Leading digital business transformation

He made the statement at the 2022 Vietnam-Germany Economic Cooperation Conference held in Frankfurt on September 22 by the Trade Promotion Agency (TRA) under the Ministry of Industry and Trade, the Trade Office at the Vietnamese Embassy in Germany, Consulate General of Vietnam in Frankfurt and the German Federal Association for Economic Development and Foreign Trade (BWA). The event drew the participation of representatives from 25 Vietnamese enterprises operating in fields such as garment and textile, agricultural products, handicrafts, and pharmaceuticals, as well as more than 50 delegates representing German and Vietnamese businesses in Germany. Long emphasised that there is still room for expanding cooperation between the two economies. Le Hoang Tai, Deputy Director of TRA, said that it is necessary for businesses to increase promotion activities and step up the application of information technology and digital transformation to improve their effectiveness. At the event, … [Read more...] about Conference seeks to promote trade between Vietnamese, German businesses

Business impact statement "Impact" can bear different meanings to specific people and context. Particularly at Unilever, the impact statement that the business is pursuing is “making sustainable living commonplace”. “Our compass is to bring sustainability to every home. This is our corporate DNA. Because sustainable development does not only appear at Unilever, but a country and society also need to develop sustainably to drive the growth of businesses”, Ms. Bich Van shared at the conference. Unilever Vietnam Chairwoman Nguyen Thi Bich Van (right) speaks at the summit Putting its first step in Vietnam since 1995, Unilever has accompanied and grown with the country in both economic and social aspects through the mission of improving hygiene, health and beauty for millions of Vietnamese people with purposeful products, as well as creating more positive impacts on the environment and people's lives. Sustainable development is the driving force for the business … [Read more...] about Unilever Vietnam Chairwoman shares the impact business statement

Many banks set high profit targets this year. (Photo: Vietnam Plus) Hanoi (VNA) - Many banks have set high profit ambitions for this year due to rising credit demand and the grand march of continued economic recovery. Vietnam’s gross domestic product (GDP) in the first quarter of this year increased 5.03% year-on-year, higher than the 4.72 percent growth rate in the same period last year. As of March 21, credit growth had risen by more than 4%, 2.7 times higher than at the same time last year. In the recently published 2021 annual report, the management board of the Military Commercial Joint Stock Bank (MB) said that in 2022, the bank aims to increase total assets by 15% compared to the previous year and charter capital by 19.4%. Notably, it targets 20.3 trillion VND (869 million USD) in pre-tax profit this year, up 23% year-on-year. At the recent meeting of shareholders, the Vietnam International Commercial Joint Stock Bank (VIB) approved a plan with an expected profit … [Read more...] about Banks to book impressive profits for 2022 as economy recovers

Illustrative photo Several uncertainties are delaying the Electrical Power Plan VIII project for the national development plan for the period 2021 to 2030 with a vision until 2045. There are also very many hurdles and hindrances for the development of Liquefied Natural Gas (LNG), which has been expected to bring about an energy revolution. Several hurdles LNG generated electrical power was suggested for national development in Resolution 55 by the Politburo in 2020, but it was not until Prime Minister Phạm Minh Chính made a commitment at the COP26 conference in Scotland in 2021 for bringing waste emissions down to zero by 2050 that development of this kind of energy was discussed. The draft of the Electrical Power Plan VIII project sets a goal to stop producing 18 GW of electricity at coal-fired power plants and begin to generate 14 GW of electrical power from LNG and 12 to 15 GW from renewable energy. This is to say that by 2030 Vietnam will produce 23,900 MW of … [Read more...] about Uncertainties delaying Electrical Power Plan

This is a surge from 2020 when only 9% of respondents used the internet for more than nine hours a day, according to the Vietnam Ecommerce 2022 report by the Vietnam e-Commerce and Digital Economy Agency (iDEA). However, there were declines in internet usage time in other segments. As many as 27% say they use the internet from three to five hours a day, compared to 31% in 2020. Besides, 23% log five to seven hours, against 27% in 2020. Most respondents access the internet on their smartphones. The main reason Vietnamese people use the internet are studying, watching movies or listening to music, and online shopping, said the report, which surveyed 4,584 respondents nationwide. Nearly 75% of respondents say they shop online, while 91% use their smartphones. The top sales categories are "clothes, footwear and cosmetics," "household appliances", and "electronic devices". Cash remains king as 73% pay cash on delivery. But there is a rise in e-wallet usage, from 23% … [Read more...] about One in five Vietnamese spend 9 hours a day online

The seminars discussed AI solutions in finance-banking, training and connecting AI human resources, and automation in production. As heard at these events, the Accenture's latest report showed that more than 60% of companies operating in the financial - banking sector are testing AI. Pham Quang Vinh from Viettel Cyberspace Centre said in the next three years, the accumulation of AI database will bring great value, contributing to solving many problems. Pham Hien, a researcher from the Commonwealth Scientific and Industrial Research Organisation (CSIRO)’s Data61, introduced a project on the AI market in Vietnam, which is built exclusively for the formation and strengthening of the AI ecosystem in the nation. It focuses on developing databases and algorithms to automatically collect, store and update profiles of Vietnamese AI experts at home and abroad; an index to track the development of AI in Vietnam; and business models to enhance research-industry collaboration in the field, … [Read more...] about Seminars kick-start Vietnam Artificial Intelligence Day 2022

Experts have raised their voices to keep the beauty of Hanoi's pavements and make the city a worth-living region. Hanoi's authorities have been striving for years to find a sidewalk management solution that harmonizes the interests of pedestrians, street vendors, stores, and drivers. Although concerns remain, economic development and increased public awareness may make it easier for the capital city to fulfill its mission. Architect Doan Ky Thanh: Sidewalks management should ensure benefits of three sides Sidewalks are meant for pedestrians. In Vietnam, sidewalks are for walking, parking, socializing, and doing business. The city government should have a way to balance the interests of all three parties, including public agencies that rent their street-front premises to businesses, households that own stores on the street, and the safety of pedestrians. Architect Doan Ky Thanh. Photos: The Hanoi Times Local authorities should open a communication … [Read more...] about Make Hanoi a worth-living place: Opinions

Pepper being cleaned by workers of Loc Quang Cooperative in Binh Phuoc Province. — VNA/VNS Photo There are great business opportunities for Vietnamese pepper exporters in the United Kingdom - a lucrative market with high demand for pepper imports. According to industry experts, local pepper exporters can also take advantage of the UK's supply shortages to increase exports of its key items such as pepper to the country as the impact of the COVID-19 pandemic, Brexit and the international sanctions against Russia have resulted in a supply instability and scarcity in the UK. Currently, the UK is the second-largest importer and consumer of pepper in Europe after Germany and Viet Nam's pepper exports to the UK market have surged positively in recent years. In 2020, Viet Nam shipped 5,621 tonnes of pepper to the UK, raking in US$48 million of the total 14,000 tonnes and $121 million that the UK imported. Later in 2021, the Southeast Asian pepper exports to the UK saw a significant … [Read more...] about Untapped opportunities for Vietnamese pepper exports in the UK

Limited participation According to data of the Ministry of Industry and Trade (MoIT), about 5,000 enterprises nationwide currently supply spare parts and components for the automotive and mechanical industries. Of these, 70 percent supply domestic manufacturers, and only about 30 percent are capable of joining global supply and value chains. The capacity of most Vietnamese supporting industry enterprises remains limited Vice President of the Vietnam Association for Supporting Industries Do Thi Thuy Huong said that apart from a late starting point, supporting industries require much more capital and technologies than they have. Pham Tuan Anh, Deputy Director of the Vietnam Industry Agency (VIA) under the MoIT, said that although the government has coordinated with organizations and businesses to strengthen linkages between foreign-invested (FDI) enterprises and Vietnamese enterprises, the links remain loose. He attributed the problem to the supporting industry’s … [Read more...] about Vietnam seeks access to global value chains

On September 20, 1990, the Gas Company (predecessor of PV GAS) was established, responsible for collecting, transporting, storing, manufacturing, and trading gas and gas products. Over the past 32 years of establishment and development, PV GAS has taken the lead in domestic gas industry. Speaking at the ceremony, PV GAS General Director Hoang Van Quang recalled the corporation’s glorious traditions and expressed deep gratitude for the contribution of former leaders and all staff over the past time. Quang underlined the importance of solidarity and business culture, creating strength for PV GAS and raising its status in the country’s economy. On this occasion, he also called on PV GAS’s workforce to boost internal solidarity, innovative mindset, and professional actions to implement the best and most effective solutions to reach more milestones in the construction and development cause, deserving the trust of the Party, the State, and the Vietnam National Oil and Gas Group … [Read more...] about PV GAS marks foundation anniversary