Vietnam Business News
Coffee exports to Netherlands enjoy three-digit growth
Mon, 27 Mar 2023 22:02:01 +0000
Vietnam exported 7,420 tonnes of coffee worth $18.77 million to the Netherlands in the first two months of the year, up 93.1 percent in volume and 105.7 percent in value year-on-year, according to the general Department of Vietnam Customs. The average export price of Vietnamese coffee to the market also rose by 5.7 percent to [8230;]
Bamboo Airways to issue nearly one billion shares
Mon, 27 Mar 2023 22:02:01 +0000
Bamboo Airways has revealed plans to raise nearly VND10 trillion (US$424.1 million) by issuing 996.2 million shares. The move, to be announced at an Extraordinary general Meeting of Shareholders held on April 10th, would raise the airline8217;s charter capital from the current VND18.5 trillion to VND28.5 trillion. The proposed share issuance is slated to take [8230;]
Sustainability requirements pose new challenges to garment, textile industry
Mon, 27 Mar 2023 22:02:01 +0000
Greening the garment and textile production is no longer an option for the multi billion-dollar industry but a must in the context of increasing requirements for sustainability around the world, experts said. Many garment-importing countries were taking action for sustainable and circular textiles. The European Commission was calling for an end to fast fashion by [8230;]
Cashew firms enhance processing to add value to products
Mon, 27 Mar 2023 22:02:01 +0000
Long Son JSC, one of Vietnam8217;s leading cashew processors and exporters, is stepping up intensive processing to boost exports of processed nuts. It produces a number of items such as roasted and salted cashew with and without the skin, spicy cashew, cheese cashew, and sesame cashew. The company said processed nuts only account for a [8230;]
Four gas stations in HCM City apply for dissolution
Mon, 27 Mar 2023 22:02:01 +0000
Six gas stations in HCM City have suspended operations, with four in the process of conducting procedures for dissolution, according to the market surveillance agency in HCM City. The four are the Go Vap Branch Gas Station in Go Vap District, Hoang Phong Station in District 7, Truong Thieu Sinh Quan in the outlying district [8230;]
EU considers easing control conditions for Vietnamese instant noodles
Mon, 27 Mar 2023 22:02:01 +0000
The European Union is considering loosening control conditions for instant noodles imported from Vietnam following its improvements in enhancing import product quality, according to the representatives of the Vietnamese Trade Office in Belgium and the EU. Since February 2022, the EU has put Vietnamese instant noodles products under the microscope subject to Regulation 2019/1793 in [8230;]
Novaland extends maturity of VND1.75 trillion bonds
Mon, 27 Mar 2023 22:02:01 +0000
No Va Land Investment Group Corporation (NVL) has cut a deal with securities firms BSC and PSI, which are holding a combined VND1.75 trillion worth of corporate bonds issued by NVL, extend the maturity of the bond to a later date. The due date of the NVLH2124002 bond lot will be extended by one year [8230;]
Over VND435 billion proposed for textile industry8217;s development
Mon, 27 Mar 2023 22:02:01 +0000
The Vietnam Textile and Apparel Association (VITAS) has proposed a sustainable development programme for the textile and garment industry with a proposed budget of VND435.6 billion. The proposal aims to help the textile and garment industry overcome problems, such as the lack of linkage in the value chain, bottlenecks in dyeing, low-quality human resources, heavy [8230;]
Strong signals of positive year for industrial real estate market
Mon, 27 Mar 2023 22:02:01 +0000
CBRE Vietnam has reported that Vietnam8217;s industrial real estate sector is poised for a prosperous year in 2023 due to a surge in demand. This upswing is largely attributed to an ongoing production shift and China-plus One strategy of manufacturers. The rental prices of industrial park lands in tier-1 markets are expected to rise by [8230;]
CAAV suggests more time for piloting biometric authentication
Mon, 27 Mar 2023 22:02:01 +0000
The Civil Aviation Authority of Vietnam (CAAV) has proposed continuing pilot application of biometric authentication (facial recognition) at airports8217; check-in desks. The high-tech method aims to contribute to ensuring social order and security, reduce time for check-in procedures, and increase accuracy. Facial recognition technology can also improve the prevention and detection of passengers using fake [8230;]
Vietnam8217;s inflation forecast to reach 4.8pct in 2023
Mon, 27 Mar 2023 22:02:01 +0000
Vietnam8217;s inflation rate has been predicted to increase to 3.9-4.8 percent in 2023, close to the target of 4.5%, as inflationary pressures remain high in the second quarter of this year. The Ministry of Finance presented this forecast at a meeting of the Price Regulation Steering Committee on March 24 with deputy prime minister Le [8230;]
Shares gain for fourth session thanks to large-caps
Mon, 27 Mar 2023 22:02:01 +0000
Shares gained for a fourth straight session on Friday thanks to the sharp rise of large-caps in the securities and real estate group, supporting the overall market. On the Ho Chi Minh Stock Exchange, the VN Index rose 0.16 per cent to close Friday at 1,046.79 points. The index had risen 2.3 per cent in [8230;]
Fortinet adds new capabilities to support work-from-anywhere
Mon, 27 Mar 2023 22:02:01 +0000
New updates to FortiSASE expand the industry8217;s most integrated single-vendor SASE solution to further converge networking and security across a unified operating system. Multinational cybersecurity company Fortinet has announced several enhancements to its single-vendor solution FortiSASE, enabling additional deployment flexibility and new secure access capabilities for digital resources across private applications, software as a service [8230;]
Cumbersome procedures destroy creativity
Mon, 27 Mar 2023 22:02:01 +0000
Principles and regulations are set to serve development, but, ironically, many of them have become obstacles that hinder development. Confusing and troublesome I was a civil engineer. After many years of working as a manager at an infrastructure development project, I found that administrative procedures were always extremely confusing, complicated and troublesome, and cost a [8230;]
Vietnam Airlines resumes direct flights between Da Nang and Japan8217;s Narita
Mon, 27 Mar 2023 22:02:01 +0000
A ceremony to welcome the first direct flight from Narita airport in Tokyo (Japan) to Da Nang after a long suspension due to the COVID-19 pandemic was held by the national carrier Vietnam Airlines in the central beach city on March 26. The nearly 180 Japanese passengers on the Vietnam Airlines flight were greeted with [8230;]
The reverse side of export growth
Mon, 27 Mar 2023 22:02:01 +0000
In recent years, Vietnam8217;s export revenue has soared in tandem with a rising number of lawsuits filed against local companies. Legal actions on the rise In late January, the US Department of Commerce (DOC) announced a probe into gas-powered pressure washer products of 14 Vietnamese manufacturers and exporters, with the investigation period lasting from April [8230;]
VSIP works with nine provinces to develop smart industrial parks
Mon, 27 Mar 2023 22:02:01 +0000
Vietnam Singapore Industrial Park J.V. Co. (VSIP) signed memorandums of understanding (MOU) with nine provinces in Vietnam to develop smart and sustainable industrial parks at a ceremony held in Binh Duong Province this morning, March 25. The deals were part of a broader MOU between Becamex and Sembcorp Development announced on February 10, 2023, during [8230;]
Vietnam8217;s e-commerce industry changes towards sustainable development: report
Mon, 27 Mar 2023 22:02:01 +0000
The E-Commerce Industry 2023 Report shows that sustainability will be the development trend of Vietnam8217;s e-commerce in the future. According to this report, with theme of Sustainable E-Commerce: Driving the Digital Economy, recently released by the Vietnam Chamber of Commerce and Industry (VCCI) and Lazada, e-commerce is an indispensable activity, playing the role of narrowing [8230;]
HoREA suggest using lottery firms8217; profit for land development
Mon, 27 Mar 2023 22:02:01 +0000
The HCM City Real Estate Association (HoREA) has proposed allowing local authorities to use annual profit from State-run lottery firms to finance land development. The proposal was sent to the National Assembly Standing Committee while the draft of the revised land law has been passed around for public feedback. According to the draft, land development [8230;]
HCM City sees more businesses exit market
Mon, 27 Mar 2023 22:02:01 +0000
The number of HCM City-based businesses facing difficulties and pulling out of the market surged in the first quarter of 2023, according to the HCM City Union of Business Associations (HUBA). Over 11,300 companies ceased operations from January to March, up 20.1 percent over the same period in 2022. Of more than 520,000 enterprises active [8230;]
Significant efforts needed to realise 4.3 billion-USD shrimp exports
Mon, 27 Mar 2023 22:02:01 +0000
Amid difficulties in export markets, significant efforts are required for Vietnam to meet its goal of 4.3 billion USD in shrimp export revenue this year, said Truong Dinh Hoe, general Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP). He attributed the obstacles to global fluctuations over armed conflicts, climate change, tightening food [8230;]
Govt considers lengthening visa-free stay to 45 days
Mon, 27 Mar 2023 22:02:01 +0000
The government is weighing increasing the duration of visa-free stay for international tourists to 45 days from the current 15 to attract guests from abroad. If approval is forthcoming, foreign tourists who come from countries to which Vietnam unilaterally gives a visa waiver can stay in the country for up to 45 days, instead of [8230;]
Netflix to set up company in Vietnam
Mon, 27 Mar 2023 22:02:01 +0000
Netflix is carrying out procedures with the Ministry of Planning and Investment over the establishment of a business presence in Vietnam. The Authority of Broadcasting and Electronic Information under the Ministry of Information and Communications gave the above information, cited the Vietnam News Agency. Netflix is establishing a company in Vietnam to comply with government [8230;]
Vietnam named in Agility8217;s top 10 Emerging Markets Logistics Index 2023
Mon, 27 Mar 2023 22:02:01 +0000
Vietnam has been ranked in the top 10 places in the 2023 Agility Emerging Markets Logistics Index compiled by Agility, one of the world8217;s top freight forwarding and contract logistics providers. Vietnam is at the 10th place, up one spot compared to the previous year. Among Southeast Asian countries, Vietnam are fourth, behind Malaysia, Indonesia, [8230;]
HCM City, state of Jalisco cooperates further
Mon, 27 Mar 2023 22:02:01 +0000
Deputy Secretary of the HCM City Party Committee Nguyen Ho Hai believed economic cooperation between HCM City and the capital of the state of Jalisco still has a lot of room for development, especially in the context that Vietnam and Mexico are both members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The HCM [8230;]
Vietnamese life insurance attractive to foreign investors
Mon, 27 Mar 2023 22:02:01 +0000
Up to now, just over 10 percent of Vietnam8217;s population has participated life insurance, very low compared to the rate of more than n50 percent in Singapore or the US, showing the huge potential of this market. Currently, in addition to Bao Viet Life, which is a domestic insurer, in the Vietnam8217;s life insurance market, [8230;]
Hoa Sen Group fined for tax arrears
Mon, 27 Mar 2023 22:02:01 +0000
Hoa Sen Group was sanctioned for violation of tax regulations by the Tax Department of Binh Duong Province, with a total fine and tax arrears of more than VND2.8 billion (US$119,174), the company said on March 21. In a decision dated March 13 sent to Hoa Sen Group, the Tax Department of Binh Duong Province [8230;]
Phu Bai airport8217;s new terminal set to open in late April
Mon, 27 Mar 2023 22:02:01 +0000
Prime minister Pham Minh Chinh has required the investor to finish the remaining work and put the new terminal at the Phu Bai International Airport into operation by the end of April to serve the rising travel demand during the upcoming holiday. PM Chinh inspected the construction progress of Terminal 2 at Phu Bai International [8230;]
Lotte switches focus after cancellation of warehouse development in Dong Nai
Mon, 27 Mar 2023 22:02:01 +0000
While Lotte Mall Hanoi is expected to open in August, Lotte Group has decided to cancel a warehouse project in southern province of Dong Nai. Property arm Lotte Land last month said it would cease plans for the Lotte Eco Logis Dong Nai, which was granted an investment certificate only in November 2022. In a [8230;]
Vietnam provides rice seeds to Lao province
Mon, 27 Mar 2023 22:02:01 +0000
The 705 International Cooperation Company under the Military Region 2, Vietnam on March 24 handed over 10 tonnes of rice seeds, worth $18,290 to the northern Lao province of Oudomxay to help Lao farmers develop their economy. Colonel Luc Van Cuong, the company8217;s deputy director, said the donation helps strengthen the special traditional friendship and [8230;]
Agribank takes pride in backing economy by promoting agriculture
Mon, 27 Mar 2023 22:02:01 +0000
Since its establishment, the Vietnam Bank for Agriculture and Rural Development (Agribank) has set its core mission to provide credit to the agricultural sector, farmers and rural development. Through strenuous efforts and determination, the bank has been recognised as one of the leading commercial banks in Vietnam and become the backbone of the economy, with [8230;]
Industrial production shows glimpses of recovery
Mon, 27 Mar 2023 22:02:01 +0000
The manufacturing sector is showing signs of revival but a full-blown recovery is only likely in the second half of this year at the earliest, analysts said. With an estimated 80,000 factory workers laid off in the first two months amid plunging orders since the third quarter last year, industrial production faces challenging times. But [8230;]
Vietnam8217;s farm exports to China under close scrutiny
Mon, 27 Mar 2023 22:02:01 +0000
The Ministry of Agriculture and Rural Development has asked the relevant departments and agencies in Bac Ninh, Danang and HCM City to strengthen supervision over farm exports to China. The Bureau of Import and Export Food Safety under the general Administration of Customs of China are conducting online inspections of five frozen fruit and fruit [8230;]
Quang Ninh Customs: Rise in Petroleum, Coal Imports Signals Good Budget Revenue
Mon, 27 Mar 2023 22:02:01 +0000
Tax revenue from key imported products such as petroleum and coal is signaling a good prospect for Quang Ninh Customs Department in the first months of 2023. Quang Ninh Customs collected VND2,759.14 billion for the State Budget in the year to March 6, representing a year-on-year growth of 102.5 percent (VND1,396.74 billion). The department was [8230;]
12 start-ups in clean energy and circular economy compete in Green Tech Incubator
Mon, 27 Mar 2023 22:02:01 +0000
Twelve start-ups working in the areas of clean energy and circular economy in Vietnam successfully completed their training in the Green Tech Incubator programme in the Demo Day on Friday. The incubator was established as part of the Digital Transformation Centre Project, a German government-funded initiative being implemented by GIZ and the National Innovation centre [8230;]
Enterprises in financial distress
Mon, 27 Mar 2023 22:02:01 +0000
To secure enough capital for business operations, a wooden product exporter to the US and the EU had to agree to secure a loan of VND10 billion with an annual interest rate of over 9%, instead of 5-6 percent as in previous years, said its director. The firm applied for the loan last year, but [8230;]
AIS issues warning about software security flaws in Vietnam
Mon, 27 Mar 2023 22:02:01 +0000
The Authority of Information Security (AIS) has requested agencies, organisations and businesses to check systems affected by six security vulnerabilities in Microsoft8217;s products, and update them with patches to avoid the risks of being attacked. It warned about six serious security holes in Microsoft8217;s products. This was based on a list of patches in March [8230;]
FAO supports Dong Thap in sustainable agriculture
Mon, 27 Mar 2023 22:02:01 +0000
The United Nations Food and Agriculture Organisation (FAO) has praised the Mekong Delta province of Dong Thap8217;s efforts to improve agricultural production and sought to establish farm cooperation with local authorities. FAO is willing to work closely with the province in areas of disease prevention and natural resource management, said Remi Nono Womdim, FAO representative [8230;]
Japanese ODA contributes greatly to Vietnam8217;s development
Mon, 27 Mar 2023 22:02:01 +0000
Japan8217;s Official Development Assistance (ODA) has greatly contributed to Vietnam8217;s cause of socio-economic development, poverty reduction and infrastructure building over the past 30 years, said Standing deputy Foreign minister Nguyen Minh Vu. Vu made the remark during a reception on March 24 for Chief Representative of the Japan International Cooperation Agency (Jica) Vietnam Office Shimizu [8230;]
Mexico a springboard for Vietnamese goods to enter the US: ambassador
Mon, 27 Mar 2023 22:02:01 +0000
If Vietnamese businesses strengthen export and investment in Mexico, it will be easier for them to penetrate into the US market, said the Mexican ambassador to Vietnam. Mexico is located at the gateway between North America and Latin America, and the Canada-US-Mexico Agreement (CUSMA) will be a good springboard for Vietnamese businesses to access the [8230;]
Banks underwriting bonds should buy back bonds: central bank
Mon, 27 Mar 2023 22:02:01 +0000
It followed a meeting with voters (members of the public) the State Bank of Vietnam (SBV) held in HCM City amid the ongoing bond market troubles. Besides asking for underwriting banks to take responsibility for redeeming bonds, the voters also urged the SBV to tighten inspection of credit institutions to ensure they comply with regulations [8230;]
The man who made once discarded farm produce fashionable
Mon, 27 Mar 2023 22:02:01 +0000
After once seeing aloe vera plants being uprooted because demand evaporated, Nguyen Van Thu decided to quit his cushy banker8217;s job and work to add value to agricultural products. In 2008-10, as a senior executive at a large bank in HCM City, he often went to the countryside to make credit appraisals. Once in the [8230;]
Indian research intern: Vietnam8217;s clean energy transition accelerates
Mon, 27 Mar 2023 22:02:01 +0000
Vietnam is undergoing clean energy transition at an accelerating rate and is considered the leader of clean energy transition in Southeast Asia, Shubham Rai, a research intern in the Southeast Asia and Oceania Centre at Manohar Parrikar Institute for Defence Studies and Analyses (MP-IDSA), India, wrote in an article. The article, entitled 8220;Clean energy transitions [8230;]
Vietnam to block payment for unlicensed games
Mon, 27 Mar 2023 22:02:01 +0000
The Ministry of Information and Communications said it will deploy solutions to block the payment for unauthorised games in the country. There are hundreds of thousands of unauthorised games, card games, and gambling games which cause insecurity and disorder as well as bad consequences for the society, the ministry8217;s Authority of Broadcasting and Electronic Information [8230;]
Corporate bond issuance surges in March after prolonged inactivity
Mon, 27 Mar 2023 22:02:01 +0000
The corporate bond market is showing signs of recovery after a prolonged period of inactivity with a notable increase in both the number of issuers and value of issuance. Data on the Hanoi Stock Exchange showed as of March 24, eight companies issued bonds worth more than VND23.8 trillion (over $1 billion), of which real [8230;]
Smartphone sales tumble in Vietnam
Mon, 27 Mar 2023 22:02:01 +0000
Smartphone sales in Vietnam have plunged in the first two months of 2023 as tightened spending amid rising inflation prompts the sector8217;s first decline in years of recent growth. Less than 2.5 million smartphones were sold in Vietnam this January and February, down 30 percent year-on-year, according to an industry report reviewed by VnExpress. 8220;This [8230;]
Nordic countries share green solutions for circular economy with Vietnam
Mon, 27 Mar 2023 22:02:01 +0000
A scientific seminar titled 8220;Green solutions for circular economy and waste management: Nordic experiences and policy implications for Vietnam8221; was held in Hanoi on March 23. This is an annual event jointly organised by the Ho Chi Minh National Academy of Politics and the embassies of four Nordic countries of Denmark, Finland, Norway and Sweden [8230;]
Durian to make breakthrough for Vietnam8217;s fruit exports
Mon, 27 Mar 2023 22:02:01 +0000
The export of Vietnamese durian to China through the official channel since September 2022 opened up a new prospect for Vietnam8217;s fruit and vegetable industry. According to statistics from the Ministry of Agriculture and Rural Development (MARD), Vietnam has over 100,000 ha of durian with an annual output of about 1.3 million tonnes. However, only [8230;]
Property market stay hopeful as interest rates dip
Mon, 27 Mar 2023 22:02:01 +0000
There have been positive signs for the property market8217;s recovery, said industry experts and economists. In an earlier development, for the first time in the last two years, the central bank decided to cut interest rates by 1 per cent, bringing the discount rate from 4.5 per cent to 3.5 per cent, overnight rate for [8230;]
Information ministry wants to regulate OTT services
Mon, 27 Mar 2023 22:02:01 +0000
The Ministry of Information and Communications has suggested regulating over-the-top (OTT) services as they actually operate as telecom firms. OTT apps such as Zalo, Viber and Telegram allow users to send text messages, pictures and video and make calls through internet protocol networks. This means they operate as telecom businesses. As OTT activities are not [8230;]
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