Vietnam Business News

Cashless ecosystem now on the cards
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

As Vietnam heads towards a cashless economy and mobile technology is becoming ubiquitous, the adoption of mobile money next month is predicted to lure local and foreign firms into joining the game. Promoting non-cash payments is a priority task for the Vietnamese government, with the ambition that cashless transactions exceed one-third of all transactions nationwide [8230;]

Talking shop: UK businesses see 8216;new investment opportunities in Vietnam despite pandemic8217;: envoy
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The COVID-19 pandemic has had a strong impact on the global economy, including Vietnam. The country has however been a safe destination for foreign investors thanks to its successful efforts to control the outbreak. Vietnam News8217; Thu Ngan speaks to the British consul general in HCM City, Ian Gibbons, about UK enterprises in this country [8230;]

Vietnam continues denying entry to foreigners
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Even though Vietnam is allowing foreign experts and specialists working on projects to enter the country, at a press conference on June 2, minister and Chair of the government Office Mai Tien Dung said they will continue employing certain Covid-19 prevention and control measures including denying entry to international travellers. The country8217;s hospitality industry is [8230;]

PPP draft details key sector focus
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Investors will be allowed to pour money into five groups of projects under the form of public-private partnerships in Vietnam as per a related law that offers an international-standard dispute resolution mechanism. Under the latest draft Law on Public-Private Partnerships8217; (PPP) Article 4, discussed by the National Assembly (NA) last week and scheduled for adoption [8230;]

Agribank8217;s CAR under Basel II only 6.9pct at the end of March
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Talking to the press, deputy general director of Commercial Joint Stock Bank for Agriculture and Rural Development of Vietnam (Agribank) Nguyen Thanh Phuong recently said that for many years, Agribank8217;s charter capital has not been supplemented, and the bank8217;s charter capital increase is always lower than the growth of total assets. That leads to the [8230;]

Over five million employees lose jobs due to Covid-19
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Multiple businesses in Vietnam suspended or scaled down their operations, and over five million employees nationwide lost their jobs, were furloughed or had their working hours and salaries reduced in the first five months of 2020 as a result of the coronavirus pandemic, deputy minister of Labour, Invalids and Social Affairs Le Van Thanh said [8230;]

Hanoi commits to creating stable environment for Thai businesses
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

A Hanoi leader has pledged to create a stable environment for Thai businesses to engage in long-term investment and business operations in the city, calling for more firms from the neighbouring country to invest in Hanoi. Secretary of Hanoi Party8217;s Committee Vuong Dinh Hue made the commitment during a reception for the Thai Ambassador to [8230;]

How to capitalise on EVFTA opportunities amid COVID-19
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

With the European Union-Vietnam Free Trade Agreement (EVFTA) poised to come into force, many believe that it will present more diversified market opportunities for local businesses, therefore helping them to regain growth momentum following the novel coronavirus (COVID-19) pandemic. A report conducted by the Ministry of Industry and Trade (MoIT) directly responds to questions raised [8230;]

Stringent credit standards will not affect lending: SBV
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The strict credit standards of credit institutions will not affect their credit support for businesses and individuals affected by the Covid-19 pandemic, deputy governor of the State Bank of Vietnam (SBV) Dao Minh Tu said at a press conference on June 2. Responding to concerns that the refusal by credit institutions to lower credit standards [8230;]

PetroVietnam8217;s oil equivalent output totals 8.99 million tonnes in five months
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The Vietnam Oil and Gas Group (PetroVietnam) has reported oil equivalent output of 8.99 million tonnes in the first five months of 2020, 4.4 percent higher than its target. In May, crude oil output reached 0.96 million tonnes, 2.1 percent higher than the monthly plan while gas production fulfilled the monthly goal at 0.84 billion [8230;]

Coteccons denies allegations by Kusto
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Coteccons has rejected the recent allegations made in a press release by its major shareholder Singapore-based Kusto, which announced in the release that it will convene an extraordinary general meeting (EGM) on July 13 seeking to replace the board of Coteccons. Construction company Coteccons on June 3 said that it had received information about the [8230;]

Son La longans meet export standards to US and French markets
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Situated in the northern province of Son La, Mai Son district is expected to export approximately 2,600 tonnes of longan over the course of the year to several foreign markets such as the United States, China, France, Poland, and Malaysia. At present, Mai Son district is one of the localities that has the largest longan [8230;]

Reference exchange rate down 2 VND on June 4
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The State Bank of Vietnam set the daily reference exchange rate at 23,244 VND per USD on June 4, down 2 VND from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is 23,941 VND/USD and the floor rate 22,546 VND/USD. The opening [8230;]

Quy Nhon Port opens transport service route to Northeast Asia
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The port of Quy Nhon launched a direct transport service to Northeast Asia on Wednesday. Ho Lien Nam, head of the port8217;s sales department told Vietnam News Agency that to expand production and business, the port has opened many new transport service routes, including a route from Quy Nhon port to Northeast Asia, connecting central [8230;]

Kien Giang rice farmers switch to guava for better income
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Many farmers in Kien Giang province8217;s Tan Hiep district have begun to earn steady incomes after turning unproductive rice fields into guava orchards. Tran Thi Be Thuy of Tan Hiep town, one of first to do so, has been earning 200 million VND (8,600 USD) a year from her 4,000sq.m orchard for the last four [8230;]

Vietnam8217;s tariff revenues reach nearly VND123.5 trillion in five months
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The Vietnamese government8217;s revenue from customs duties in the first five months of 2020 was estimated at VND123.484 trillion (US$5.3 billion), down 17.18 percent from the same period of 2019. Data released by the general Department of Customs on June 6 showed tariff revenues in May stood at VND21.257 trillion (US$916.5 million). Last month, Vietnam [8230;]

Banks8217; income from services grows at the lowest level in the past 2 years
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

FiinGroup has released a FiinPro Digest report evaluating the impact of Covid-19 pandemic on listed companies in the market, including commercial banks. Accordingly, in the first quarter (Q1) of 2020, the profit of listed banks grew by 3.4 percent over the same period of last year, but fell by 11.5 percent compared to Q4 2019. [8230;]

Vietnam considers reopening bars, karaoke parlors: government officials
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Minister and Chair of the government Office Mai Tien Dung will report to the prime minister for consideration and permission to reopen bars and karaoke parlors as Vietnam has gradually relaxed restrictions on services and other businesses in the new normalcy. At a regular government press conference on June 2, Dung said that Vietnam keeps [8230;]

Online solutions providers gain traction in surging online market
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

With e-commerce surging during the COVID-19 pandemic owing to changing consumer shopping behaviour, solution providers like Sapo and EcomEasy have been making tremendous gains as online shopping rises. Most recently, Sapo Technology JSC, which provides multichannel e-commerce management tools for online sellers, has completed its latest funding round and received seven-digit investment (in US dollars) [8230;]

Deputy PM urges allocation of funding for pre-feasibility study of high-speed railway
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Deputy prime minister Trinh Dinh Dung has urged relevant ministries to allocate sufficient investment capital for the appraisal of the pre-feasibility study report of the North South high-speed railway project. In the document sent by the government Office on Monday, Dung assigned the Ministry of Transport to urgently coordinate with the Ministry of Planning and [8230;]

Vietnam life insurance market sees large claim settlements made
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

In recent years the life insurance market in Vietnam has seen an increasing number of claim payouts. Recently Korean life insurance company, Hanwha Life Vietnam, said it had paid out nearly one million dollars for a single claim. This shows people8217;s trust in insurance and willingness to buy large policies. According to a representative of [8230;]

Vietnam sets ambitious plan for IT sector development
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Vietnam targets to have 10 localities with revenue of more than $1 billion each from information and technology (IT) by the year 2025. The target was set at a conference to review IT development programme in 2015-20 in the southern region held in Tien Giang Province early this week. Phan Tam, deputy minister of Information [8230;]

Vietnam to have second mobile virtual network operator
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The Authority of Telecommunications under the Ministry of Information and Communications (MIC) revealed on Tuesday that a second mobile virtual network operator (MVNO) will soon debut in Vietnam. The seventh telecom provider in the country will be launched with a new prefix number and use the mobile phone infrastructure of the State-owned Vietnam Posts and [8230;]

Vietnamese economy bounces back in May: WB
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

In its latest update released on June 3, the World Bank (WB) said Vietnam8217;s economy has gradually bounced back since social distancing measures were eased. The WB noted that in May, the country8217;s industrial production index grew 11 percent from April though it was still 3 percent lower than the figure in the same period [8230;]

Korean firm buys 25 per cent of Imexpharm
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

South Korean conglomerate SK Group8217;s investment arm has acquired nearly a 25 per cent stake in pharmaceutical firm Imexpharm JSC. SK Investment Vina III, the investment arm of SK Group, purchased 12.32 million Imexpharm shares on May 29. The value of the deal has not been revealed. Imexpharm shares (HoSE: IMP) on May 29 moved [8230;]

Vietnam Report announces Top 10 most reputable building contractors
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Hoa Binh Construction Group has topped the list of Vietnam8217;s Top 10 Most Reputable Building Contractors in 2020, according to an independent report by Vietnam Report. It was followed by Coteccons Construction JSC and Ricons Construction Investment JSC in the 2nd and 3rd places, respectively. Meanwhile, Hoa Phat Group JSC ranked first in the Top [8230;]

Mekong Delta8217;s tourism firms going all out to attract more visitors
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The Mekong Delta Tourism Association has launched a tourism promotion plan to attract more visitors by December. Tran Huu Hiep, the association8217;s chair, said: 8220;The plan aims to attract more local visitors and welcome international tourists, especially those from Southeast Asia.8221; The plan has the participation of 57 serviced accommodation businesses, 36 food and beverage [8230;]

Launchpad for Rural Development
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The National Target Programme on New Rural Development has become a wide-spread movement and produced many positive results, with the important contribution of rural transport development. With a dense network, the rural transport system has connected remote, rural, mountainous areas with national highways and expressways. Developing rural transport is an important foundation for rural socioeconomic [8230;]

Finance industry crowds Forbes8217; Vietnam list of top 50 listed firms
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Banking, securities and insurance firms dominate Forbes Vietnam8217;s 2020 list of top 50 listed firms with 10 representatives. Of the 10, six are commercial banks: MBBank, ACB, Techcombank, Vietcombank, VPBank and HD Bank. Two securities companies in the list are Viet Capital Securities and Saigon Securities Incorporation. The remaining two are Bao Viet Group and [8230;]

Vingroup intensifies industrial estate focus
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Private conglomerate Vingroup plans to pour over $400 million into industrial real estate, hoping to reap gains from the shifting of production from China. The investment will also serve to expand its manufacturing plans. The biggest listed company in Vietnam has recently increased the charter capital of its subsidiary Vinhomes Industrial Zone Investment (Vinhomes IZ) [8230;]

Panasonic heads up Japanese production movements
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Panasonic is among the first Japanese investors to relocate their activities to Vietnam in the context that the Japanese government is encouraging enterprises to diversify across Asia. Attracting these relocated projects will be factors that reaffirm Vietnam as a safe and open destination. Marukawa Yoichi, general director of Panasonic Vietnam, talked with VIR8217;s Kim Oanh [8230;]

Enjoying incentives, prices of domestically-produced cars expected to drop
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The government8217;s decision to offer a zero-import tax rate on automobile components opens significant opportunities for the local industry to lower prices, enhance competitiveness and promote consumption. Under the government8217;s Decree No 57/2020/ND-CP, dated May 25, the import tax rate on automobile components would be cut from July 10 in an effort to promote the [8230;]

Binh Son Refining and Petrochemical files for HNX listing
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Binh Son Refining and Petrochemical Corporation (BSR) has filed for listing on the Hanoi Stock Exchange, the northern market regulator said on Tuesday. The company plans to list more than 3.1 billion shares on the northern stock market, representing its charter capital of VND31 trillion (US$1.34 billion). BSR is trading its shares on the Unlisted [8230;]

HCM City school to offer International Baccalaureate Diploma Programme
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

HCM City8217;s International Schools of North America has received authorisation to offer the International Baccalaureate Diploma Programme, and thus joins a network of 4,500 IB international schools in 150 countries. The first cohort of students in the school8217;s IB programme will graduate in June 2022. They will get scholarships and meet admission requirements at almost [8230;]

Medical supplies handed over to Vietnamese community in Korea
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The State Committee for Overseas Vietnamese (SCOV) on Monday received 25,000 medical face masks offered by the Copper Mountain Energy (CME) and Hwaseung Vina Co Ltd (HSV) to present to the Vietnamese community in South Korea to assist them in the fight against COVID-19. Speaking at the ceremony, Nguyen Hoanh Nam, SCOV vice Chair highly [8230;]

E-wallets owners must complete the identity verification before July 7
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Deputy Governor of the State Bank of Vietnam Dao Minh Tu has said July 7 is the deadline for e-wallet owners to complete the identity verification. The deputy governor gave this information at a government press conference on Tuesday evening. Article 9 of the Circular 23/2019/TT-NHNN regulated that e-wallet owners must provide accurate information in [8230;]

Foreign ownership ratio in Binh Son Refinery slips
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

From 4.74 per cent two years ago, the foreign ownership ratio in Binh Son Refining and Petrochemical Co., Ltd (BSR) the operator of Dung Quat Oil Refinery has slipped to 0.07 per cent. According to the latest update, the COVID-19 pandemic had a marked impact on the shares of Binh Son Refinery. In January 2018, [8230;]

HCM City8217;s IPs, EPZs let down by lack of infrastructure
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Many industrial parks and export processing zones in HCM City lack sufficient infrastructure since authorities8217; failure to pay compensation for lands has meant they have been unable to acquire and clear them. According to a report by the HCM City Export Processing Zones and Industrial Parks Authority (Hepza), many IPs and EPZs such as Le [8230;]

More monetary easing measures forecast in 2020
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The State Bank of Vietnam (SBV) is expected to further take monetary easing measures to support the country8217;s GDP growth target of above 5 per cent this year in light of a weak economic outlook, experts forecast. 8220;We forecast an additional 50 basis points of interest rate cuts, which would take the refinancing rate to [8230;]

Stock market bounces back
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The VN Index of the Hochiminh Stock Exchange bounced back today, June 3, surpassing the range of 880 points, with the number of gainers dominating the southern bourse. With 203 advancers and 157 decliners, the benchmark index closed at its intraday high of 881.17 points, adding 6.37 points or 0.73 percent over the previous session. [8230;]

Firms must be aware of increasing trends of investigations for trade remedy evasion: ministry
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The Ministry of Industry and Trade has urged enterprises to be aware of and not participate in origin fraud, illegal transshipment and evasion of trade remedies to avoid the risks of being sued. Enterprises played decisive roles in minimising the risks, the ministry said. The fact showed that if origin fraud, illegal transshipment and evasion [8230;]

BIDV continuously mobilise large medium and long-term funds
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has just announced that it has successfully issued a total of 2.311 trillion dong of medium and long-term bonds from May 22 to May 26, 2020. In which, BIDV is allowed to repurchase 600 billion dong and 400 billion dong of six-year bonds after [8230;]

VN Index pulls back after small losing session
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The VN Index rose 0.73 percent to 881.17 points Wednesday, with banking stocks some of the biggest gainers in the session. Green returned to ascendancy in the market after the VN Index experienced a losing session on Tuesday, dropping 0.44 percent, breaking a three-session gaining streak that had gained it 2.47 percent. Analysts had forecast [8230;]

Quang Ninh reemerges as safe and attractive tourism destination
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

After its successful attempt to control the COVID-19 outbreak, the northeastern province of Quang Ninh has recovered its position as an attractive destination for visitors and investors. Successes in the battle against COVID-19 Following the government8217;s directions, right from the beginning, Quang Ninh has been keeping tabs on and reacted to the daily development of [8230;]

Banking system builds a foundation for the digital banking development
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

According to the World Bank, Vietnam had the lowest amount of non-cash transactions in the region at 4.9%, while this rate in China was 26.1%, in Thailand was 59.7%, in Malaysia it was up to 89%. Exist or not exist Right from the beginning of 2020, when the COVID-19 epidemic broke out, many banks had [8230;]

Stock market gains top 12 per cent in May
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The benchmark VN Index finished the month at 864.47 points, the VNAllshare at 775.46 points, up 12.27 per cent, and the VN30 at 806.23 points, up 12.71 per cent. Some sectors saw even sharper growth: materials (VNMAT) was up 21.67 per cent, finance real estate (VNFIN) was up by 16.1 per cent and consumer goods [8230;]

Fish catches recovering after COVID-19 in central provinces
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

Fish catches are gradually recovering after the COVID-19 outbreak in central provinces, according to local fishermen. Le Thi Bich Lien, a seafood trader in Binh Thuan province, said in recent days the Phan Thiet fishing port has been a hub of activity with many kinds of seafood including yellow stripe trevally, mackerel, squid, and other [8230;]

US finance corporation sees Vietnam as priority partner
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

The US International Development Finance Corporation (DFC) always attaches a great importance to and considers Vietnam a preferred partner in US cooperative projects, CEO of the DFC Adam Boehler told Vietnamese Ambassador to the US Ha Kim Ngoc. During a meeting on June 2 in Washington DC, Boehler announced that as a development finance agency [8230;]

Workers are returning to work, for now
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

During the first four months of 2020, it was estimated over 5 million workers in Vietnam either lost their jobs, had their work hours reduced or suffered income loss, said Thanh. A MOLISA survey said 67 per cent of all businesses had to lay-off part of their workforce while up to 80 per cent of [8230;]

78 pct upscale hotels resume operations: survey
Thu, 04 Jun 2020 23:02:02 +0000

Intellasia East Asia News

78 percent of four and five-star hotels and resorts across Vietnam have recommenced operations following months of closure due to the novel coronavirus. The reopening rate is highest in HCM City at 99 percent, followed by the southern province of Ba Ria Vung Tau at 96 percent and Hanoi at 93 percent, according to a [8230;]

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