Illustrative photo (Source: vietnamnet.vn) Hanoi (VNA) – The Republic of Korean-based food-tech firm Woowa Brothers Corp has acquired online food ordering platform Vietnammm. The value of the buyout from Viet Nam MM Co., Ltd was undisclosed. The move is considered the quickest way for the Korean startup, which owns the Baedal Minjok food delivery app, to gain market share in Vietnam, plus it helps save time on market surveys and personnel recruitment. Founded in February 2011, Vietnammm is one of the pioneering players in Vietnam’s food delivery sector. Woowa Brothers has raised 320 million USD in 2018 with a valuation of 2.6 billion USD. The company said it would use the new capital to expand overseas. Market research firm Euromonitor said the food delivery market in Vietnam is currently valued at 33 million USD and may exceed 38 million USD by 2020. The percentage of users of food delivery services has also increased rapidly, although it is limited to urban areas … [Read more...] about Woowa Brothers makes inroads into Vietnam’s food delivery market
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Vietnam poised to benefit from US-China trade fallout
Manufacturing has been Vietnam’s key growth driver in recent years. While global trade has stagnated, Vietnam’s has soared from 70 per cent of GDP in 2007 to 200 per cent in 2017. The manufacturing sector has been the key component of Vietnam’s FDI, which experienced a compound annual growth rate of 18 per cent from 2012 to 2017 (the majority of which was sourced from Japan and South Korea). Meanwhile, China’s role as the global manufacturing hub is in decline as an increasing number of elements prompt companies to diversify their investment. The factors that drove its position as a manufacturing darling - government reforms and the availability of a cheap, young workforce - are beginning to soften. Many multinationals are reviewing their global supply chains and looking to diversify by relocating production facilities to other countries. Head of Asia Research at ANZ, Mr. Khoon Goh, said Vietnam has opened its doors to foreign investment and removed barriers … [Read more...] about Vietnam poised to benefit from US-China trade fallout
Government courts Swiss enterprises to invest in Vietnam
Government courts Swiss enterprises to invest in VietnamThe Saigon Times Daily File photo of a meeting between the Government and a Swiss enterprise delegation led by Andreas Gerber, head of Swiss SME business at Credit Suisse bank, who come to sound out investment opportunities in Vietnam - PHOTO: VGP HCMC – The Government has expressed its desire to attract further investment from Swiss enterprises, praising their great strengths in advanced technology as well as their experience with the fourth industrial revolution and the global supply chain, news website Vietnam Plus reported, citing Deputy Prime Minister Vuong Dinh Hue. Deputy Prime Minister Hue on Monday, November 5, held a meeting with a Swiss enterprise delegation led by Andreas Gerber, head of Swiss SME business at Credit Suisse bank, in a visit to Vietnam to gain more insights into investment opportunities in the country. The Government will create as many favorable business conditions as possible to ease the … [Read more...] about Government courts Swiss enterprises to invest in Vietnam
Vietnam’s economic growth forecast at 6.88% for the whole year: CIEM
>>> Think tank sets positive outlook for economic growth in 2018 The estimated data was provided by the Central Institute for Economic Management (CIEM) at a seminar themed "Vietnam's Economy: Deepening Reforms and Enhancing Investor Confidence", co-hosted by CIEM and the Australian-funded programme, Australia Supports Economic Reform in Vietnam (Aus4Reform), in Hanoi on October 17. The workshop aimed to update and evaluate the macroeconomic developments in the third quarter and the outlook for the whole year, while giving recommendations on economic reform and macroeconomic management orientations in the last months of 2018 and the following years. Priorities given to macroeconomic stability According to CIEM's report, high economic growth in the first two quarters of this year will help to significantly reduce the pressure on achieving the economic growth targets in the last months of the year. Exports and the disbursements of foreign investment increased quite stably, … [Read more...] about Vietnam’s economic growth forecast at 6.88% for the whole year: CIEM
Producers in China eye Vietnam in wake of US tariffs
Factory owners in China’s Guangdong Province said that they are planning to produce outside China, given the existing tariffs and uncertainty about future U.S. trade measures. Angelo Cheung, a Hong Kong-based executive for Aoyagi, a Japanese electronics group that manufactures in China, told Financial Times that some orders from the U.S. had already been halted because of the increasing uncertainty. Cheung said his company is considering various options including moving part of its supply chain to Vietnam. Now with tariffs on made-in-China products set to rise, nations like Cambodia and Vietnam turn out to be more attractive than ever for U.S.-based consumer-goods makers that have factories in China. Some of the names on the list are now Steven Madden Ltd., Tapestry Inc.’s Coach and Vera Bradley. Steve Lamar, executive vice president of the American Apparel & Footwear Association, told Bloomberg that “the shift has been under way” and that the talk of … [Read more...] about Producers in China eye Vietnam in wake of US tariffs