Top 10 business news

Vietnam’s digital economy presents chances for investors, start-ups The newswire techwireasia.com on June 16 ran an article saying that Vietnam has been steadily growing its highly promising digital economy, presenting multiple opportunities for investors, startups, and businesses alike. The author wrote that in recent years, the Southeast Asian region has been seeing rapid and sustained efforts and investment into various digital economy initiatives by both the public and private sectors. Tech giants have been creating waves, most recently the Tokopedia-Gojek merger, and earlier, Grab pushing for a US listing with a valuation of over 40 billion USD. Estimates by Google, Temasek, and Bain & Co predicted that the Vietnamese sector could grow to 52 billion USD by 2025, which comes up to about a sixth of the massive 300 billion USD regional digital economy pie. According to the article, backed by a stable political climate, progressive economic policies, and … [Read more...] about VIETNAM BUSINESS NEWS JUNE 18

First-quarter low growth seeks solutions The nation's economic growth in the first half of the year was at a rate lower than that targeted in the wake of the COVID-19 pandemic hurting production and business activities. The government is mulling over new solutions to drive the economy forwards, with some international forecasts still proving upbeat. Based on economic performance in the first five months of this year, the government has just reported to the National Assembly Standing Committee its fresh forecast that the economy’s total GDP in the first six months of this year will be nearly VND4 quadrillion (US$174.4 billion), up about 5.8% year-on-year, or 0.42 percentage points lower than the target of 6.22% as set out in the Resolution No.01/NQ-CP released on January 1 on the key tasks for the implementation of the socioeconomic development plan and state budget estimates for 2021. The 5.8% rise will also be 0.12 percentage points lower than the government’s … [Read more...] about VIETNAM BUSINESS NEWS JUNE 19

The stock market of Vietnam is bustling with banking and securities stocks as the backbone, as the potential of banking stocks is attracting the attention of foreign investors. Do Quang Hien, Chairman of Saigon-Ha Noi Commercial Joint Stock Bank (SHB). After a series of gaining sessions in May and early June, which helped the stock market rise to historic peaks, the prices for banking stocks slowed down but they are still historically high, with high liquidity, and are promising. On June 15, the prices for stocks of big banks such as Vietcombank, Vietinbank, Techcombank all increased. Many banks had prices for their stocks rocketing by 50-100% compared to those in early 2021. According to Dragon Capital, valuations of bank stocks and the stock market of Vietnam are still very attractive. A number of Vietnamese bank shares are being eyed by foreign investors. However, on the stock market, few banks still have room for foreign investors. The Saigon-Ha Noi … [Read more...] about Foreign investors eye VN banking stocks

The fourth wave of COVID-19 has changed the routines of many people working in industrial parks (IPs) in northern Vietnam. A worker of Samsung Company in Yen Phong IP, Bac Ninh Province, is vaccinated against COVID-19. — Photo laodong.vn As IPs play an important part in the country’s exports and local economic development, the re-emergence of the COVID-19 pandemic could cause disruptions to production and business activities, causing tens of thousands of workers to work alternate shifts or take temporary leave, said experts. To deal with the situation, Bac Ninh Province, which is home to 1,120 companies including big names such as Samsung, Canon, Foxconn and Microsoft, as well as about 450,000 workers in 10 industrial parks and 26 industrial clusters, started the first ever production-residence-combined model in the country to deal with the ongoing outbreaks in the IPs. Vu Ninh, who worked as a manager at Samsung’s vendor at the Yen Phong IP told Việt Nam News: “I … [Read more...] about Vietnam to protect production at industrial parks

Vietnam’s coffee exports in the first nine months of this year fell by 13.3 per cent in volume to 1.25 million tonnes and 21.9 per cent in value to US$2.15 billion compared with the same period of last year. Viet Nam’s coffee exports in the first nine months of this year fell by 13.3 per cent in volume to 1.25 million tonnes. — Photo hiup.vn According to the Ministry of Agriculture and Rural Development’s Department of Agricultural Product Processing and Market Development, coffee exports in September were estimated at 81,000 tonnes, earning $143 million. Germany and the US were still the two largest coffee export markets of Viet Nam in the first eight months of this year with export value of $270.6 million (accounting for 13.5 per cent of the total) and $176 million (8.8 per cent), respectively. A strong decrease in average coffee export price was a factor leading to the reduction in Viet Nam’s exports to most traditional markets such as Germany, the US, Italy … [Read more...] about Vietnam coffee exports down in 9 months