Erik Frankel and his employees making metallic jewelry at the workshop in District 2, Ho Chi Minh City. Photo by VnExpress/ Hanh Pham. The Golden Star Balm is a yesteryear product in Vietnam. Called cao sao vang in Vietnamese, it was once the only balm used across Vietnam to treat headaches, cold, arthritis and other pains. But, for many years now, it had all but disappeared under a deluge of imported substitutes that flooded the market in the mid to late nineties. However, last year, this made-in-Vietnam product was selling like hotcakes in the US, and most people were buying it from retail titan Amazon. This unusual revival made headlines, with the minute red tin with a yellow star in the middle commanding prices as much as 35 times higher than in the local market. The manufacturer OPC Pharma then, with public praises ringing in its ears, frankly said that it was not the mastermind behind the rise of the balm. It was small distributors like New York City-born Erik Frankel that … [Read more...] about American entrepreneur finds Vietnam the right place at the right time
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BUSINESS NEWS IN BRIEF 26/8
SCB signs deal with three Hong Kong banks Saigon Joint Stock Commercial Bank (SCB) and three Hong Kong banks on Monday signed a co-operation agreement on syndicated credit financing. Under the agreement, SCB, Hang Seng Bank Limited, Chong Hing Bank Limited and The Bank of East Asia Limited committed to support financial investment and ensure a stable financing source for Union Square Company Limited, which operates in the field of real estate. The signing was made within the framework of an investment development co-operation event held by the Viet Nam Chamber of Commerce and Industry (VCCI) in co-ordination with Hong Kong Trade Development Council (HKTDC) in HCM City on Monday. Also at the event, the four banks signed a strategic agreement for comprehensive and long-term co-operation in exchanging experience on investment and financial management, increasing business relations, conducting research and investment, and especially providing credit to local and foreign … [Read more...] about BUSINESS NEWS IN BRIEF 26/8