Economy

The Hanoitimes - It would prove a safe business environment and effective legal system in place to protect investors rights. Vietnam targets ASEAN-4 ranking in business environment Old mindset used to dictate new business models: VCCI chairman Vietnam slips 1 notch in World Bank's Doing Business ranking Vietnam requires greater judicial effectiveness to boost the “marketness” level of the economy, according to Nguyen Dinh Cung, director of the Central Institute for Economic Management (CIEM).    Overview of the conference. Source: Nguyen Tung. “Of the World Bank’s ten Doing Business indicators, “Resolving insolvency” and “Protecting minority investors” are key for Vietnam to be recognized as a market economy,” Cung said at a conference discussing the outlook of Vietnam’s business environment held on January 22.  Vietnam current stands at 133th out of 190 economies in terms of “Resolving … [Read more...] about Vietnams requires greater judicial effectiveness to earn market economy recognition: CIEM

Some of VnSteel projects have been halted due to their poor performance.  A recent report on the performance of Vietnam Steel Corporation (VnSteel) throughout 2018 indicates that the combined after-tax profits of 38 firms owned by or affiliated to VnSteel totaled only VND1.212 trillion (US$52.97 million), equal to 79 per cent of the figure recorded in 2017. Only 14 of the 38 enterprises achieved their targets set for 2018 and reported growth in revenues as well. Meanwhile, Nha Be Steel JSC, Phu My Flat Steel Company, VnSteel Thang Long Coated Sheets JSC, and Binh Tay Steel Netting JSC are among the firms that failed to show signs of growth in 2018. Southern Hot Strip Steel Corporation, a VnSteel subsidiary, and eight other firms affiliated with VnSteel even suffered losses. VnSteel has cut back on putting large-scale projects into operation in recent years while some of the corporation’s projects have been halted due to their poor performance. Therefore, they have … [Read more...] about Market downturn leaves steel firms at a standstill

Nguyen Quoc Toan, acting head of the Agro Processing and Market Development Authority, said this is the first time the MARD has organised such a forum relating to the production and consumption of farm produce, noting that over time, the forum will be held annually. The event aims to review the overall picture of agricultural production and devise solutions to help ease difficulties within the agriculture sector in the future. It also offers opportunities for production units to connect with localities, associations, businesses, and investors in the field of processing and consuming farm produce. The forum is also set to provide a venue for businesses to expand their markets, improve the competitive edge enjoyed by Vietnamese farm produce in the context of international integration, and invite international organisations and investors to inject their own money into the agricultural sector.  Running until February 22, 2019, the event is expected to attract the participation of … [Read more...] about Forum promotes links between production and consumption of farm produce

K. Srikar Reddy, Consul General of India in HCM City, said Vietnam is an important market for India’s herbal products and medicine, while highlighting India’s pharmaceuticals development. According to Reddy, Vietnam is among rapid and dynamic economies in Asia with increasing per-capital income along with high demand on health care services. In addition, the country is an attractive destination for foreign tourists as well as for medical tourism. Vietnam welcomed 15.49 million foreign visitors in 2018, a year-on-year rise of 19.9 percent. The number of health care centers is increasing to serve the growing foreign visitors. India ranks third and 14th in the world in terms of pharmaceutical output and value, respectively, Reddy said, adding leading Indian pharmaceutical firms had international recognition from the US, the EU and Australia. Indian Consul General in Ho Chi Minh City K. Srikar Reddy Besides, made-in-India medical equipment is shipped to 150 … [Read more...] about Vietnam, India highlights cooperation opportunities in pharmaceuticals

Coconuts are loaded on boats for sale in the southern province of Bến Tre. The price of copra in the Cửu Long (Mekong) Delta province is on decline as confectionery producers have stocked up ahead of the Tết (Lunar New Year) holiday on worries prices would increase, leading to an oversupply. — VNA/VNS Photo Công TríViet Nam News BẾN TRE – The prices of copra in the Cửu Long (Mekong) Delta Province of Bến Tre have dropped sharply in the last few days, worrying growers as Tết (Lunar New Year) draws near. According to Nguyễn Thị Năm, a coconut farmer in Bình Hòa Commune, Giồng Trôm District, normally copra prices increase before Tết due to higher demand for making candies and sweets. But this year, with the traditional holiday less than two weeks away, she could only sell her coconuts for VNĐ26,000 (US$1.12) per dozen, VNĐ10,000 less than a month ago. Last year it was … [Read more...] about Bến Tre copra price falls due to oversupply