Hong Kong (China) is currently an ideal destination for Vietnamese firms to expand operations abroad, heard a round-table seminar in Ho Chi Minh City on August 13. In addition to cellphones and components, fiber is one of the major export items from Vietnam to the Hong Kong (China) market Vo Tan Thanh, Director of the Vietnam Chamber of Commerce and Industry (VCCI)’s Ho Chi Minh City Branch, held that Vietnam and Hong Kong (China) are key major trade partners of each other with bilateral trade reaching US$9.2 billion in 2017, up 22 pct from 2016. As of June 2018, Hong Kong (China) was the sixth largest foreign investor in Vietnam with a total capital of nearly US$19 billion, he said. With the ASEAN-Hong Kong (China) free trade agreement, trade and investment between Vietnam and Hong Kong (China) are both expected to grow fiercely in the near future. Vietnam is encouraging firms to expand investment abroad to popularise Vietnamese products across the world. Thanh hailed … [Read more...] about Hong Kong (China) calls for investment from Vietnam
Vietnam business visa application
Hong Kong calls for investment from Vietnam
At the event (Source: VNA) HCM City (VNA) - Hong Kong is currently an ideal destination for Vietnamese firms to expand operations abroad, heard a round-table seminar in Ho Chi Minh City on August 13. Thanh hailed Hong Kong as a free, developed economy with a strategic location, modern infrastructure, and large capital inflows. Stephen Phillips, General Director of Investment Promotion at Invest Hong Kong (IK), said Hong Kong is calling for investment in the fields of financial services, consumer goods, transportation and industry, tourism-restaurant-hotels, technological innovation, and innovative industries. He lauded Hong Kong for its active international business environment, convenient business registration procedures, modern infrastructure, and low tariffs, adding that it now has a mechanism to provide support for newly-established and mature firms, from planning and opportunity evaluation to visa application and marketing. … [Read more...] about Hong Kong calls for investment from Vietnam
Vietnam to work with Czech Republic to address visa-related issue
(photo for illustration) Hang made the statement in reply to reporters’ questions about the Czech Republic’s decision to suspend the acceptance of work visa applications by Vietnamese nationals at the ministry’s regular press conference on August 2. She said the two countries are enjoying fruitful multifaceted cooperation, expressing her hope that their coordination in this work will make it easier for the two sides to promote bilateral cooperation in many fields in accordance with the traditional friendship between the two nations. The Czech Republic has recently suspended the acceptance of work visa applications by Vietnamese citizens. The suspension applies to the visa applications for long-term residence with the aim of either employment or business activities. According to Czech Minister of the Interior Jan Hamacek, at present, the priority of the Czech embassy in Vietnam is to accept residence applications for the purpose of family reuniting. Source: … [Read more...] about Vietnam to work with Czech Republic to address visa-related issue
Vietnam to work with Czech Republic in addressing visa-related issue
Vietnam is willing to cooperate with the Czech Republic to address difficulties in granting long-term visas for Vietnamese nationals for the purposes of employment or business in the European country, said spokesperson of the Foreign Ministry Le Thi Thu Hang (Illustrative photo: VNA) Hanoi (VNA) - Vietnam is willing to cooperate with the Czech Republic to address difficulties in granting long-term visas for Vietnamese nationals for the purposes of employment or business in the European country, said spokesperson of the Foreign Ministry Le Thi Thu Hang. Hang made the statement in reply to reporters’ questions about the Czech Republic’s decision to suspend the acceptance of work visa applications by Vietnamese nationals at the ministry’s regular press conference on August 2. She said the two countries are enjoying fruitful multifaceted cooperation, expressing her hope that their coordination in this work will make it easier for the two sides to promote … [Read more...] about Vietnam to work with Czech Republic in addressing visa-related issue
BUSINESS IN BRIEF 7/7
HCM City posts GRDP growth of 7.76 percent in year’s first half Ho Chi Minh City posted 585 trillion VND (25.74 billion USD) in the Gross Regional Domestic Product (GRDP) in the first half of 2018, a growth of 7.76 percent from the same period last year, as heard at a meeting on July 3. The meeting was held by the municipal People’s Committee to review the local socio-economic development for the January-June period with Chairman Nguyen Thanh Phong in attendance. The city’s total revenue from retail sales of consumer goods and services rose by 12.5 percent year-on-year to 510.19 trillion VND (nearly 22 billion USD), while its earnings from exports reached 18.12 billion USD, up 7.6 percent year-on-year. Approximately 184 trillion VND (7.9 billion USD) was collected for the State budget during the period, making up about 48.7 percent of the yearly target. Some 21,500 new enterprises were set up with the total registered capital of nearly 249 trillion VND (10.7 billion … [Read more...] about BUSINESS IN BRIEF 7/7
Experts: Vietnam needs better logistics
Logistics company representatives network at a meeting. (Photo: VNA) HCM City (VNA) - Vietnam needs to simplify its visa applications and procedures for foreign companies to enter the country so the logistics industry can attract more foreign business partners, representatives of logistics companies have said. At a networking event organised in Ho Chi Minh City on May 7 by the Vietnam Trade Promotion Agency and World Freight Organisation (WFO), a network of international logistic companies, around 44 members from 30 countries of the WFO met with their Vietnamese counterparts to discuss potential collaboration. WFO Chairman Leandro Harari said the Vietnamese economy is becoming more attractive to foreign companies, and HCM City is a great place for logistics development. Three members of the WFO are from HCM City, he added. Luis Monteiro of Sunvilog Logistic and Transits said that while the company finds Vietnam’s logistics market to be good and with a lot of growth potential, … [Read more...] about Experts: Vietnam needs better logistics
BUSINESS IN BRIEF 24/3
SMEs benefit from State’s business support policies Small- and medium-sized enterprises (SMEs) will benefit from many support policies of the State, especially those in information support; consultation; human resources development; startup and innovation; and value chain participation. Under Decree 39/2018/ND-CP recently issued by the Government, SMEs will be free to access information in the national information portal for supporting SMEs managed by the Ministry of Planning and Investment, and other information portals managed by ministries, ministry-level agencies, municipal and provincial-level People’s Committees. To help SMEs develop their human resources, the State budget will support at least 50 percent of the total cost of a business start-up and business administration training course for SMEs. Meanwhile, SMEs in advantaged areas and those owned by women will be exempted from tuition fees for training. Business households, which register to … [Read more...] about BUSINESS IN BRIEF 24/3
‘Uber’ taxi operations illegal in Vietnam, say officials
Unlicensed taxi drivers using the Uber application to gather customers are illegal, Ministry of Transport officials said on Monday, in the face of the growing demand for the service in Ho Chi Minh City. The service operates on a smart-phone application connecting prospective passengers with drivers. Uber app The ministry said Uber taxis are not registered, nor do they use regulated fare meters, but charge according to the destination request as calculated by the app, and the closest driver available to meet that need. Those using the Uber network pay on average about 20% less than regulated cab fares, but are required to use international currency cards such as MasterCard and Visa. In turn, the vehicle owner pays a 20% commission to Uber. The Uber network was launched in 2009 and presently operates in 232 cities in 50 countries. It began in Vietnam in July, rapidly expanding in HCM City by beating established taxi services on both price and availability. Uber drivers … [Read more...] about ‘Uber’ taxi operations illegal in Vietnam, say officials
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
BUSINESS IN BRIEF 16/1
Survey helps HCM City plan policyThe 2017 Economic Survey in HCM City has provided basic data about the number of enterprises, workers, the economic efficiency of companies and administrative units and proportion of information technology application, delegates heard at last Friday’s meeting to review the survey.“Such data will be a foundation for city authorities to build action plans and set up policies for socio-economic development in an effort to encourage modern science and technology application in all economic industries and administrative units,” Lê Thanh Liêm, vice chairman of the municipal People’s Committee and head of the Steering Committee for 2017 Economic Survey said.According to the results of the survey, HCM City now has 633,637 economic, administrative and religious units, an increase of 27 per cent in comparison with 2011.Of this amount, there are 173,000 enterprises, an increase of 62 per cent in comparison with 2011 and non-State … [Read more...] about BUSINESS IN BRIEF 16/1