Business in development

Forum discusses state of supporting industry The practical experience of non-governmental organisations and businesses in developing the supporting industry was shared at the 10th Vietnam Supporting Industry Forum in Ho Chi Minh City on May 22. Organised by the Reed Tradex company, in conjunction with the city’s Investment and Trade Promotion Centre and the Japan External Trade Organisation (JETRO), the event focused on the importance of developing partnerships to foster the development of the industry, which provides parts and components to manufacturers, in the future. The forum helped Vietnamese manufacturers operating in the field to realise their weaknesses and ways to overcome them, thus setting new development targets and improving the quality of their products to meet the demand of investors. According to Bui Quang Hai, Deputy President of the municipal Mechanics Association, the supporting industry plays an important role in attracting investors. He said that most … [Read more...] about BUSINESS IN BRIEF 27/5

VN's President commends Nikkei Group President Truong Tan Sang has cordially acknowledged the contributions of Japan’s Nikkei Group in bolstering trade between the Vietnamese and Japanese business community. At a March 17 reception for Nikkei Group President Tsuneo Kita in Japan, President Sang also spoke highly of the role the Japanese press has played in elevating Vietnam’s image and boosting socio-economic development. The Nikkei Group has played an instrumental and active role in disseminating information validating the positive impact of Vietnam-Japan cooperative relations in forums, such as the Future of Asia conference, which contributes to peace, cooperation and development in the region, he said. Mr Kita affirmed that Nikkei Group has always monitored and disseminated information on Vietnam-Japan relations and Vietnam’s socio-economic situation as well as highlighting the country’s efforts in maintaining macro-economy, promoting economic restructuring … [Read more...] about BUSINESS IN BRIEF 19/3

Banking sector tops list of 1000 biggest tax payers Vietnam report 2013 reveals the banking and telecoms sectors remain the greatest tax contributors in this year's list of 1,000 largest corporate income tax payers in Vietnam (V1000), making up 23.4% and 16.7% respectively of all tax. Total taxes contributed by V1000 reached VND77,000 billion this year, 42% higher than last year’s level. The PetroVietnam Exploration Production Company (PVEP) takes the lead among the highest tax payers, closely followed by Viettel, Mobifone, PetroVietnam Gas Joint Stock Corporation (PV Gas) and the Vietnam National Oil and Gas Group (PetroVietnam). The Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank)  is ranked sixth, followed by commercial banks such as Vietnam Bank for Agriculture and Rural Development (Agribank), JSC Bank for Foreign Trade of VIetna (Vietcombank), and the Bank for Investment and Development of Vietnam (BIDV). The findings illustrate substantial … [Read more...] about BUSINESS IN BRIEF 3/12

Overseas remittances to hit US$12 billion in 2014 Banks predict that remittances from overseas Vietnamese will reach US$12 - 13 billion this year. Over the past three years, the country has seen a sharp increase in remittances, from US$9 billion in 2011 to US$11 billion in 2013. Head of the Ho Chi Minh City branch, State Bank of Vietnam, Nguyen Hoang Minh said Vietnam would remain in the list of  the world’s top 10 remittance recipients with US$12.1 billion, up about 10% compared to a year earlier. Similarly, the Bank for Investment and Development (BIDV)’s also forecast a 10% increase in overseas remittance to US$12 billion by the end of this year. Meanwhile, General Director of the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) Le Duc Tho expected the figure to hit US$13 billion in 2014. The rising remittances, together with strong inflows of direct foreign investment (FDI) and official development assistance (ODA) will make Vietnam’s … [Read more...] about BUSINESS IN BRIEF 1/12