Hanoi will continue to reform administrative procedures while developing utility services to support its businesses, in order to improve the business environment and enhance competitiveness in the capital city. Representatives from Hanoi Department of Planning and Investment and VNPT-Hanoi Business Centre reach a cooperation agreement to offer local businesses favourable utility services, Hanoi, July 4 The statement was made by officials from Hanoi Department of Planning and Investment at the conference on development of utility services to support business registration on July 4. Nguyen Van Duc, Deputy Head of Hanoi Department of Planning and Investment, said that in the past six months, the department has launched a range of utility services for new business registrations on its portal. Among them, the most noticeable service is the pre-register of bank account numbers via the portal, which is linked to commercial banks. Enterprise owners can register their bank account … [Read more...] about Hanoi vows to develop utility services for local businesses
Supporting local businesses
Citi Foundation supports local innovation and startups
Vietnam has seen huge growth in startups in recent years, with 3,000 registered startups in 2017. Vietnam has seen huge growth in startups in recent years, with 3,000 registered startups in 2017. Despite this growth, the local startup ecosystem is lagging behind other leaders in the region, in terms of a coordinated national approach, such as in Thailand, Singapore and Malaysia. If only we could tap into the ambition, creativity and commitment of this new generation of young Vietnamese entrepreneurs to help find solutions to the biggest challenges the country faces? This is the challenge the UN Development Programme (UNDP), Citi Foundation and the Ministry of Science and Technology (MoST) have taken up as co-leads to deliver Youth Co:Lab Vietnam 2018. Following the launch in Hanoi on June 15, the Youth Co:Lab Diagnostic workshop was reorganised in Ho Chi Minh City, at Saigon Innovation Hub on June 22, to bring all major players in the impact startup ecosystem together and … [Read more...] about Citi Foundation supports local innovation and startups
Local business environment lacks robust reforms
The local business environment has not witnessed strong reforms although the Government has made efforts to improve the same over the past years, according to experts. Representing the business community, Dau Anh Tuan, head of Legal Affairs under the Viet Nam Chamber of Commerce and Industry, said the Prime Minister had expressed his willingness to improve the investment environment but not many ministries reciprocated. Therefore, not many reforms were introduced in the administration. Tuan said the Government’s policies over the past years had reduced costs, creating favourable conditions for businesses to operate. However, recent proposals on law and policies have had the trend to increase tax rates, including value-added tax, special consumption tax, natural resource tax, personal income tax and corporate income tax. Some localities also charge a fee for infrastructure and seaports. These are creating problems for the business community, he added. Assessing the business and … [Read more...] about Local business environment lacks robust reforms
Vietnam, ASEAN, Australia to boost support for local businesses, startups
The Association of Southeast Asian Nations (ASEAN), including Vietnam, and Australia have agreed to provide more favorable conditions for small and startup businesses in a bid to boost local economies. Vietnamese Prime Minister Nguyen Xuan Phuc attended the ASEAN-Australia Special Summit in Sydney on Sunday, within the framework of his official visit to Australia from March 14 to 18. PM Phuc was one of the four ASEAN leaders invited to deliver a keynote speech at the retreat. ASEAN is a social, economic and political organization whose members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Speaking at the event, the Vietnamese premier urged ASEAN and Australia to make efforts to build open, transparent, inclusive order in the region, and ensure that regional countries observe international law and respect each other’s interests. Focus should be directed on innovation, connectivity promotion, support for … [Read more...] about Vietnam, ASEAN, Australia to boost support for local businesses, startups
MoIT to support steel businesses
The Ministry of Industry (MoIT) will continue to support local steel enterprises this year in their production and business, especially use of trade defence measures protecting the domestic steel industry.— VNA/VNS Photo The Ministry of Industry (MoIT) will continue to support local steel enterprises this year in their production and business, especially use of trade defence measures protecting the domestic steel industry. The domestic steel industry in 2017 saw growth in production and business, with many factories going into production to meet domestic demand and export, the ministry said. To support the steel industry this year, the ministry will continue to apply trade remedies in accordance with WTO rules and free trade agreements between Viet Nam and its partners to protect the industry from the competitive pressure of imported steel products. The ministry will also direct enterprises to monitor closely the market at home and abroad for ensuring suitable business plans. … [Read more...] about MoIT to support steel businesses
Hanoi supports local firms to access new technologies
The department has worked to introduce Hanoi’s goods and handicrafts on its online portal, as well as connect local firms with Vietnamese trade offices in foreign countries. In recent years, the city has issued various decisions to encourage 20 local craft villages and 50 firms to build their own brands.Local businesses are advised to raise their competitiveness and promote brand building, especially enhance industrial application in manufacturing process.As many firms expressed their hope to receive support from local authorities to access capital with preferential interest, local authorities have cooperated with the State Bank of Vietnam to establish links between banking and businesses sectors, Lan added.Credit institutions in Hanoi provided loans worth VND233.73 trillion(US$10.3 billion) to local businesses in 2016 and the figure increased to more than VND300 trillion (US$13.2 billion) this year.To help local businesses get access to the fourth industrial revolution, Vice … [Read more...] about Hanoi supports local firms to access new technologies
BUSINESS IN BRIEF 25/12
Post-APEC opportunity for Vietnam’s industriesMore than 150 business leaders have gathered at a conference held on December 19 in Ho Chi Minh City to discuss the orientations of Vietnam’s industries after the APEC Vietnam 2017.Hosted by SCG, one of the leading conglomerates of the ASEAN, the conference aims to summarise the key resolutions of the APEC Business Advisory Council (ABAC)’s meeting during the APEC 2017 in Vietnam and highlight its impact on the growth of key industries in Vietnam.According to Hoang Van Dung, chairman of ABAC Vietnam, the ABAC meetings were concluded with numerous recommendations to APEC leaders to foster regional business progress.“The recommendations focus on promoting regional integration and removing protectionist barriers to facilitate business development and investment; addressing climate change and the energy framework; the importance of sustainability and inclusive development; and supporting small- and medium-sized … [Read more...] about BUSINESS IN BRIEF 25/12
Local business association expands global networking
Local business association expands global networking By Phi Tuan - The Saigon Times Daily HCMC – A delegation of the HCMC Union of Business Associations signed a memorandum of understanding with the International Business Association, or IBA Global, at the 17th annual Trade Conference in the United States. The HCMC Union of Business Associations wants to present itself to the international business community and call for attention to an exhibition to be held in HCMC in October. It is also calling for investment and sponsorship from international institutions to promote the development of small and medium enterprises in Vietnam. The delegation attended a forum called Vietnam – Potential and Opportunities organized by the Vietnam Trade Office and the Consulate General of Vietnam in San Francisco to promote Vietnam and provide business networking.The International Business Association, located in Las Vegas, helps promote and support international … [Read more...] about Local business association expands global networking
Vietnamese Talent Awards praised for supporting local start-ups
The Vietnamese Talent Awards are one of the supports of the Vietnamese start-ups community, which will be our important mission in the next 20 years if we want fast and sustainable development, said Politburo member and President of the Vietnam Fatherland Front Central Committee Prof. Nguyen Thien Nhan. President of the Vietnam Fatherland Front Central Committee Prof. Nguyen Thien Nhan speaks at the Vietnamese Talent Awards ceremony in Hanoi on November 19. Nhan said it was vital to encourage and support inventors as part of the country’s development when speaking at the Vietnamese Talent Awards ceremony in Hanoi on November 19. "In 2005, when our country was still poor with per capita income of just USD700, the Vietnamese Talent Awards were initiated by Dantri/DTiNews online newspaper and organised by the Vietnam Study Promotion Association, which honoured inventions in IT," Nhan recalled. 12 years has passed, Vietnam is now not a poor country with per capita income … [Read more...] about Vietnamese Talent Awards praised for supporting local start-ups
BR-VT pledges support for businesses and investors
BR-VT pledges support for businesses and investors Developing Ba Ria-Vung Tau Province (BR-VT) into a sustainable, active and prosperous sea-based economy with high-quality services and investment is the goal the provincial government wants to achieve. Lying in the Southern Key Economic Zone, Vietnam’s most dynamic economic region, BR-VT has a strategic location, favorable natural conditions and a good investment environment with simple procedures. The province is an ideal place for enterprises coming to invest and do business. A major energy center With 1.5 billion tons of oil and 1,000 billion cubic meters of gas in proven reserves, BR-VT is the main oil-gas exploration and exploitation center of the country. It is responsible for around 20% of the country’s budget revenues annually. The province is also the supplier of nearly 40% of national power output and the developer of the gas-power-fertilizer chain. Network of industrial parks and seaports BR-VT has 15 industrial … [Read more...] about BR-VT pledges support for businesses and investors