Wood exports plummet as amid virus outbreak Wood production and exports have hit a slump in recent months after showing strong numbers during the first half of the year, according to a report by the Ministry of Agriculture and Rural Development (MARD). The country exported US$8.71 billion worth of wood products in the first half of 2021, a 62.9 per cent increase year-on-year. However, the sector has been hard hit by yet another outbreak of the virus. The virus has paralysed some of the largest production centres of the industry including the southern provinces of Binh Duong and Dong Nai, said Bui Chinh Nghia, deputy head of MARD's department of forestry. "We have seen significant drops in wood exports in recent months. Exports for June, July and August dropped by 16 per cent compared to the previous three-month period. August saw the biggest drop at 22 per cent compared to July," said Nghia. More than half of the country's wood producers have had to shutter or scale down …
VIETNAM BUSINESS NEWS SEPTEMBER 11
Hanoi tax authorities collect taxes from Google and Apple content developers The Hanoi Department of Taxation have collected over VND39 billion (USD1.69 million) from content developers on Google and Apple during the first seven months of this year. The Hanoi Department of Taxation have collected over VND39 billion (USD1.69 million) from content developers on Google and Apple during the first seven months of 2021. Illustrative photo According to the department, they have collected taxes from 392 people that provide content services on various applications including Google Play and Apple Store. The department have collected VND 203 billion (USD8.83 million) in taxes from these content developers since 2018. The municipal tax authorities are also seeking to collect more taxes from online businesses. They are checking on the information of 32,085 businesses that are using online delivery services and 756 housing rental businesses. The department has co-operated with banks and …
VIETNAM NEWS HEADLINES SEPTEMBER 12
Coronavirus hotspot sees sharp decrease in death rate The number of COVID-19 deaths recorded in Ho Chi Minh City, the largest coronavirus hotspot in Vietnam, has decreased significantly in recent days, signaling the COVID-19 treatment regimen is proving effective, according to health experts. The downward trajectory was attributed to the effective implementation of policies and decisions on COVID-19 prevention and control measures adopted by the health sector, said Pham Duc Hai, deputy head of the Ho Chi Minh City Steering Committee for COVID-19 Prevention and Control. According to health experts, the opening of more intensive care unit (ICU) centres for COVID-19 patients, the large support of medical equipment, as well as the use of antiviral drugs and anticoagulants in treating patients, have helped to lower the number of critical cases. Furthermore, the strategy of classifying patients has also played a significant part in lowering the death rate. The southern metropolis …
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VIETNAM BUSINESS NEWS SEPTEMBER 12
Vietnam continues to be attractive investment destination: HSBC The Vietnamese market will remain an attractive investment destination for foreign investors moving forward, the Hong Kong Shanghai Banking Corporation (HSBC) Vietnam said in its monthly macroeconomic update for September 2021. The bank cites statistics from the Vietnam Leather, Footwear and Handbag Association (LEFASO), noting more than 30% of garment makers have suspended production, prompting garment exports to drop by 4.5% in August compared to the previous month. Notably, Vietnam’s leather and footwear industry currently makes up 15% of the world’s market share, a two-fold increase during the past 10 years. Vietnam is also one of the world’s largest textile and garment makers, just behind China and Bangladesh. However, Vietnamese exports of mobile devices and components recorded a sharp increase in August, achieving an annual growth rate of 11%. Meanwhile, exports of computers and electronic products also …
Mobile Money paves way to apply ‘sandbox’ for new services
The trial Mobile Money service allowed by the Prime Minister will set a precedent for applying a "sandbox" scheme for new services and professions in digital society. Sandbox is a controlled institutional framework applied to new technologies, products, services and business models. It is an environment for technology firms to try their new technological apps and business models. After the trial period, management agencies will review the trial implementation and then accept or reject it. Using laws to set rules to deal with new issues arising from the application of new technologies is a challenge. The apps may have a rapid impact on society that management systems may not be able to keep up with. Many traditional business fields have changed, and businesses have to utilize technology to work more effectively. It is impossible to manage new services and business models within the existing framework, because policies tend to lag behind practice. Therefore, a sandbox is a wise …
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VIETNAM BUSINESS NEWS SEPTEMBER 19
About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new... Some 58 per cent of global respondents predict that they will completely cease to exist in the next five to ten years unless they change their business models. — Photo bnews.vn About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new report from cloud banking platform Mambu and The Financial Times Focus (FT Focus). The ‘Evolve or be extinct’ report was conducted by FT Focus and surveyed over 500 senior banking executives globally to gain insights into their perception of the banking industry, now and in the future. The results illustrate the urgent need for banks to modernise their offerings, with 58 per cent of global respondents predicting they will completely cease to exist in the next five to ten years unless they change …
VIETNAM BUSINESS NEWS SEPTEMBER 21
Vietnam’s coffee exports to S Korea forecast to increase Viet Nam's coffee exports to South Korea are expected to increase as the northern Asian market is forecast to have higher demand for imported coffee. The Ministry of Industry and Trade’s Import and Export Department said that South Korea's coffee imports rose in 2020 and the first months of 2021 due to the strong increase in demand for coffee as people stay at home during the COVID-19 pandemic. According to the Import and Export Department, South Korea's coffee imports from Viet Nam in the first half of this year reached about 19,500 tonnes, worth US$30.82 million, up 12.8 per cent in volume and 5.2 per cent in value year on year. Viet Nam's coffee accounted for 20.56 per cent of South Korea's total coffee imports in the first half of this year, a slight increase from the figure of 20.35 per cent in the first half of 2020. The department said coffee is more popular in offices, restaurants and families in South …