By Le Khanh Lam-Chairman, RSM Vietnam As distressing as the recent turmoil has been, the COVID-19 pandemic and the social unrest should ultimately drive corporations to become more dedicated to sustainable practices that benefit not just their investors and employees but also the community as a whole. In August 2019, Business Roundtable, a group of CEOs from some of the largest companies in the United States, redefined the purpose of a corporation to benefiting a range of stakeholders, such as customers, staff, suppliers, communities, and shareholders than merely earning profits for shareholders. Years of rising pressure on businesses to pay greater attention to how they operate, particularly when it comes to their practices regarding environmental, social, and governance (ESG) problems, prompted this declaration. This commitment, though, is facing perhaps its greatest test yet. The COVID-19 pandemic has turned all public attention to the urgent need to build a stronger …
VIETNAM BUSINESS NEWS DECEMBER 8
Virtual Vietnam Foodexpo 2021 opens The Virtual Vietnam Foodexpo 2021 kicked off on December 7, expected to help enterprises boost displaying, business matching, and cooperation activities on the digital platform. The event through December 10, held on the website https://e.foodexpo.vn, is part of this year’s national trade promotion programme organised by the Ministry of Industry and Trade (MoIT), aiming to assist enterprises in the food industry to maintain business cooperation and expand the market. The event features 300 booths of businesses from more than 20 provinces and cities nationwide. It also attracts a large number of importers from various countries and territories, including the Republic of Korea, Japan, the EU, Canada, Russia, India, the US, and China. Reference exchange rate up VND27 on December 8 The State Bank of Vietnam set the daily reference exchange rate at 23,237 VND/USD on December 8, up 27 VND from the previous day. With the current …
Vietnam’s trade revenue expected to hit new record high this year
Despite the lingering effects of the pandemic, the Ministry of Industry and Trade forecasts that Vietnam’s total trade value this year may reach a new record of between US$640 - 645 billion, with a slight trade surplus. Vietnam’s trade value was estimated at $537.3 billion in the first ten months of this year. —VNA/VNS Photo The ministry attributed the results to the great efforts of the business community in overcoming the difficulties of the COVID-19 pandemic to maintain and restore production. In particular, major industries such as textiles, garments, leather and footwear are on track to achieve their business targets earlier than expected, despite the pandemic. From now until the end of the year, all industries have an opportunity to try and regain a growth rate close to before the pandemic broke out. Industries with high exports, such as phones, electronics, machinery and components, are likely to post export growth rates of between 15 per cent and 25 per cent …
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Calm preparations suit new prospects for Japanese M&As
Where is Vietnam on the expansion radar of Japanese firms when it comes to mergers and acquisitions (M&A) as the world continues to deal with the pandemic? Masataka “Sam” Yoshida, head of the Cross-border Division of RECOF Corporation and CEO of RECOF Vietnam Co., Ltd In regards to destinations for outbound M&As from Japan, Vietnam ranked sixth globally, according to RECOF’s M&A database for the January-October period in 2021. Vietnam is second only to Singapore among Southeast Asian countries, and this shows how important Vietnam is for the global expansion strategies of Japanese companies. Despite the pandemic, many Japanese companies remain interested in investing in Vietnam because it is expected to play a crucial role in the global supply chain. The growth potential of the Vietnamese market is also recognised by many Japanese companies. Therefore, they are anxious to see the country recover from the current issues at the soonest. Could you shed …
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Coca-Cola – Making a difference for a greener Vietnam
Coca-Cola - Making a difference for a greener Vietnam Present in Vietnam for 27 years now, Coca-Cola continues to pursue its vision to become the leading total beverage company in the country with a strong focus on sustainability and inclusive growth. The Coca-Cola Company’s business and investment in the country have increased over the years, creating thousands of jobs for locals. In 2017, Coca-Cola Beverages Vietnam Ltd., the local bottling partner of Coca-Cola, made a significant investment in cutting-edge technology at four production lines in its Danang factory. Additionally, the factory has been continually upgrading smart manufacturing and environmentally friendly technology in line with international standards. Coca-Cola’s total investment into warehouses and wastewater treatment at this factory only stands at around $5 million so far. In addition to long-term business growth, Coca-Cola is also actively focused on its environmental, social, and governance commitments in …
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