Vietnam Business News

Reference exchange rate down 11 VND on August 11
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 23,163 VND/USD on August 11, down 11 VND from the previous day. With the current trading band of +/-3 percent, the ceiling rate applicable to commercial banks during the day is 23,857 VND/USD and the floor rate 22,468 VND/USD. [8230;]

Education investment dips increasingly into edtech
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

If previously, Singaporean education investors saw opportunities in opening new training facilities in Vietnam or joint training programmes with existing educational institutions, the market in recent times has witnessed the entry of more Singaporean funds into the edtech sector. Clevai, a Vietnamese after-school tutoring platform for K-12 students, last month was the first edtech startup [8230;]

2G networks to be phased out from end of 2022
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Vietnam is expected to phase out 2G networks by the end of this year given the emergence of new mobile technologies like 5G, according to the Vietnam Telecommunications Authority (VNTA) under the Ministry of Information and Communications. VNTA will join hands with mobile carriers to announce their phase-out plans from now until the end of [8230;]

VN Index slips after 2 gaining sessions
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Vietnam8217;s benchmark VN Index dropped 0.19 percent to 1,256.5 points Wednesday. The index closed 2.4 points lower after gaining 2.1 points Tuesday. Trading on the Ho Chi Minh Stock Exchange (HoSE) fell by 9.87 percent to VND14.39 trillion ($615.35 million). The VN-30 basket, comprising the 30 largest capped stocks, saw 24 tickers dropped. BVH of [8230;]

Textile and Garment Industry: Improving Adaptability to Weather the Storm
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Although in the first six months, the export turnover of Vietnam8217;s textile and garment industry reached $22.3 billion, up17.7 percent over the same period in 2021, the sector will still face numerous hardships, said Vu Duc Giang, Chair of the Vietnam Textile and Apparel Association, in an interview with Vietnam Business Forum regarding the six-month [8230;]

BRG Group aims towards major golf events of the continent
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

The role that BRG Group plays in bringing the Asian Development Tour8217;s tournament to Vietnam is extremely significant. After more than 20 years of accompanying Vietnamese golf, BRG Group is now operating a system of world-class golf courses with unique designs that attract hundreds of people each year. To maintain the highest standard and quality [8230;]

VN Index curbs rising trend as investors dump pillar stocks
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

The selling pressure suddenly increased in the group of pillar stocks when the VN Index surpassed 1,260 points, creating a sell-off wave in the remaining stocks in the VN30 basket. Signs of correction appeared quite early when selling orders were pushed up strongly among large-cap stocks. In the opposite direction, the reciprocal cash flow quickly [8230;]

Pig prices sharply drop following tighter border controls
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Pig prices in Vietnam have considerably fallen in recent days following tighter control over illegal pig export through border gates. In the northern region, a kilo of pig costs between VND65,000-69,000, around VND5,000-6,000 lower than two weeks ago. The highest price of VND69,000 is reported in Hung Yen and Thai Binh, while the lowest is [8230;]

Overseas workers return home to underpaid jobs
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

For two years, Minh Nguyet has struggled to find a suitable job after returning to Hanoi from Japan where she worked for several years. 8220;With no certificates, I can only apply for a blue-collar job, but most factories turned me down,8221; the 24-year-old woman said. Factories in Vietnam demanded that she work faster than in [8230;]

Vietnam needs $8 billion-$14 billion power investment a year through 2030
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Vietnam will need investment of between $8 billion and $14 billion a year through to 2030 to develop new power plants and expand its grid, its deputy industry minister said on Wednesday. Of the amount, 75 percent would be spent on new power plants, with priority given to renewable sources, and 25 percent on grid [8230;]

Play-to-earn games struggle to retain interest
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Plunging cryptocurrencies and increasing reports of fraud are chasing people away from play-to-earn games as they abandon their dreams of getting rich quick. 8220;I am tired of this game. Its token value is plunging and there is no sign of recovery,8221; said Tuan Anh, an Axie Infinity player in HCM City. Smooth Love Potion (SLP), [8230;]

HCM City to develop major traffic projects
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

HCM City has plans to develop multiple traffic projects such as junctions, expressways and ring roads to ease traffic congestion and improve its traffic system. The HCM City Department of Transport has proposed building 16 T-junctions citywide to ease traffic congestion in the 2022-2025 period. Among them, the National Highway 1-Nguyen Van Qua Junction project [8230;]

Potential energy investors clamour for regulation clarity
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

The lack of an answer for feed-in tariffs and generally available infrastructure is slowing down the prospects of mergers and acquisitions in Vietnam8217;s renewables arena. Given that Vietnam8217;s population, economy, and energy consumption are all expected to continue to rise over the coming years, renewable energy is one of the industries that has attracted the [8230;]

New Vision, New Space for Economic Growth
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Chair of Hai Phong City People8217;s Committee Nguyen Van Tung, Chair of Quang Ninh Provincial People8217;s Committee Nguyen Tuong Van, Chair of Hai Duong Provincial People8217;s Committee Trieu The Hung, Chair of Hung Yen Provincial People8217;s Committee Tran Quoc Van and President of the Vietnam Chamber of Commerce and Industry Pham Tan Cong officially signed [8230;]

ABB and Audi cooperate to drive e-mobility adoption in Vietnam
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

ABB E-mobility was selected to deliver its market-leading electric vehicle chargers in Vietnam to launch the new all-electric Audi e-Tron GT Quattro, Audi8217;s first electric car to hit the Vietnamese market. To deliver a premium charging experience for Audi, ABB had a range of charging solutions for Audi Tan Binh, the most extensive service centre [8230;]

Hai Phong introduces investment opportunities to RoK firms
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

The Hai Phong Economic Zone Authority (HEZA) on August 10 organised an investment promotion with supporting supporting businesses of the Republic of Korea8217;s multinational conglomerate corporation LG. The RoK participants expressed their wish to invest or expand their current investment in the northern port city. Head of the HEZA management board Le Trung Kien introduced [8230;]

Hanoi VCFA eyes stronger Vietnam-Cambodia ties
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

The Hanoi chapter of the Vietnam Cambodia Friendship Association will boost communications to raise awareness of the public of the bilateral friendship. The fifth congress of the Vietnam-Cambodia Friendship Association (VCFA)8217;s Hanoi chapter on August 10 agreed to further contribute to consolidating and fostering friendship, solidarity, and comprehensive cooperation between the two countries as well [8230;]

Vietnam to increase coal imports in 2025-2035 period: Ministry
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Vietnam8217;s coal imports are forecast to rise to meet domestic production demand, according to a draft strategy for developing the coal industry in Vietnam recently introduced by the Ministry of Industry and Trade (MoIT). Accordingly, Vietnam will import about 50-83 million tonnes of coal per year during the period from 2025 to 2035, with the [8230;]

Fair linking farm producers to market opens in Hanoi
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

The promotion fair will run until August 14 in No. 489 Hoang Quoc Viet Street, Cau Giay District, Hanoi. A fair connecting farm producers with Hanoi8217;s wet markets kicked off on August 10 at the Trade Promotion centre for Agriculture in the capital city. The event drew the participation of 70 units from Hanoi and [8230;]

Dong Nai powering up transmission grid development
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Concerted efforts are gearing towards clearing the hurdles facing power transmission projects in the southern province of Dong Nai. On August 9, general director Pham Le Phu of National Power Corporation belonging to state-owned power authority Electricity of Vietnam (EVNNPT) had a working session with Chair of Dong Nai People8217;s Committee Cao Tien Dung to [8230;]

Post-pandemic staff headaches continuing for local hospitals
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

While local state-owned hospitals are facing a headache with health staffing, foreign-invested groups are performing well with qualified manpower. According to Nguyen Thi Le Thu, director of Marketing and Business Development at FV Hospital, the hospital is going to build a new facility to meet the growing need for high-quality healthcare services in HCM City [8230;]

Pangasius exports to EU market set to reach over $200 million in 2022
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Vietnamese Tra (pangasius) fish exports to the EU this year is anticipated to hit over $200 million by mid-July, with exports of this item to the highly lucrative market likely to reach nearly $122 million. According to details given by the Vietnam Association of Seafood Exporters and Producers (VASEP), pangasius exports to the EU market [8230;]

Vicostone named among top listed sustainable companies in 2022
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Vicostone JSC (HNX: VCS) has been recognised as one of the top 50 best-listed companies in 2022 by Forbes Vietnam magazine for the eighth consecutive year. The company a member of Phenikaa Group, has also been named as one of the 50 best sustainable companies in the Nhip Cau Dau Tu magazine8217;s first-ever ranking. With [8230;]

The key challenges ahead for a digital economic boom
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Digital revenues in Vietnam are forecast to grow exponentially as the government continues to roll out new initiatives. Dwayne Ong, founder and CEO of Singaporean certification body CASUGOL, talked to VIR8217;s Bich Thuy about how Vietnam can address its primary challenges to ensure sustainable digital growth. More Vietnamese businesses understand the importance of digital transformation. [8230;]

HCM City prepares for construction of Beltway No. 4
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

The HCM City government has asked the municipal Department of Transport to step up procedures to develop the Saigon River-Thay Cai Canal section of the Beltway No. 4 project under the public-private partnership format. The department was told to collaborate with relevant agencies to complete the prefeasibility study for the 17-kilometer-long section as soon as [8230;]

Conforming to treaty via Law on IP
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

In the last few years, Vietnam has signed a certain number of international trade agreements which require Vietnam to accede to or approve the WIPO Copyright Treaty (WCT) within a prescribed time period. Partner Nguyen Thi Hong Anh and junior associate Vu Hoang Ha Thu of Indochine Counsel take a look at amendments and supplements [8230;]

Vietnam, Denmark seek ways to intensify economic, trade ties
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

A delegation of major Danish companies will accompany Crown Prince Frederik in his upcoming visit to Vietnam to seek business and investment opportunities with Vietnamese agencies and partners, deputy director general of the Confederation of Danish Industry (DI) Thomas Bustrup has said. At his meeting with Vietnamese Ambassador to Denmark Luong Thanh Nghi in Copenhagen [8230;]

Pharma giants gaining big in 2022
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

International pharma giants have reported strong results for the first half of 2022, with new plans in the pipeline from many of them in this country. French-based Sanofi sales reached almost euro 19.8 billion ($20.17 billion) in the first half of the year, up 14.2 per cent on a reported basis. Exchange rate movements had [8230;]

Tax Law in Vietnam inconsistent with income
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

The Law on Personal Income Tax aims to create fairness in all incomes of society. However, the current regulations on family deduction of the Personal Income Tax Law 2009, which was amended in 2012 and supplemented in 2014, are not suitable for the current socio-economic situation and growth rate. Inadequacies in taxation Personal Income Tax [8230;]

Apple appoints first ever Vietnam country manager
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Nguyen Thai Hai Van has been appointed the first Country director of Apple Vietnam, a source has confirmed. While no official announcement has been made, Van8217;s LinkedIn profile says without disclosing details that she has been holding the post since May, 2022; and some of Apple8217;s authorised retailers told VnExpress that they have been working [8230;]

PetroVietnam optimises market fluctuations to keep oil production in the black
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

In the second half of 2022, the Vietnam Oil and Gas Group (PetroVietnam) will continue to keep a close watch on market developments. The goal is to monitor world crude oil prices and market fluctuations to optimise reserves and operate oil production efficiently to stay in the black. Opportunities brought into full play, helping crude [8230;]

Global inflation threatens Vietnamese exports
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Rising global inflation occurring in several major consumer markets such as the United States, Japan, and the EU, are putting increasing pressure on Vietnamese exporters. Since the end of May, exports activities conducted by Vietnamese enterprises in many key markets have shown signs of deceleration as a direct result of inflation. According to a representative [8230;]

Power Plan VIII to remove more than 14 GW of coal-fired power
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

The Ministry of Industry and Trade (MoIT) has consulted the government not to include 14,120 MW of coal-fired power in the national power master plan (PDP8) to achieve the goal of net zero emissions by 2050. Local media consider such a change a 8220;revolution8221; in the electricity and environment of the country. The MoIT said [8230;]

Vietnam Manufacturing Expo gets underway in Hanoi
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

The Vietnam Manufacturing Expo (VME) 2022 kicked off on August 10 in Hanoi, drawing the participation of approximately 200 brands in the manufacturing and electronics industries from over 10 countries and territories globally. As part of his opening speech at the event, Vu Trong Tai, general director of RX Tradex, emphasized that the event features [8230;]

Industrial parks, economic zones attract over 100 billion USD over 30 years
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Over the past 30 years, industrial parks (IP) and economic zones (EZ) across the country have attracted over 100 billion USD of investment, and created jobs for more than 4 million labourers, according to the Ministry of Planning and Investment (MPI). The ministry is drafting a government resolution on measures to increase IP, EZ efficiency. [8230;]

Feed producers seek alternative sources to save on costs
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Many animal feed producers in Vietnam are snapping up domestic rice to replace imported equivalents, in the context of the rocketing increase in material prices and supply shortages. Nguyen Quang Hoa, director of Duong Vu Co., Ltd, is busy collecting rice from localities, and even from across the land border in Cambodia, to meet the [8230;]

Promotion week introduces Lang Son8217;s custard apple to Hanoi8217;s customers
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

A promotion week for custard apple of Lang Son province was held in Hanoi on August 10 by the Ministry of Agriculture and Rural Development, and the People8217;s Committees of Hanoi and Lang Son province. In addition to custard apple fruits, the week also includes 30 booths introducing typical farm products of Lang Son province. [8230;]

PM asks for solutions to speed up national key transport projects
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Prime minister Pham Minh Chinh chaired the first meeting of the state steering committee for national key transport projects in Hanoi on August 10, during which he requested ministries, sectors and localities to apply comprehensive measures to speed up the implementation of the projects to expand development space for regions. PM Chinh noted that the [8230;]

France8217;s TotalEnergies to install solar panels in industrial parks
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

French company TotalEnergies is set to install 280,000 square meters of rooftop solar panels for industrial property developer KCN Vietnam. Once the panels are installed, 45 megawatt-peak of solar energy would be generated, KCN said in a statement without providing details about installation cost or schedule. The annual output would be 51 gigawatt-hours, reducing 23,390 [8230;]

Vietnam looks to draw reputable US investors: Ambassador
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN, has suggested Nasdaq Inc of the US introduce reputable and experienced US investors to invest in Vietnam in IT, renewable energy, agriculture, health care, education, finance, and real estate in the near future. In a meeting on August 9 with Robert McCooey, Senior vice [8230;]

Mastercard celebrated its Customer Forum 2022 for Vietnamese partners
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Mastercard, a global technology company in the payments industry, hosted the Mastercard Customer Forum 2022 in Vietnam to connect with its strong network of local financial institutions and issuers, as well as prestigious experts and guest speakers in new finance and payment services. With theme A World Beyond Cash Accelerating, Innovating, Connecting you to Priceless [8230;]

Digital business lines developing well
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Major tech companies are looking to expand in Vietnam, on the back of strong hardware export and IT figures for the country8217;s telecom industry so far this year. On August 1, Nguyen Manh Hung, minister of Information and Communications, received Ng Boon Heong, CEO of Temasek Foundation, a Singapore-based non-profit organisation, who sought for more [8230;]

Public fund disbursement slowed by local leaders8217; reluctance
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Public spending has been tardy again this year, with only 34.5 percent of earmarked funds spent as of July, and the government blames local leaders for it. This is 2 percentage points lower than in the same period last year, minister of Planning and Investment Nguyen Chi Dung told the National Assembly Standing Committee Tuesday. [8230;]

Banks actively prevent risks
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

The consolidated business results of the second quarter (Q2) of 2022 by Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank) showed that the net interest income of the bank was 12.797 trillion dong in the quarter, up by 13.2%; 24.733 trillion dong in the first six months of the year, up by 17 [8230;]

Largest Vietnamese private enterprises become key driver to national economy
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Although top 500 largest Vietnamese private enterprises (VPE500) represent a small part of the number of local enterprises, they has greatly contributed to the operations of the private economic sector and the national economy, according to insiders. The information was unveiled at a workshop held in Hanoi on August 10 to release a report on [8230;]

Outbound tours to Europe rocked by passport tangle
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

A number of Vietnamese outbound travel companies have already been affected by the decision of some European nations to not recognise Vietnam8217;s new passports. The Czech Republic last week joined Germany and Spain in denying new visas related to Vietnam8217;s new passport, with all three citing a lack of birthplace information. They said the new [8230;]

Banks to offer around VND478 trillion in the last five months of 2022
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

In the last five months of 2022, the amount of outstanding loans that banks can lend is much lower than the same period of 2021. According to the latest data released by the State Bank of Vietnam (SBV), the credit growth as of July 26th was 9.42 percent the highest increase in seven months in [8230;]

Hoa Phat steel sales exceed 4.5 million tonnes in Jan-Jul
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Local steelmaker Hoa Phat Group (HPG), which has its HPG shares listed on the Hochiminh Stock Exchange, had sold over 4.5 million tonnes of steel products in the year to July, up 5 percent year-on-year. Of the total volume, construction steel accounted for 2.7 million tonnes, improving 25%, while the hot rolled coil (HRC) steel [8230;]

Drivers opt for ferry service after ETC launch on HCM City-Long Thanh-Dau Giay expy
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

Since the launch early last week of electronic toll collection (ETC) on the HCM City-Long Thanh-Dau Giay Expressway, the number of vehicles using the Cat Lai ferry terminal, which links HCM City with neighbouring Dong Nai Province, soared 60 percent to around 4,000 units per day, causing traffic congestion at the terminal. Nguyen Thanh Tuan [8230;]

Vietnam to release strict regulation on cashless payment
Thu, 11 Aug 2022 22:02:02 +0000

Intellasia East Asia News

The Standing Economic Committee of the National Assembly yesterday held a meeting to review the draft amended Law on Anti-Money Laundering (AML). Former Standing member of the National Assembly8217;s Economic Committee Do Van Sinh commented that the regulation on collecting and processing data is the key; yet the law does not mention which data types [8230;]

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