By Patrick Burke CEO, HSBC US ,By Pham Hong Hai CEO, HSBC Vietnam A memorandum of understanding between Singapore and the United States, signed in early April, will see the two countries’ infrastructure agencies work together to facilitate private sector deals across the region in areas such as energy, water, transportation, and urban development. It follows other US announcements of infrastructure financing for the Indo-Pacific region, including its July 2018 trilateral agreement with Australia and Japan. The commercial opportunities for the region and Vietnam, in particular, will be significant and wide-ranging. The ASEAN is the fourth-largest export market of the US. Trade with the ASEAN supports more than half a million American jobs, and nearly 4,700 American companies in the region. Southeast Asia is the top destination for US foreign direct investment in Asia. Moving forward, the ASEAN presents the US with a low-cost production option, a growing consumer base, and … [Read more...] about Is Vietnam ready for American infrastructure foray?
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A co-working space in Ha Noi. The proliferation of co-working space in the country has been viewed as helpful to the fast-growing start-up scene. — VNS Photo Bao Hoa Banking on solid economic growth, a young population and strong internet coverage, Viet Nam has been making efforts to become a start-up nation. The country has set its sights on having one million active businesses by 2020, and at the core of this community will be 5,000 innovative start-ups at the forefront of technology, ushering the country’s labour-intensive growth into the new age of digitisation and out of the middle-income trap. The Government started getting serious about the issue in 2016 – marking the year as the national start-up year and putting in place the Prime Minister’s ‘National Programme for Supporting an Innovative Startup Ecosystem through 2025’, or Project 844. According to FPT Insight, a start-up ecosystem involves several stakeholders, including the Government, … [Read more...] about VN’s start-ups have ambitious plans, but is red tape holding back development?
Prime Minister Nguyen Xuan Phuc (Source: Bloomberg) Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc gave an interview to The Straits Times of Singapore on Vietnam’s policy making and stance on protectionism, ASEAN’s urgent issues and solutions to digital economic development of Vietnam on the occasion of the World Economic Forum on ASEAN (WEF ASEAN) 2018 that took place in Hanoi from September 11-13. The following is the full text of the interview. What are some of the best examples that showcase Vietnam’s entrepreneurship in its policy making? Vietnam is one of the most open and dynamic economy in the region. In the spirit of integrity, development-enabling, action and service to the people and businesses, the Vietnamese government has put in place many policies to improve the business environment and assist businesses. In policy-making, we consistently hold that policies must create drivers and opportunities for enterprises and the people to do business. … [Read more...] about PM Nguyen Xuan Phuc’s interview to Singapore’s The Straits Times
Jazreel Lim Trade and business links between Singapore and Vietnam have always been robust, ever since the countries established bilateral diplomatic relations back in 1973. Singapore has consistently been among the top five foreign investors in Vietnam by value of new investments. According to Vietnam’s General Statistics Office (GSO), Singapore ranked second in 2016, third in 2017, and continued to keep its position in the first seven months of 2018. Broadly speaking, real estate and construction, education, manufacturing, infrastructure, and healthcare have traditionally been the big magnets in the Vietnamese market. Since the signing of the Vietnam-Singapore Economic Connectivity Agreement in 2005, the level of collaboration and mutual business opportunities from the segments of transportation, investment, trade, and services is evident. Singaporean companies boast great achievements in Vietnam. Successful stories include CapitaLand, with its famous projects (The Vista, … [Read more...] about Stronger capital flow from Singapore
In April 2018, Prime Minister Nguyen Xuan Phuc visited Singapore, which committed to supporting Vietnam in developing smart cities. How has this commitment been implemented so far? Singapore is keen to support Vietnam’s goal of having at least three smart cities by 2020. Under our ASEAN chairmanship this year, Singapore proposed the formation of an ASEAN Smart Cities Network (ASCN). This platform will facilitate co-operation on smart city development, share best practices, and explore common technological solutions. In May, Singapore’s Centre for Liveable Cities and Ministry of Foreign Affairs organised the ASEAN Smart Cities Governance workshop for 75 delegates from 25 ASEAN cities, including 14 representatives from the Vietnamese government and Vietnam’s ASCN cities of Hanoi, Ho Chi Minh City, and Danang. The four-day workshop included site visits and panel sessions with industry experts, think tanks, and private consultants to share ideas and global best practices … [Read more...] about Infrastructure on Singapore’s radar
Singaporean Ambassador to Vietnam Catherine Wong Siow Ping (Photo courtersy of Singapore Embassy) Hanoi (VNA) - Vietnam and Singapore will mark the 45h anniversary of their diplomatic ties on August 1. On this occasion, Singaporean Ambassador to Vietnam Catherine Wong Siow Ping granted an interview to Vietnam News Agency about bilateral ties. Followings are the full text of the interview. Please give your comment on Vietnam-Singapore relations over the past 45 years, especially after the two countries upgraded bilateral relations to strategic partnership in 2013 and Prime Minister Nguyen Xuan Phuc’s visit to Singapore in April this year. Singapore and Vietnam have a close and wide-ranging relationship underpinned by mutual trust, shared interests, and extensive cooperation both bilaterally and in multilateral fora. We share warm and friendly ties which are maintained through frequent exchanges at all levels. Prime Minister Lee Hsien Loong visited Vietnam twice … [Read more...] about Vietnam, Singapore continue to explore new areas of cooperation
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
Vietnam Airlines marks new step in Russian market The first flight using Boeing 787-9 Dreamliner aircraft of national flag carrier Vietnam Airlines arrived at Domodedovo airport in Moscow, Russia, on March 27 (local time). Speaking at the welcome ceremony, Chief Representative of Vietnam Airlines in Russia Le Thanh Dung said the airline is striving to meet demand of passengers in Russia, adding that the airlines will operate new routes linking Vietnam and Russia in the future. Meanwhile, Vietnamese Ambassador to Russia Ngo Duc Manh congratulated Vietnam Airlines on using Boeing 787-9 Dreamliner for the Hanoi-Moscow air route, contributing to the enhancement of the partnership between Vietnam and Russia, especially in tourism and people-to-people exchanges. Boeing 787-9 Dreamliner can carry up to 311 passengers and saves 20 percent of fuel compared to previous generations of aircraft. Vietnam Airlines was recognised as a 4-star airline for two consecutive years in 2016 and 2017 by the … [Read more...] about BUSINESS IN BRIEF 30/3
PNJ targets opening at least 40 stores this yearPhu Nhuan Jewelry (PNJ) plans to open at least 40 new stores this year and have 300 by the end of April. The 40 new stores include gold stores or stores combining gold and silver retail.It has also set a net revenue target of VND14.1 trillion ($619.6 million) for the parent company this year, up 30 per cent, with after-tax profit increasing 22 per cent to VND882 billion ($38.7 million).PNJ is in the process of preparing for upgrading and modernizing its ERP system, through which it can study customer behavior at outlets and better understand customer choice.The company also plans to use big data to develop new products aimed at more specific customer groups and at the same time use digital marketing strategies to expand market share.As noted by HSC, PNJ’s sales in FY2017 increased 28 per cent year-on-year to VND10.97 trillion ($482.1 million) thanks to most segments growing strongly. Gold bar revenue increased 20 per cent, to … [Read more...] about BUSINESS IN BRIEF 1/2
Vingroup, T&T to develop urban railway projects in HanoiThe government of Hanoi City has proposed the Prime Minister allow Vingroup and T&T Group to develop three urban railway projects which the city plans to complete by 2025, Tuoi Tre newspaper reports.The two domestic investors will use their capital to make pre-feasibility studies for these projects.When the projects were announced, many investors expressed interest in Hanoi. However, only Vingroup and T&T Group have registered to take part.Both of them proposed implementing the projects in the build-transfer (BT) format. Particularly, Vingroup registered to build the 38.4-kilometer metro line No. 5 which connects Van Cao and Hoa Lac and metro line No. 2 from Tran Hung Dao to Thuong Dinh with a length of 5.9 kilometers. Meanwhile, T&T Group is keen on metro line No. 4 connecting Me Linh, Sai Dong and Lien Ha, and measuring 54 kilometers in length.The two investors said they would use their own finances to study the … [Read more...] about BUSINESS IN BRIEF 9/1