Vietnam business directory

The national digital transformation program says Vietnam will develop hi-technology agriculture with a focus on smart and precise agriculture, while increasing the proportion of digital agriculture in the economy. Opening the forum on digital transformation in Vietnam’s agriculture, Truong Gia Binh, Chair of the Vietnam Digital Agriculture Association (VIDA), stressed that it’s necessary to conduct strong digital transformation in e-commerce, e-payment, logistics and agriculture operations. If Vietnam can successfully do these, it will become a country with great competitive potential. “Our land is situated in the area which doesn’t need heating in winter. It allows us to harvest many crops all year round. We still develop agriculture with 2/3 of population in rural areas. Vietnam’s IT is developing rapidly. All these factors will turn Vietnam into a farm produce granary of the world,” Binh said. Deputy Minister of Information and Communications Nguyen Huy Dung said the …

Continue Reading about Vietnam aims to become world’s farm produce granary →

The QH9149 flight, using the Boeing 787-9 Dreamliner aircraft, took off at around 7:55 p.m. at Hanoi's Noi Bai Airport for San Francisco. The flight, the first of 12 direct flights between Vietnam and the U.S. that Bamboo Airways gained approval from the Transportation Security Administration (TSA), is expected to span over 14 hours. On board are four pilots, 14 flight attendants and several technicians and ground controllers to perform necessary missions at the San Francisco Airport. Nguyen Manh Quan, vice general director of Bamboo Airways, said the flight is of historic proportions, not just for Bamboo Airways but also for Vietnam's aviation industry. "We will affirm the capabilities for operation, safety, security and infrastructures for Vietnamese airlines and the entire Vietnamese aviation industry in general," he said at a ceremony held in the airline's headquarters in Hanoi the same day. Nguyen Ngoc Trong, another vice general director of Bamboo Airways, said the …

Continue Reading about Bamboo Airways conducts first direct Vietnam-US flight →

Vietnam and the US have become major economic partners for each other, with bilateral trade growing strongly over the years. A strong, united and dynamic ASEAN would benefit all member countries and the United States, said Mr. Minh at the Indo – Pacific Business Forum on October 28. Deputy Prime Minister Pham Binh Minh speaks at the forum. Source: VGP. The forum was first held in Washington in 2018 as an initiative of the US, which aims to create a platform for policy dialogue and boost cooperation between governments and business communities in the region. According to Mr. Minh, Vietnam and the US have become major economic partners for each other, with bilateral trade growing strongly over the years. During the process, many issues have been timely addressed by both parties, as well as the signing of economic contracts worth billions of US dollars, Mr. Minh noted, adding this helps to ensure a sustainable and balanced trade relations between the two …

Continue Reading about Vietnam welcomes US role in Indo-Pacific region for economic development →

A mobile phone production line of Samsung Vietnam in Bac Ninh province (Photo: VNA) Hanoi – Businesses from the Republic of Korea (RoK) poured over 2.43 billion USD into Vietnam in the first eight months of 2021, ranking third in terms of total registered capital after Singapore and Japan. According to the Foreign Investment Agency under the Ministry of Industry and Trade, RoK firms invested in 251 new projects worth nearly 759 million USD and pumped an additional 1.18 trillion USD into 179 existing projects. Meanwhile, their capital contributions and share purchases reached 494.46 million USD. With 9,159 valid projects worth 72.34 billion USD, the RoK now is the biggest foreign investor in Vietnam, the agency said. This proves that RoK businesses have great confidence in Vietnam’s investment environment, Vice Chairman of the Vietnam Association of Foreign-Invested Enterprises Nguyen Van Toan told the Cong Thuong (Industry and Trade) newspaper. Despite the complicated …

Continue Reading about RoK firms pour 2.43 billion USD into Vietnam in eight months →

A private sector-led low-carbon economic growth model can enable Vietnam’s goal of becoming a high-income country by 2045. As Vietnam fights another wave of Covid-19, accelerating the pace of reforms, upgrading workforce skills and infrastructure will strengthen the private sector to help the country recover from the pandemic and unlock its potential, according to a new World Bank Group report. A manufacturing facility in Hanoi. Photo: Nguyen Viet The Vietnam Country Private Sector Diagnostic (CPSD) report, by IFC and the World Bank, says while the private sector has played a frontline role in Vietnam’s outstanding development in recent years, it’s now time to fully exploit the potential of the private sector to boost productivity growth so Vietnam can achieve its goal of becoming a high-income country by 2045. “The private sector has helped propel Vietnam to join the ranks of middle-income economies in just one generation, and the country was preparing for …

Continue Reading about Strong private sector key to Vietnam economic transformation: Report →

A group of 16 commercial banks, accounting for 75% of total outstanding loans, has committed to foregoing around VND20.6 trillion ($906.3 million) in waiving and lowering interest rates for customers in the remainder of the year. From January 23 to August 31, banks have foregone a total of VND26 trillion ($1.14 billion) in profit to support customers, while 16 banks have reduced their profit by VND8.86 trillion ($390 million) from July 15 to August 31, or 43% of their committed amount. Since the first Covid-19 outbreak last year, commercial banks and credit institutions under the instruction of the State Bank of Vietnam (SBV) have been actively providing support for businesses struggling with the Covid-19 impacts and stabilizing the macroeconomy for a speedy recovery. Vietnam Bank for Social Policies at Ba Vi District, Hanoi, provides preferential loans for customers. Photo: Hong Dat In 2020, the SBV cut the policy rates three times with a total of 1.5-2 …

Continue Reading about Banks foregone over $1 billion in profit to support businesses during Covid-19 outbreaks →

Dien made the statement at a working session with leaders of the U.S.'s AES Corporation in New York on September 21 (local time) to discuss the group's investment and business activities in Vietnam. At the meeting, the leaders of AES Corporation informed that a joint venture agreement has been completed for the Son My LNG port warehouse project on the basis of the main terms of the joint venture contract of Son My LNG (liquefied gas) port warehouse project signed in October 2020. This is an important milestone in the development of the entire project, obtained thanks to the approval and direction of the Government, the Ministry of Industry and Trade, the Commission for the Management of State Capital at Enterprises, the Vietnam National Oil and Gas Group (PetroVietnam) and relevant agencies of Vietnam. Minister Dien said leading U.S. firms’ success in Vietnam not only holds economic significance but also promotes Vietnam as a trustworthy investment destination for U.S. investors …

Continue Reading about Vietnam to facilitate U.S. investment projects, says minister →

Cars have been selling very slowly in amid Covid-19 and social distancing. A gloomy future has been predicted for the automobile industry. The Vietnam Automobile Manufacturers’ Association (VAMA) reported that its member companies sold 8,884 cars in August, a sharp fall of 45 percent compared with July and 57 percent with August 2020. This was the fifth consecutive month the market saw sales decrease. August saw the lowest sales since 2015. The decline has also been reported by TC Motor, not a member of VAMA, with 2,182 cars sold in August, down by 54 percent compared with July and 60 percent with August 2020. Meanwhile, VinFast sold 2,310 cars, a decrease from the 3,782 cars in July, but it was still 1,494 cars higher than August 2020. August coincided with the seven month of the lunar year, the month of forsaken spirits, and people do not make important purchases in that month. This, plus social distancing applied in many cities and provinces, had a strong impact on the …

Continue Reading about Tens of thousands of cars unsold, factories may have to stop production →

Because of low electricity consumption, thermopower, hydropower, wind and solar power plants have had to cut their capacity. According to the Vietnam Electricity Regulatory Authority (A0), electricity consumption in the country continued to decrease in the first two weeks of September 2021. The peak daily capacity of the whole country was 29,700MW, while the total output of the entire electricity system was 624.3 million kwh per day. As such, the country’s electricity consumption in the first half of the month was 24 percent lower than before, when large-scale social distancing began in mid-July and 15 percent lower than the same period last year. The peak daily capacity in the south in the first two weeks of September was 12,200MW, while the total output was 243 million kwh per day. The electricity consumption of the southern region during that time was 29 percent lower than before, when social distancing began and 23 percent lower than the same period last year. To …

Continue Reading about EVN reduces electricity purchases as consumption drops →

Insurers hail health and tech awareness, illustration photo By the end of August, total assets in the insurance market were estimated at $27.9 billion, up 22.1 per cent over the same period last year. In which, non-life insurance businesses were estimated at $4.4 billion and life insurance businesses’ total assets at $23.6 billion, cited the Ministry of Finance (MoF). Similarly, total insurance premium revenues in this period also increased by nearly 17 per cent. In a more detailed assessment from the MoF’s Department of the Insurance Supervisory Authority (ISA), insurance revenues in the first five months of 2021 recovered strongly compared to the same period last year. The loose social distancing after the first outbreak created favourable conditions for insurance selling activities. Fierce competition continued to narrow market shares among the top five insurers while creating more opportunities for smaller players. The competition among the sector has become fiercer. In …

Continue Reading about Insurers hail health and tech awareness →