economic Co-operation and Development (OECD). However, new technologies such as the Internet of Things, advanced robotics, and artificial intelligence (AI) could threaten this growth story in the longer term – unless ASEAN markets start preparing themselves for the shift. The ASEAN’s core value proposition, low labour costs, will fade away over the coming decades, as protectionist sentiments and new technologies rise. These factors will keep more production within the shores of the developed parts of the world. Moreover, there is still a gap … [Read more...] about Keeping your business ahead in the digital age
Digitalisation could be boon for region
Viet Nam News HCM CITY – The Gross Domestic Product (GDP) of Asia Pacific will gain an extra US$387 billion by 2021 and grow by another 1 per cent annually if the region’s manufacturing sector embraces digital transformation, according to the study “Unlocking the Economic Impact of Digital Transformation in Asia Pacific”. The report, released on Friday, was jointly conducted by Microsoft and IDC Asia/Pacific based on a survey of 615 business leaders from the manufacturing sector across 15 markets in the region, including Việt Nam. “Embracing digital transformation is a critical imperative for manufacturers,” said Lucky Gani, marketing and operation lead for Microsoft Vietnam. “Those organisations which had already embarked on their digital transformation journeys gained improvements in the range of 13 per cent to 17 per … [Read more...] about Digitalisation could be boon for region
Siemens is keen to build for the future
Matthias Rebellius CEO, Siemens Building Technologies According to PR Newswire, the country’s construction industry is expected to expand in real terms over the forecast period (2017-2021), due to investments in transport infrastructure, energy and utilities, and affordable housing projects. Additionally, government investment in public infrastructure and education and healthcare buildings as part of the 2016–2020 Development Plan will support this growth. This positive outlook reinforces the confidence of foreign companies that are doing business in Vietnam, such as Siemens. A global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability, and internationality for 170 years, Siemens AG is active around the globe, focusing on the areas of electrification, automation, and digitalisation. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens has been a part of Vietnam’s economic … [Read more...] about Siemens is keen to build for the future
Pharma investment can unlock new opportunity
Exclusive to VIR, Pharma Group of the European Chamber of Commerce in Vietnam (EuroCham) analysed this window of opportunity to spur innovative life sciences sector development in Vietnam.Currently in Vietnam, 78 per cent of medicines by volume and 34 per cent of medicines by value are locally produced, according to 2017 figures from IQVIA, a leading global provider of healthcare information. In order to achieve the government’s objective of 80% local production by 2020, it will be important to increase the value of products produced locally – this is where innovative, high-quality, and high value-added medicines can play a key role.Ensuring that Vietnamese patients have fast and sustainable access to high-quality, safe, and innovative medicines in collaboration with the Vietnamese government – this is the mission of Pharma Group Vietnam, and one of the cornerstones to help achieve this is the initiative for Innovative Lifesciences Sector Development. Pharma Group … [Read more...] about Pharma investment can unlock new opportunity
Vietnam labour growth unaided by FDI support
Vietnam’s labour productivity has increased more slowly than economic growth, and one of the most effective ways to sort out the problem is to boost foreign-invested and local firm linkages.Professor Kenichi Ohno from Japan’s National Graduate Institute for Policy Studies has been researching Vietnam’s economy for 22 years, with a focus on domestic labour productivity and investment. As a control, he looked at the example of the Republic of Korea’s economy. He found that one of the reasons the Republic of Korea has developed more quickly than Vietnam is that Korean firms aggressively pursued knowledge transfer from their Japanese partners to improve their productivity. In this way, many have developed into big and even global firms, such as was the case with steelmaker Posco learning from Nippon Steel.However, this dynamic has not worked for Vietnam.“Twenty-two years ago, when I came to Vietnam for the first time, I saw that … [Read more...] about Vietnam labour growth unaided by FDI support
Gov’t rejects rain prevention plan
Deputy Prime Minister Nguyen Sinh Hung on Tuesday agreed with the city’s proposal not to spend over US$1 billion on advanced technology to prevent rainfall on the 1,000th anniversary of Thang Long-Ha Noi, which falls on October 10. The technology uses aircraft or rockets to spray special chemicals on clouds so they either break before reaching the city or avoid the area altogether. Such technology has been commonly used in China, Russia and the US. Technology is considered the best method to avoid heavy rainfall, which can lead to serious flooding in the city during the great occasion. Hung said use of the technology would be a waste of money as Viet Nam would have to hire foreign aircraft and technology and the project would only be deployed for only three key days of the anniversary, including the opening ceremony, parade and the arts performance. He also agreed with the Ministry of Culture, Sport and Tourism’s proposal not to organise a … [Read more...] about Gov’t rejects rain prevention plan
GDP growth projected at 6.11% in H1
GDP growth projected at 6.11% in H1Tu Hoang By Tu Hoang - The Saigon Times Daily HANOI - The country’s key economic indicators have improved, with gross domestic product (GDP) in January-June estimated to expand 6.11% compared to the same period last year. This is the highest H1 economic growth since 2010, according to the Ministry of Planning and Investment’s latest report on production, trade, services and investment in the first six months of the year, VietnamPlus reports. Deputy Minister of Planning and Investment Dang Huy Dong told a review meeting in Hanoi on June 24 that the H1 GDP growth of 6.11% indicated that the economy has got back to the high growth path since 2014. The industrial and construction sectors are the major contributors to the GDP expansion in January-June with a year-on-year increase of 8.36%, according to the report. The respective growth rates of services and agro-aqua-forestry sectors are 6.16% and 2.16%. The H1 Index of Industrial … [Read more...] about GDP growth projected at 6.11% in H1
Worker efficiency must make a leap
Japanese-backed plastic mould producer Senu Vietnam, based in the northern province of Hai Duong, is currently busy with production to fulfil its orders for the remaining weeks of the year. In 2017, the firm’s orders have increased by 15 per cent compared to last year.“The increase is due to many factors, but one of the main reasons is that we have improved our productivity. With higher productivity, we have been able to land more contracts,” said Senu representative Takashi Masumitsu.He told VIR that in the past, every new worker, despite having graduated from vocational schools in Vietnam, had to learn how to hold a screwdriver and work a screw from scratch before being allowed to officially work on the production floor.Workers’ skills improved this year as the firm has co-operated with vocational schools to ensure workers are educated according to its needs.Senu Vietnam has several automated production lines, with each machine currently operated by only two … [Read more...] about Worker efficiency must make a leap
Vietnam to cut costs, rules for firms
This was the conclusion of an economic forum on domestic enterprises’ adaptation capability in a changing economic environment held in Hanoi on December 7 by the Vietnam Chamber of Commerce and Industry (VCCI). At the forum, Hoang Quang Phong, VCCI’s Vice Chairman, said the government has determined to reduce costs for businesses from 2017 onward, cutting up to 50 percent of unnecessary business licenses. Nguyen Hong Long, deputy head of the Government’s Steering Committee for Enterprise Innovation and Development, stated that the private sector has grown strongly, with nearly 620,000 operating enterprises, contributing to 40 percent of GDP. At the forum (Photo: qdnd.vn) It attracts some 51 percent of the nation’s labor force and generates about 1.2 million jobs per year, Long added.Still, he warned of issues related to the economic model, mainly based on cheap labor and low technology level; which had gradually exhausted natural resources, although … [Read more...] about Vietnam to cut costs, rules for firms