Total revenue from retail trade and services in the first nine months of this year reached VND3.6 quadrillion (US$156.5 billion), 11.6 per cent over the same period last year. Total revenue from retail trade and services rose by 11.6 per cent in the first nine months of this year. Photo baocantho.com.vn If the price factor was excluded, the total revenue rose by 9.2 per cent year on year, higher than the rate of 9.1 per cent recorded in the first nine months of 2018, according to the General Statistics Office (GSO). According to GSO experts, high demand due to improved living standards had spurred consumption. An abundant supply of goods and guaranteed quality had also increased sales volume. Thanks to increased purchasing power, the wholesale and retail sector together with the services sector contributed significantly to GDP growth of 6.98 per cent in the first nine months of 2019, the highest level recorded since 2011. According to the GSO, total revenue from retail trade and … [Read more...] about Retail sales rise on strong consumer demand
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Both online sale channels serve as effective tools for Vietnam’s businesses to sell their products to the world market. As the leading company in the seafood market, Vinh Hoan JSC finds it easy to penetrate the Chinese market. Vietnam's Gold Star balm is sold on Amazon Declining to give figures about the revenue from the Chinese market, Ngo Vi Tam, CEO of Vinh Hoan, said the products exported are mostly frozen fillet catfish and the output is expected to increase by 20-30 percent in 2019. Nguyen Huyen, director of Dong Duong Food, specializing in making spices, said in 2008, she opened an account on Alibaba to seek foreign partners. However, only three years later could the company export the first consignment of products through the online sale channel. In the case of Quoc Gia Import/Export Company, the fertilizer supplier, at first, the company only distributed products via traditional agents. However, as things were getting more difficult, Vu Viet Thang, CEO of Quoc … [Read more...] about Vietnam’s businesses boost exports via Alibaba, Amazon
The transaction was completed last Wednesday, bringing the stake owned by IFC in the state-owned lender VietinBank down from roughly 8.02 percent to 6.49 percent, according to a disclosure filing with the Ho Chi Minh Stock Exchange (HoSE), Vietnam’s main bourse. The disclosure said that the IFC, a member of the World Bank Group, had sold over 18 million VietinBank shares (CTG), while the IFC Capitalization (Equity) Fund, a fund owned by the IFC, has sold over 39 million. The total value of these transactions came to around VND1.23 trillion ($52.98 million), equivalent to around VND21,500 ($0.93) per share, as recorded on HoSE. Although the IFC has not provided an explanation. The IFC had first invested in the bank in 2011. Currently, the State Bank of Vietnam is the biggest shareholder in VietinBank with a 64.46 percent stake. Japan’s MUFG Bank is next with 19.73 percent stake, followed by IFC, now with 6.49 percent. The rest are held by other shareholders. In the first 9 … [Read more...] about IFC offloads 1.5 pct stake in VietinBank
If Vietnamese businesses optimize the material sources they have and make the best use of trade promotion activities, their export earnings can surpass USD 8 billion. According to Huynh Van Hanh, Vice President of the Handicraft and Wood Industry Association of Ho Chi Minh City, in the past 15 years, the wood industry has maintained the growth rate of 8-15 percent a year despite world economic fluctuation. The world’s wooden interior décor market is predicted to grow 3.5 percent in 2018. The biggest issue of the wood processing enterprises in Vietnam is they are focusing on a market section with low added value, mostly concentrating on outsourcing for foreign clients. To further develop the domestic wood sector, the businesses should pay attention to a higher target of selling abroad the whole space of high-end interior décor instead of doing outwork and selling separate products. Meanwhile, the Vietnam Timber and Forest Product Association (VIFORES) … [Read more...] about Wood furniture firms advised to optimize domestic materials
Since issuing corporate bonds has become easy thanks to open regulations, it is necessary to tighten control over bond issuance. According to Saigon Securities Incorporated (SSI), VND129.016 trillion worth of corporate bonds were offered to sell in the first eight months of the year and 90.08 percent was sold. VND22.664 trillion, or 61 percent of bonds, were sold to domestic investors. However, it’s unclear who the ‘domestic investors’ are. Meanwhile, bonds cannot sell to individual investors who don’t have deep knowledge about the market. The analysts blamed the hot corporate bond market on the easy requirements stipulated in Decree 163. Hai Linh Anonymous foreign investor buys entire batch of Phu My Hung bonds Phu My Hung Development Corporation has mobilised VND800 billion ($34.78 million) for real estate projects from a "secret" foreign investor through bond sales. Vietnam’s bond market continues growth Vietnam’s … [Read more...] about Is the corporate bond market too hot?