Through the two sessions on "Digital Resources–Opportunities and Challenges" and "Digital Economy in Vietnam–What's New for Vietnamese Enterprises,” businesses were provided with information on the value transfer process of traditional telecommunications and other types of Internet access, have a chance to meet and discuss with experts opportunities and challenges facing Vietnamese enterprises in e-commerce and value-added services on the Internet, as well as new business opportunities like fintech and blockchain.Accordingly, Vietnamese enterprises are aware of the importance of making changes to take the initiative to approach the digital economy."As the traditional economy is approaching saturation, the electronic or digital economy has become a promising trend. To catch up with this new trend, Vietnamese enterprises are facing the need to change and update on modern technology applications in the world. A standard .com domain name is actively supporting Vietnamese … [Read more...] about Internet Day 2017: a platform for Vietnamese businesses to integrate into digital economy
Business
Businesses shirk social insurance payments as bill mounts to VND6 trillion
Vietnamese companies are forecast to owe VND6 trillion (USD285.7 million) in social insurance payments to their staff by the end of the year. Vietnamese companies are forecast to owe VND6 trillion (USD285.7 million) in social insurance payments to their staff by the end of the year. By the end of August, total social insurance debts were estimated at VND4.61 trillion (USD219.5 million). Up to 70% of the total came from non-state and foreign firms. The shocking news was released at a conference in Hanoi on November 29 to review the five-year implementation of the Law on Social Insurance. According to Mai Duc Chinh, Vice Chairman of the Vietnam General Confederation of Labour (VGCL), by the end of 2010, more than 19,000 enterprises in Ho Chi Minh City owed nearly 700,000 labourers VND374 … [Read more...] about Businesses shirk social insurance payments as bill mounts to VND6 trillion
Vietnam Expo 2017: the land of business opportunities
The event, which has brought in continued success in trading in its more than 14 years of annual organisation, is expected to be a landmark meeting point for local and international businesses to exchange opportunities for further trade and investment.Vietnam has been identified as one of the ASEAN markets holding the greatest potential with long-term prospective of growth and incentives through an improved business environment and larger participation of private investment in GDP compared to the 12.9 per cent in 2016.Vietnam is party to 16 Free Trade Agreements (few of which are currently under negotiation) that helps to expand opportunities and deepen the country’s integration into the world economy.Vietnam Expo celebrates its 15th anniversary by organising the first-ever large scale exhibition. According to the organiser, in 2015 there were 320 businesses, 520 businesses in 2016, and in 2017 there will be 800 pavilions representing 750 companies from 16 countries and … [Read more...] about Vietnam Expo 2017: the land of business opportunities
Hanoi, UK businesses in bid to bolster economic relations
The event was sponsored by the Hanoi Promotion Agency, in cooperation with the Department of Foreign Affairs for Provinces under the Ministry of Foreign Affairs and the British Business Group Vietnam in order to discuss stronger economic partnerships between Vietnam’s capital and British businesses.Nguyen Doan Toan, deputy chairman of the Hanoi People’s Committee, told participants that with 4,165 valid investment projects and registered capital of US$26.6 billion, Hanoi ranks third among provinces and cities in terms of foreign direct investment (FDI) attraction, accounting for 17.4 percent and 8.7 percent of the country’s total FDI projects and capital, respectively. He also highlighted the contributions British investors have made to the municipal budget and their major projects.Although trade and investment relations between Hanoi and the UK have been strengthened, they have not met their potential. UK investors have 66 valid investment projects in Hanoi with … [Read more...] about Hanoi, UK businesses in bid to bolster economic relations
BUSINESS IN BRIEF 23/11
Phu Quoc seaport gets green light The Government on Wednesday announced that the Prime Minister has approved the construction of a seaport of internationally accepted standards in Phu Quoc Island in Kien Giang province. The Prime Minister asked the officials of the southern province of Kien Giang People's Committee and the ministries of transportation, finance and planning and investment to reach an agreement on the investment, selection of investors and the state budget contribution for the project. He also asked the concerned ministries to instruct the Kien Giang officials to develop policies and incentives to attract investors to the project. The seaport will be constructed in Duong Dong town in Phu Quoc Island. Its pier will be 400m long and 19m wide. A 1,020-metre-long bridge will be built to connect the pier with the shore. The seaport is expected to have the capacity of handling 5,000 to 6,000 passengers and container vessels as well. The project investment is estimated to be … [Read more...] about BUSINESS IN BRIEF 23/11