Vietnam Business News

Shares struggle on cautious sentiment
Tue, 19 Jan 2021 23:57:25 +0000

Intellasia East Asia News

Shares struggled on Monday morning as investors are becoming more cautious when the VN Index is approaching the historical peak of 1,200 points. The benchmark VN Index on the Ho Chi Minh Stock Exchange lost 0.04 per cent to end the morning session at 1,193.76 points. More than 452.4 million shares were traded on the [8230;]

Five Basic Modes of High-Tech Crime in Banking Sector
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

It is not rare to hear a story that fraudsters pretending to be bank staff read every transaction detail to ask customers to provide the OTP security code to avoid having the account deactivated, fanning concerns about bank account security. Recent banking fraud cases related to high-tech crime are increasingly common. In recent years, catching [8230;]

Vasco resumes flights connecting HCM City and Rach Gia
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The Vietnam Air Services Company (VASCO), a member of the Vietnam Airlines Corporation, resumed its route between HCM City and Rach Gia on Monday to serve rising travel demand for Tet (Lunar New Year) holiday. ATR72 aircraft will be used to operate five flights on the route each week. A one-way ticket costs from VND590,000 [8230;]

C.T Land looks to VND22 trillion revenue in 2021
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Since its establishment in 1992, C.T Group has developed into a diversified business group, with its ecosystem covering five sectors real estate, construction, finance, retail and tourism. Its affiliate C.T Land Joint Stock Company is in charge of the real estate sector. By the end of last year, C.T Land8217;s charter capital had reached VND4.2 [8230;]

Eximbank offers the highest savings rate in the market
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

In the market, the highest savings interest rate is being announced at 8.4 percent per annum at Export Import Commercial Joint Stock Bank (Eximbank), applicable to deposits of over 500 billion dong for 13-month term or 24-month term, and 7.2 percent per annum for 12-month term. Deposits with value of less than 500 billion dong [8230;]

Winners of HCM City Brand Award to be announced Thursday
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The HCM City Department of Industry and Trade and The Saigon Times Group will co-organise the HCM City Brand Award at the GEM centre in District 1 on Thursday, January 21, aimed at honoring enterprises in the city for their efforts in building their brands. Since the launch of the HCM City Brand Award on [8230;]

Ministry wants social networks used to sell goods treated as online marketplaces
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Social networks that enable trading of goods should be regulated like e-commerce trading platforms, a draft decree by the Ministry of Industry and Trade proposes. It seeks to expand the scope of online marketplace regulations to include social media that allows people to create pages to sell goods, enter into contracts with customers or post [8230;]

Exchange rate up 11 VND on January 19
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The State Bank of Vietnam set the daily reference exchange rate at 23,152 VND per USD on January 19, up 11 VND from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is 23,846 VND/USD and the floor rate, 22,458 VND/USD. The opening [8230;]

Withdrawal of tour operators8217; licenses surges in 2020
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Due to the impact of the coronavirus pandemic, the revocation of business licenses of tour operators in 2020 tripled that of 2019, while the number of new licenses for travel firms was equivalent to only 30 percent of the figure seen in 2019. Data from the Vietnam National Administration of Tourism indicated that the country [8230;]

What the future holds for logistics industry?
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Amid supply chain shifts, Vietnam is expected to become the new global 8220;warehouse8221; and the development of modern logistics centres was flagged as the next inevitable trend at the recent CEO Forum. With the global economy being affected by the COVID-19 pandemic, Vietnam drew nearly $16 billion in foreign direct investment in the first six [8230;]

Banks have great opportunity in 2021
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

2020 was considered a particularly difficult year for the economy in general and for the banking industry in particular due to the Covid-19 epidemic. Under the direction of the government, right in the early stage of the Covid-19 outbreak, the State Bank of Vietnam (SBV) had cut interest rates to support people and businesses facing [8230;]

Replacing expired locomotives, carriages to place enormous financial burden on railway sector
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The domestic railway sector needs some VND6.8 trillion to replace expired locomotives and carriages this year, which will place it under immense financial pressure amid the difficulties caused by the Covid-19 pandemic, the upgrade project of the Hanoi-HCM City rail route and the price competition between road and air transportation. According to Decree 65 which [8230;]

Deputy Finance minister calls for hastening of equitisation process
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Deputy minister of Finance Huynh Quang Hai has called for continuing to review existing policies to promptly identify difficulties in the equitisation of and divestment from State-owned enterprises (SOEs), stepping up enterprise renovation and raising a sense of responsibility in State management of the field. He said the issuance of Decree No 150/2020/ND-CP on the [8230;]

VN Index ends in the red as bluechips sink
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The benchmark VN Index of the Hochiminh Stock Exchange lost 2.26 points, or 0.19%, against the session earlier to close the day at 1,191.94 points today, January 18, with many bluechips sinking. There were 273 gaining stocks and 201 decliners. The southern market saw 747.35 million shares worth VND17.2 trillion change hands, falling 4.57 percent [8230;]

Petrolimex8217;s profit falls to five-year low
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Vietnam8217;s largest petroleum retailer Petrolimex has reported that earned almost 1.27 trillion VND (55 million USD) in pre-tax profit in 2020, equivalent to 81 percent of this year8217;s target and down nearly 76 percent from 2019. Under the double impact of the COVID-19 pandemic and the plunge in oil prices in 2020, Petrolimex failed to [8230;]

Vietnam seeks to avoid middle-income trap before time runs out and population ages
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Vietnam has become richer, but it remains a lower middle-income country facing a risk of being left behind. It aims to become a high-income country by 2045. 8220;We need to make right and timely decisions, because time is gold and it is also our enemy,8221; said minister of Planning and Investment Nguyen Chi Dung at [8230;]

Mirae Asset Vietnam: VN Index to rise by 30pct in 2021
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

In the 2021 Strategic report in 2021, Mirae Asset Vietnam Securities Company expressed a positive view on Vietnam8217;s stock market. Accordingly, the uptrend of the market is expected to be mostly in in 2021 with the highest target for the VN Index being 1,355 1,425 points, up by nearly 30 percent over 2020. This expectation [8230;]

Vinamilk exports plant-based and condensed milk to China
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Vinamilk said it exported ten containers of plant-based milk to China in the early days of 2021 and five more containers of condensed milk will soon depart for the world8217;s largest market. It is believed to be a good start for Vietnam8217;s largest dairy producer this year. Ten containers of high-quality plant-based milk almond-flavoured soymilk [8230;]

Year of transport milestones ahead
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

In a move to boost public investment disbursement in 2021, key transport projects for the country have been kicked off, hoping to create new motivations towards Vietnam8217;s socioeconomic development. The My Thuan-Can Tho Expressway project costing VND4.83 trillion ($210 million) began construction on January 4. Once completed in the next two years, the expressway together [8230;]

Vietravel Airlines ready for commercial flights
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The Vietnam Travel Aviation Company Limited (Vietravel Airlines), Vietnam8217;s sixth carrier, will open ticket sales for commercial flights starting from 1:00 on January 19. Passengers can purchase tickets at its website, www.vietravelairlines.com. To commemorate the occasion, the new carrier will offer 50,000 tickets at VND 0 (excluding taxes and fees) from January 19 to 25 [8230;]

EVNNPC given stable outlook by Fitch Ratings
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The Vietnam Electricity Northern Power Corporation (EVNNPC) was recently assigned a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 8216;BB8217; with a stable outlook by Fitch Ratings. EVNNPC8217;s rating is based on the consolidated credit profile of Vietnam Electricity (EVN, BB/Stable), which owns 100 per cent of the company, in line with Fitch8217;s Parent and Subsidiary [8230;]

Agricultural sector aims to increase domestic beef production
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

According to the Agricultural Outlook of the Food and Agriculture Organisation (FAO) of the United Nations, in 2020, the average beef consumption in Vietnam was 9.2 kilogram per person per year. However, domestic production merely met 30 percent of beef production, and the remaining 70 percent were imported from other countries. By November last year, [8230;]

The start of an innovation era
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Construction of the first ever National Innovation Centre (NIC) recently kicked off at the Hoa Lac Hi-Tech Park in Hanoi. This was not only the first innovation event in 2021 but also a highlight within the strategy on deploying the fourth Industrial Revolution in Vietnam, marking the start of the innovation era in the country. [8230;]

How will the dairy industry fare in 2021?
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The Covid-19 pandemic will cause a divergence in dairy consumption in 2021 with low-income people buying less than last year and middle and high income buying more, analysts forecast. Though milk is considered an essential commodity, the dairy sector is expected to make only a K-shaped recovery with some companies seeing growth and the rest [8230;]

Vietnam stands firm amid pandemic: international media
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Foreign media have run several articles highlighting Vietnam8217;s economic success given a struggling world plagued by the COVID-19 pandemic. The Nikkei Asia Review said Vietnam8217;s production sector has proven its fast and steady recovery. The country8217;s open market and signing of numerous free trade agreements (FTAs), particularly the EU-Vietnam FTA, the Comprehensive and Progressive Agreement [8230;]

CEO says Sabeco affected by rumours of being sold to Chinese investor
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Production and business activities of the Saigon Beer-Alcohol-Beverage Corporation (Sabeco) in 2020 were affected by Covid-19, the government8217;s Decree 100 banning drunk drinking and rumours that the company has been sold to a Chinese investor, said Sabeco general director Bennett Neo. At a press briefing in HCM City on January 18, Neo affirmed that Sabeco, [8230;]

Ultra-luxury residences hit Vietnam
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The signing ceremony between Masterise Homes and Marriott International took place on January 6 at Sheraton Saigon Hotel, with many representatives from the US Consulate in Vietnam and American Chamber of Commerce in Vietnam (AmCham) in attendance. The joint effort of the two entities each bringing their impressive experience and expansive expertise in property development [8230;]

Exports set to remain growth driver for Vietnam in 2021
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Trading activities were among the highlights of the economy in 2020 with an all-time high trade surplus of $19.1 billion and contributed to a positive economic growth of 2.91%. Following a positive growth of 6.5 percent year-on-year in 2020, exports are expected to remain the economy8217;s main growth driver for this year. 8220;A diversified network [8230;]

Experts share experience in skilled workforce recruitment at ManpowerGroup8217;s seminar
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Human resource experts and business owners shared their experience in recruiting highly skilled workforce at a seminar jointly held by ManpowerGroup Vietnam and the French-Vietnamese School of Management on January 16. According to ManpowerGroup, the war for talent has never cooled down, especially in the uncertain business environment. Talent that can adapt to the fast [8230;]

Long-term development commitments realised through strategic Mamp;A moves
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

A potential rise in mergers and acquisitions is sparking concerns that local firms will lose competitiveness by selling themselves to foreign investors. However, experts believe that local businesses have more to gain than to lose by striking deals. The Vietnamese merger and acquisition (M38;A) market has suffered a plunge since the beginning of 2020 as [8230;]

General Department of Taxation accelerates collection from cross-border platforms
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Ensuring the tax obligations of 70 per cent of individuals and organisations earning from cross-border platforms will be the leading mission of the general Department of Taxation (GDT). As of the end of 2020, about 15,000 YouTube channels in Vietnam have earned advertising revenue. However, only 30 per cent of them (about 5,000 units) have [8230;]

Foxconn8217;s $270 million tablet and laptop project approved in Vietnam
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Foxconn Singapore PTE Ltd will develop the Fukang Technology plant project at the Quang Chau industrial park in the northern province of Bac Giang to manufacture and assemble tablets and laptops, report VietnamPlus news site. The provincial government held a ceremony today, January 18, to present investment registration certificates to four foreign-invested projects, including the [8230;]

VinFast eyes breakeven in next five years
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Automaker VinFast expects to break even in the next five years as it ramps up production and cuts costs. The subsidiary of conglomerate Vingroup also plans to start operating VinBus, a public transport network, this year and launch five new models, including three electric cars, by 2022, according to a recent report by stock brokerage [8230;]

Issued Circulars Decline Sharply
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

According to the legal database on the government8217;s website, in 2020, central authorities issued 546 legal documents, including 17 laws passed by the National Assembly, 158 decrees promulgated by the government, 39 resolutions issued by the prime minister, 310 circulars adopted by ministers and other legal documents. The number of laws, decrees and the prime [8230;]

HCM City8217;s industry, trade focuses on supporting business recovery, market expansion
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The year 2021 is the first year to carry out the socio-economic-cultural development plan in HCM City from 2021 to 2025, at the same time, it is the year that the industry and trade will carry out many important projects approved by the People8217;s Committee of HCM City. Regarding the tasks and solutions for the [8230;]

COVID-19 and Decree 100 keep hampering the local beer from recovery.
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

2021 may be far from promising for the local beer and alcohol sector because of the prolonged disruptions from COVID-19. The latest report of SSI Securities Corporation pointed out that the sector has been recovering, however, a full rebound may take more than a year, with normalcy returning only in 2022. One of the main [8230;]

ABBANK8217;s annual Tet charity programme to give 11,000 trees to ethnic families in Quang Nam
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

ABBANK will donate more than 11,000 saplings to people in the border area of Tay Giang District, Quang Nam Province, as part of its annual charity programme, Tet An Binh. It is in response to a call from prime Minster Nguyen Xuan Phuc to plant a billion trees in Vietnam in the next five years. [8230;]

Mitsubishi recalls 9,000 Xpander, Outlander cars in Vietnam
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Some 3,700 Mitsubishi Xpander cars and 5,300 Outlander vehicles will be recalled from today until January 17, 2023, to check and replace faulty fuel pumps as plastic impellers for fuel pumps can inflate and stop their operation, causing the engine to stall or not start, according to an announcement released by Mitsubishi Vietnam today, January [8230;]

Avient Expanding Color Concentrate Capabilities In Vietnam.
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Avient Corporation will complete an expansion of existing production capabilities for color concentrates at its Binh Duong site in Vietnam by next month. The move will improve speed-to-market and service level for local customers seeking unique color solutions to enhance the aesthetics and appeal of high-quality end products. 8220;Demand for plastics has become one of [8230;]

HDBank offers incentives to corporate customers for derivative product
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

To provide businesses with one more tool to prevent risks amid the market unpredictability, HDBank has launched a product called Derivative Transaction Instant Refund of Huge Fees with incentives arguably the most attractive in the market. The promotion is available to all corporate customers across the country who have signed a commodity price derivative contract [8230;]

Hanoi buses keep losing passengers
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Hanoi single-trip ticket passengers reached 63.6 percent of its annual goal, dropping 36 percent year-on-year, while monthly tickets decreased by 34.3 percent compared to 2019. Hanoi Transportation Corporation (Transerco) total revenue in 2020 was VND2.5 trillion ($108 million), fell 17.5 percent year-on-year, said Nguyen Thanh Nam, CEO of Transerco, at the Transerco 2020 Review Conference [8230;]

Nearly VND6.8 trillion proposed for five roads leading to Long Thanh airport
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The Dong Nai Department of Transport has proposed the municipal government invest nearly VND6.8 trillion in building and expanding five roads connecting cities and districts of the province to the Long Thanh International Airport project. The 53-kilometer road 770B from Dinh Quan District to Long Thanh District, where the big-ticket airport project is being executed, [8230;]

The banking industry will still be a pioneer in digital transformation
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Digital transformation is a trend in businesses in general and banks in particular. However, each business has different digital transformation strategies. To clarify this issue, the reporter thoibaonganhang.vn had an interview with Pham The Truong, general director of Microsoft Vietnam. 2021 is recognised by many experts as a pivotal year in the digital transformation process [8230;]

Siemens Gamesa receives 117MW wind turbine order in Vietnam
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Wind turbine maker Siemens Gamesa has secured a 117MW order from Hanbaram Wind Power in Vietnam. The company will work in partnership with the engineering procurement and construction contractor SEPEC-China Energy. Together, the companies will supply and commission 29 units of its 4.X platform in the 145m rotor diameter variant. Located in the Ninh Thuan [8230;]

Necessity sparks invention: new selling methods emerge during Covid-19
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The pandemic has seriously affected many business fields, including retail. However, many retailers have maintained stable incomes thanks to their ability to adapt to new circumstances. The following are just a few examples of retailers8217; creativity: Plastic shield prevents spread of virus To keep a good distance to ensure safety, the owner of a grocery [8230;]

The proportion of cash withdrawals at ATMs decreased dramatically in 2020
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Over the weekend, Vietnam National Payment Joint Stock Company (NAPAS) held a conference on implementing tasks in 2021. Summary report on activities in 2020, Nguyen Thi Hong Quyen, deputy general director in charge of the Board NAPAS executive said that in 2020 with the context of a difficult year of Vietnam economic fluctuations due to [8230;]

Co-working space expects huge rise in demand
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

Many businesses have struggled due to the COVID-19 pandemic, but co-working spaces have bucked the trend and are expected to expand in the near future, fuelled by companies seeking flexible leasing contracts, according to Savills experts. Director of Savills Hanoi Matthew Powell said co-working spaces that provide flexibility for various kinds of businesses will develop, [8230;]

HCM City told to address environmental pollution caused by two waste treatment firms
Tue, 19 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The Ministry of Natural Resources and Environment has asked the HCM City government to address the environmental pollution caused by two waste treatment firms Tam Sinh Nghia Investment and Development JSC and Vietstar Environmental JSC. According to the ministry8217;s document sent to the municipal government, the two companies were told to receive and treat the [8230;]

Industrial real estate is bright spot in 2020 market
Tue, 19 Jan 2021 00:15:25 +0000

Intellasia East Asia News

The industrial market is the only real estate sector that has enjoyed positive progress in both rental rates and occupancy rates during the COVID-19 pandemic. Some provinces with hot industrial real estate markest include Long An, Dòng Nai, Bình Duong, Bình Dịnh, Thanh Hóa, Quảng Ninh, Hải Duong and Bác Giang according to the Vietnam [8230;]

RCEP to help farm produce expand presence in global markets
Mon, 18 Jan 2021 23:02:02 +0000

Intellasia East Asia News

The recently-signed Regional Comprehensive Economic Partnership (RCEP) agreement will create opportunities for Vietnam8217;s agricultural products to extend their reach in the region and the world, experts have said. Le Duy Minh, President of the Vietnam Farms and Agricultural Enterprises Association, told a meeting in HCM City on January 15 that the agriculture sector has been [8230;]

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