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...]
BUSINESS IN BRIEF 19/3
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...]
Business In Development Challenge
Business In Development Challenge The ‘Business in Development (BiD) Challenge’ is an international business plan competition which calls for entrepreneurs world wide to create a business plan that generates profit and reduces poverty in developing countries. The BiD Challenge is an initiative of the BiD Network, an international online platform of thousands of entrepreneurs, experts and investors from all over the world, who have one communal goal: to stimulate entrepreneurship and to improve the live standard in developing countries. The initiative of the international contest originates in The Netherlands and is supported by the Dutch Department of Foreign Affairs, the NCDO and the top of Dutch business life. WHAT DOES THE BID CHALLENGE HAVE TO OFFER? Entrepreneurs: the BiD Challenge offers entrepreneurs world wide a platform to develop business plans for a profitable enterprise and the reduction of poverty. They receive professional feedback and support by … [Read more...]
Abundant Opportunities for Vietnamese Businesses in EU Market
Abundant Opportunities for Vietnamese Businesses in EU Market Vietnam's exports to the European Union (EU) increased 5.9 times from US$4.1 billion in 2000 to US$16.5 billion in 2011, accounting for 20 percent of Vietnam’s total export value. The country’s key exports to the EU include seafood, coffee, apparels, footwear and handicrafts. Particularly in 2011, Vietnam saw a leap in exporting key products to Europe like telephones, garments, footwear, coffee, seafood, pepper, cashew and wooden products. The growth was more than 25 percent over 2010. A reason cited for Vietnamese goods to expand European market shares in the time of economic and financial crisis is attributed to the shift of investors to more reasonably priced goods. In the meantime, Vietnam’s products are affordable for middle-income earners while product quality is quite high. At the conference on “Promoting Vietnam’s exports to European market” held in Ho Chi Minh City, Mr Tran … [Read more...]
VN encourages investment in development of power sources: Deputy PM
The deputy PM made the statement at a reception for President and Chief Executive Officer (CEO) of the Korea Southern Power Co., Ltd. (KOSPO), Yoon Jong Keun, in Ha Noi on May 16. He spoke highly of KOSPO’s experience, asking the company to collaborate with Vietnamese businesses in developing power sources. The Viet Nam-Republic of Korea (RoK) strategic partnership is growing finely in many fields, particularly economics, trade and investment, Dung said, adding that RoK enterprises in Viet Nam are operating effectively, bringing about benefits for themselves and for both countries as well. He affirmed that Viet Nam always creates favorable conditions for foreign investors, including those from the RoK, to do effective business in the country, with the power industry being one of the important sectors prioritized for investment attraction. The deputy PM urged KOSPO to work closely with the Vietnamese Ministry of Industry and Trade and stakeholders in order to promptly choose … [Read more...]
Businesses in the dark on Trans Pacific Partnership
VietNamNet Bridge – While trade ministers struggle to hash out a final agreement on the ground-breaking Trans-Pacific Partnership (TPP), Vietnamese companies are largely in the dark about the pact's potential benefits and drawbacks, business surveys have found. Fewer than 30 per cent of Vietnamese companies had some knowledge about TPP, with mostly larger firms keeping track of negotiations through the Ministry of Industry and Trade (MoIT), said Nguyen Duc Thanh, director of the Vietnam Institute for Economic and Policy Research (VEPR). "General knowledge about TPP is still limited, especially among small and medium-sized enterprises (SMEs)," Thanh said, "Most of them have no idea about content and meaning of TPP." The TPP is poised to become the world's biggest trade accord in more than a decade, accounting for 40 per cent of global gross domestic product and 26 percent of world trade. It would include 12 nations on either side of the Pacific Ocean, including Australia, … [Read more...]
BUSINESS IN BRIEF 2/11
Vietnam attends meetings of Int’l Association of Deposit Insurers The Deposit Insurance of Vietnam (DIV) group attended the 16th annual meeting of the International Association of Deposit Insurers (IADI) and an annual conference hosted by the IADI and the Autorité des marchés financiers in Quebec, Canada, in early October. The conference was themed “Deposit Insurance for All – Adapting the Core Principles to Different Structures, Mandates and Types of Institutions.” Speakers from deposit insurance organisations and financial service agencies of the UK, Canada, Germany, Jamaica and the World Bank discussed the functions, tasks and structures of deposit insurance organisations, and the alignment of these bodies’ operations with international practices. Participants underscored the importance of financial inclusion in developing a financial system serving all people and providing services at reasonable prices, thus contributing to sustainable … [Read more...]
BUSINESS IN BRIEF 4/11
Vietnam rated as key market for DHL growth Leaders of DHL Global Forwarding on Tuesday emphasized that Vietnam was an important market for its business growth, especially in the future and would continue the company’s heavy investment in this market. Roger Crook, chief executive officer of DHL Global Forwarding, Freight, who just returned to Vietnam for a business trip to review DHL business in Vietnam, recognized the importance of this market for DHL business. “We see Vietnam having strong growth… our business (here) is very successful. We are growing by a double-digit rate,” Crook told reporters before leaving Vietnam today. “I’m visiting certain markets around the world every year and I chose Vietnam as one of the key markets to visit this year.” Crook told the Daily that the DHL business in Vietnam had been beefed up by both increasing imports and exports, particularly in the oil and gas, technology, retail and others, offering the … [Read more...]
BUSINESS IN BRIEF 5/11
Companies advised to exercise caution in choosing new partners Selecting strategic partners has become a serious concern for listed companies, as large shareholders have recently withdrawn from such partnerships, pocketing much profit but leaving behind operational shortfalls. Lately, PetroVietnam Drilling Services (PVD) announced that Mutual Fund Elite had reduced its stake in the company to 4.95 per cent and was no longer its large shareholder since October 27. The fund maintained a huge stake in PVD for only a month. After the divestment, the fund reportedly earned VND655 billion (US$30.8 million) in profits. Last September, Phu Nhuan Jewelry (PNJ) completely withdrew its 50 per cent stake in Saigon Fuel (SFC) and is estimated to have earned VND38 billion ($1.7 million). The jewelry trader reportedly helped SFC improve its productivity by providing management expertise. After PNJ sent its people to SFC's board, the energy company's profits more than doubled to VND53.7 billion ($2.5 … [Read more...]
BUSINESS IN BRIEF 6/11
Deputy PM urges acceleration of Noi Bai-Lao Cai highway Deputy Prime Minister Hoang Trung Hai has asked the Ministry of Transport and relevant agencies to manage and disburse investment to accelerate the construction of the Noi Bai-Lao Cai national highway. Inspecting the construction site in the northern mountainous province of Yen Bai on November 3, he also asked the Vietnam Expressway Investment Corporation to join hands with the localities to address difficulties during the construction so that the highway will technically open to traffic in April 2014. Contractors must meet all technical requirements, he added. The Noi Bai-Lao Cai expressway, the construction of which was started in 2009, has a total length of nearly 265km and an investment capital of over 1 billion USD. It links Hanoi and the northern border province of Lao Cai. Bailout disbursed in dribs and drabs into real estate Only 120 individual clients in Ho Chi Minh City had been eligible to borrow capital from the … [Read more...]