Vietnam Business News

Purchasing power in supermarkets declines
Sat, 25 Sep 2021 00:21:25 +0000

Intellasia East Asia News

Several supermarkets in HCM City said that supermarkets have seen fewer civil servants of district administrations who help to pick up commodities in supermarkets for residents, leading to a decrease in purchasing power. Purchasing power in supermarkets declines ảnh 1 Supermarkets continuously refill its stock At Vinmart Cong Hoa in Tan Binh District, BigC Truong [8230;]

Foreign investors affirm confidence in Vietnam8217;s economic recovery in post-COVID-19
Sat, 25 Sep 2021 00:17:23 +0000

Intellasia East Asia News

The fourth outbreak of the COVID-19 pandemic starting from late April has had more negative impacts on daily life as well as socio-economic development than the previous waves in the country. However, Vietnam attracted 14 billion USD in foreign direct investment (FDI) in the first eight months of this year, only two percent lower than [8230;]

Reference exchange rate down 5 VND on September 24
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The State Bank of Vietnam set the daily reference exchange rate at 23,134 VND/USD on September 24, down 5 VND from the previous day. With the current trading band of/ 3 percent, the ceiling rate applicable to commercial banks during the day is 23,828 VND/USD and the floor rate 22,439 VND/USD. The opening hour rates [8230;]

Tens of thousands of cars unsold, factories may have to stop production.
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Cars have been selling very slowly in amid Covid-19 and social distancing. A gloomy future has been predicted for the automobile industry. The Vietnam Automobile Manufacturers8217; Association (VAMA) reported that its member companies sold 8,884 cars in August, a sharp fall of 45 percent compared with July and 57 percent with August 2020. This was [8230;]

SonKim Retail wins a Global Award at the 9th edition of Global Brands Magazine Awards.
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The Global Brand Awards is an annual event held by Global Brands Magazine (GBM), an international publication headquartered in the UK. The award aims to recognise global brands achieving excellence in performance across a broad range of sectors, while keeping its readers updated on the branding world8217;s key trends. SonKim Retail was evaluated based on [8230;]

Credit demand expected to rebound in Q4/2021
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The demand for credit is expected to increase strongly in the near future, similar to what happened in the fourth quarter (Q4) of 2020. Many commercial banks have been granted credit growth limit extension by the State Bank of Vietnam (SBV) The SBV8217;s data showed that by the end of August 2021, the credit growth [8230;]

Quantum Group plans Covid vaccine production facility in Vietnam
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The United States8217; Quantum Group, during a meeting with State President Nguyen Xuan Phuc in New York on September 22, said it was planning to develop a Covid-19 vaccine production facility in Vietnam. On the sidelines of the United Nations general Assembly8217;s 76th session, State President Phuc met representatives of Quantum, saying Vietnam is prioritising [8230;]

Foreign Employees and Work Permits in Vietnam
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The Vietnamese government issued Resolution 105/NQ-CP on September 9 to help support businesses affected by the pandemic. Apart from helping businesses, the Resolution includes easing regulations for issuing, extending, and certification of documents for work permits of foreigners in Vietnam. The Resolution is a welcome change from the strict requirements of Decree 152, which went [8230;]

Vietnamese Consumers Expect Seamless Experience When Opening Accounts Digitally
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The 2021 digital banking survey by FICO, a data analytics company providing credit scoring services, shows that Vietnamese consumers expect a seamless banking experience when it comes to opening an account via a mobile app or website, with two in five expecting to answer 10 questions or less or they will abandon the process. One [8230;]

Vietnamese cashew nuts to be introduced in Australia
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Australian people will have a chance to taste Vietnamese cashew nuts in a programme which will be held by the Vietnam Trade Office in Australia from September 25 October 2. Vietnamese exporters of cashew nuts will be also introduced at the event. According to statistics from the general Department of Vietnam Customs, the country earned [8230;]

Vietnam and Taiwanese garment firms to enhance trade exchanges
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The Taiwan Textile Federation (TTF) are set to host an online trade exchange from October 6 to October 7 in order to introduce the Vietnamese textile and garment industry and business opportunities between enterprises from both countries. The event also aims to strengthen the sustainable cooperation relations between Taiwanese textile raw material manufacturers and local [8230;]

Banks foregone over $1 billion in profit to support businesses during Covid-19 outbreaks
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

A group of 16 commercial banks, accounting for 75 percent of total outstanding loans, has committed to foregoing around VND20.6 trillion ($906.3 million) in waiving and lowering interest rates for customers in the remainder of the year. From January 23 to August 31, banks have foregone a total of VND26 trillion ($1.14 billion) in profit [8230;]

Hoa Phat Group spends nearly VND1 trillion to establish home appliances arm
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Steelmaker Hoa Phat Group announced it has contributed VND999 billion to the establishment of the Hoa Phat Home Appliances JSC. The new firm has a charter capital of VND1 trillion, with 99.9 percent funded by the steelmaker. The new business will manage the production and sale of household appliances, reported VnExpress. Last year, Hoa Phat [8230;]

VIR supports students in difficulties amid pandemic
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Almost $4,000 from VIR8217;s Swing for the Kids Fund have been handed over to students at Hanoi8217;s universities, who are currently coping with the challenges that the global health crisis has brought during the last months. On September 23, an online ceremony between VIR and the University of Transport and Communications (UTC) took place to [8230;]

Saigonbank unsuccessfully sells 8.26 million BVB shares
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The HCM City Stock Exchange (HoSE) has announced the cancellation of the public offering of the shares in Viet Capital Commercial Joint Stock Bank (UPCoM: BVB) owned by Saigon Commercial Joint Stock Bank for Industry and Trade (UPCoM: SGB) as no investor registered to join the auction until September 17th. This is Saigonbank8217;s second unsuccessful [8230;]

Bamboo Airways conducts first direct Vietnam-US flight
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Bamboo Airways conducted its first direct flight from Vietnam to the US Thursday night. The QH9149 flight, using the Boeing 787-9 Dreamliner aircraft, took off at 7:55 p.m. from Hanoi8217;s Noi Bai Airport for San Francisco. The flight, the first of 12 direct flights between Vietnam and the US that Bamboo Airways has won approval [8230;]

Answers arrive to salvage construction
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Suspension of many construction site activities disrupted by supply chain woes, skyrocketing material prices, and serious shortage of labour is posing great challenges for contractors. Earlier this month, a handful of domestic construction contractors including Delta Group, Vinaconex Corporation, CIENCO4, Eurowindow, and Phuc Hung Holdings proposed to the Vietnam Association of Construction Contractors (VACC) and [8230;]

E-wallet launches contactless payment technology via smartphone
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

E-wallet SmartPay has launched a contactless payment technology via customers8217; mobile phones for small and medium-sized merchants in its network. 8216;Tap To Pay8217; saves time and also costs by eliminating the need for hardware devices and transmission lines. In the context of the COVID-19 pandemic, contactless payment also helps minimise the risk of infection for [8230;]

Vietnam, US step up cooperation in agriculture
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Vietnam and the US signed a Memorandum of Understanding (MoU) on technical cooperation between the Ministry of Agriculture and Rural Development (MARD) and the US Grains Council (USGC) in Washington on September 22. MARD deputy minister Le Quoc Doanh and President and CEO of USGC Ryan LeGrand witnessed the signing. Addressing the event, deputy minister [8230;]

SABECO gives support to 600 Famp;B businesses affected by COVID-19
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The Central Committee of the HCM Communist Youth Union (HCYU) in cooperation with the Saigon Beer Alcohol Beverage Cooperation (SABECO) and its Bia Saigon brand on Thursday presented support packages worth VND5 million in cash to 600 small food and beverage businesses that are facing difficulties due to the COVID-19 pandemic in HCM City. The [8230;]

Insurers hail health and tech awareness
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Driven by heightened awareness and technology disruption, Vietnam8217;s life insurance industry is forecast to witness stellar performance but insurance sales are likely to slow down in the third quarter first. By the end of August, total assets in the insurance market were estimated at $27.9 billion, up 22.1 per cent over the same period last [8230;]

Companies race to shift manufacturing out of Covid-crushed Vietnam in time for holidays.
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Vietnam has 8220;completely collapsed8221; due to strict Covid mitigation policies, according to Ankiti Bose, co-founder and CEO of Zilingo, a fashion supplier to big brands that sell their products on Amazon and Shopify. A rising number of Covid infections and low vaccination rates have prompted the Vietnamese government to shut down a number of factories [8230;]

Vietnam-based NFT game project raises $1.7 million
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

HeroVerse, a Vietnam-based NFT game project built on blockchain technology, has successfully raised $1.7 million from leading blockchain and NFT investment funds including DaoMaker, x21, AU21 Capital, Raptor Capital and IceTea Labs. Developed by Hiker Studio, the game is built on combining the match-three puzzle (connecting similar items to score points) and role-playing game (RPG). [8230;]

Hanoi earmarks $28.4 billion for capital expenditure over next five years
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Hanoi will focus on major and urgent public projects in the fields of transportation, socio-economic development, culture, and education. The Hanoi People8217;s Council on September 22 discussed the city8217;s mid-term public investment for the 2021-2025 period with a proposed investment capital of VND650 trillion ($28.4 billion). The plan, proposed by the director of the municipal [8230;]

Vietnam Airlines issues $350 million shares for stakeholders
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The move raises Vietnam Airlines8217; registered capital to nearly $1 billion that will help improve its dire financial situation during the pandemic. Vietnam Airlines has successfully sold over 796 million shares to 27,627 existing stakeholders, or 99.51 percent of the volume on offer. The placement took place from August 5 to September 14, which helped [8230;]

Phu Quoc will not open its doors to international tourists next month
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

As its vaccination rate remains low, Phu Quoc Island off the Kien Giang Province has said that it will not resume international tourism next month as earlier planned. Kien Giang Chair Lam Minh Thanh said Phu Quoc City has yet to complete the vaccination of at least 90 percent of its residents as expected. To [8230;]

Banyan Tree and Angsana Lang Co ready to welcome travellers back
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

All staff of Banyan Tree and Angsana Lang Co are ready to welcome travellers back for a holiday at their luxury resorts. The resorts, with the support of Thua Thien Hue authorities, are two of the first resorts in this location to be fully vaccinated. The completion of the vaccination has been a positive boost [8230;]

Specialised Inspection Needs Reforming to Facilitate Importation and Exportation
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Violations accounted for just 0.0033 percent of tens of thousands of customs declarations subject to specialised inspection in HCM City in the first half of 2021. This fact further confirms that specialised inspection needs to be reformed and simplified soon to facilitate importation and exportation. According to the HCM City Customs Department, 204,200 customs declarations [8230;]

Bluechips keep VN Index afloat
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The VN Index of the Hochiminh Stock Exchange rose slightly on Thursday, buoyed by gains of bluechips as penny stocks performed poorly. The benchmark index added 2.98 points, or 0.15%, to close the day at 1,352.76, though losing stocks far outnumbered winning ones by 254 to 143. There were more than 997.6 million shares worth [8230;]

Japan increases investment in Vietnamese market despite COVID-19 challenges
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Despite facing a range of adverse impacts caused by the COVID-19 pandemic, several foreign investors have maintained their investment in the Vietnamese market, with Japan being the only major investor to increase its capital in the country. Ta Duc Minh, Vietnamese trade counsellor in Japan, said the East Asian nation is currently the fourth largest [8230;]

Plenty of room for attracting US investment
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

There is plenty of room for Vietnam to lure investment from the United States especially after the visit of US vice President Kamala Harris to Hanoi in late August, said Nguyen Van Toan, vice Chair of the Association of Foreign Investment Enterprises. Online newspaper congthuong.vn cited Toan as saying that during her visit, vice President [8230;]

Novaland issue another 500 billion share-backed bonds
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Novaland (NVL) has just approved a resolution on mobilising 500 billion bonds, which are backed by NVL shares owned by NovaGroup or other legally owned assets. On the stock market, NVL shares moved sideways at VND103,000 per share after a strong rally. Since the beginning of the year, Novaland has continuously mobilised share-backed bonds as [8230;]

Vingroup Signs Memorandum of Understanding with Google Cloud
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Vingroup and Google Cloud have signed a Memorandum of Understanding (MOU) to support Vingroup8217;s ongoing digitisation and innovation strategy. The MOU agreement was signed this week in New York City, on the sidelines of President Nguyen Xuan Phuc8217;s diplomatic trip to the United States. The agreement sees Vingroup and Google Cloud collaborating closely as strategic [8230;]

Individuals, household businesses expected to be exempt from taxes in H2
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Business households and individuals operating in all sectors and areas are expected to be exempt from taxes in the second half of this year, according to one of the Ministry of Finance8217;s draft measures to support businesses and people affected by the Covid pandemic. The ministry proposed that business households and individuals operating in all [8230;]

Shares move up with strong divergence among large-caps
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Shares narrowed gains towards the end of the trading session on Thursday but still managed to post slight gains, witnessing a large divergence among large-caps. The VN Index on the Ho Chi Minh Stock Exchange inched up 0.15 per cent to end the session at 1,352.76 points. The index had closed Wednesday trade at 1,350.68 [8230;]

E-commerce platform to support youth in start-ups with agricultural products
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The Central Committee of the Ho Chi Minh Communist Youth Union and the Vietnam E-commerce Association (VECOM) held a ceremony in Hanoi on September 23 to sign a cooperation agreement on enhancing awareness and capacity on e-commerce and digital transformation amongst young people. Accordingly, in the near future, the two sides will cooperate in propagating [8230;]

VND14.62 trillion in regular expenditure savings earmarked for Covid fight
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The Standing Committee of the National Assembly on September 22 decided to use VND14.62 trillion (US$640 million) from the government8217;s regular expenditure savings for the fight against the Covid-19 pandemic. Addressing the committee8217;s meeting, minister of Finance Ho Duc Phoc said that some VND14.62 trillion from regular expenditures has been saved this year. This includes [8230;]

T3 tollgate in Ba Ria-Vung Tau to resume operations tomorrow
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

T3 toll station on the National Highway 51 section passing through Ba Ria-Vung Tau Province8217;s Phu My Town will resume toll collection tomorrow, September 24, according to the tollgate8217;s operator. Dinh Hong Ha, general director of the Bien Hoa-Vung Tau Expressway Investment and Development JSC (BVEC), which operates the tollgate, told Nguoi Lao Dong newspaper [8230;]

Promise more than evident in Vietnam8217;s edtech fortunes.
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Vietnam8217;s edtech startups are luring the interest of both local and foreign venture capital funds as they are bringing new business models to tap into millions of online students. In August, venture capital fund Do Ventures invested in VuiHoc, an online education platform that lets students self-study from an early age. This is Do Ventures8217; [8230;]

RoK firms pour 2.43 billion USD into Vietnam in eight months
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Businesses from the Republic of Korea (RoK) poured over 2.43 billion USD into Vietnam in the first eight months of 2021, ranking third in terms of total registered capital after Singapore and Japan. According to the Foreign Investment Agency under the Ministry of Industry and Trade, RoK firms invested in 251 new projects worth nearly [8230;]

China resumes dragon fruit imports from Vietnam
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The authorities of China8217;s Guangxi Province have resumed dragon fruit imports from Vietnam since September 22 after one week of suspension following Covid-19 concerns. Luong Quang So, director of the Management Board of the Mong Cai Border Gate, Quang Ninh Province, said that on September 22, as many as 24 trucks carrying some 20 tonnes [8230;]

PV Gas, US corporation move to carry out Son My LNG port warehouse project
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The PetroVietnam Gas Joint Stock Corporation (PV GAS) and US-based AES Corporation signed a joint venture agreement on the establishment and operation of Son My LNG port warehouse limited company in New York on September 22 (local time). The signing ceremony was witnessed by President Nguyen Xuan Phuc who is on New York to attend [8230;]

Eight-month exports to Australia record surge
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Vietnam8217;s exports to the Australian market during the past eight months of the year increased by 18.7 percent to reach over $2.77 billion compared to the same period from last year, according to statistics released by the general Department of Vietnam Customs. August alone saw exports to this market endure a slight decline of 4.5 [8230;]

Firms struggle with labour shortage due to the COVID-19 pandemic
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Local businesses are struggling to recruit new employees due to a labour shortage caused by the fourth wave of COVID-19, according to authorities and business leaders. Those who want to be employed must meet the requirements for 8220;green cards8221;, which includes being vaccinated against COVID-19. On top of this, businesses must also outline their plans [8230;]

Vietnam8217;s Carmaker VinFast Eyes More Countries for Its European Strategy
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Vietnamese carmaker VinFast could add other markets in 2023 to expand its European strategy beyond a planned debut in Germany, France and the Netherlands next year. The company, a unit of Vingroup JSC Vietnam8217;s largest conglomerate which some have called 8220;Vietnam8217;s answer to Tesla8221;, will debut in Europe next year with two battery electric SUVs [8230;]

Vietnam expects to be a net steel exporter with strong steel export growth
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

E-wallet SmartPay has launched a contactless payment technology via customers8217; mobile phones for small and medium-sized merchants in its network. 8216;Tap To Pay8217; saves time and also costs by eliminating the need for hardware devices and transmission lines. In the context of the COVID-19 pandemic, contactless payment also helps minimise the risk of infection for [8230;]

Vegetable seed shops grow strong thanks to social distancing
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

More than a month since Hanoi implemented social distancing, Khanh Ngoc turned a small balcony in her apartment into a vegetable garden for her family. Calling it her 8220;cloud garden8221;, Ngoc said she paid about VND2 million (US$93) to install the garden in her 8th-floor apartment in Thanh Xuan District. Ngoc told Vietnam News: 8220;I [8230;]

Fitch Assigns Vietnam8217;s Ho Chi Minh Power First-Time 8216;BB8217;; Outlook Positive.
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Fitch Ratings has assigned Vietnam-based Ho Chi Minh Power Corporation (EVNHCMC) a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 8216;BB8217; with a Stable Outlook. EVNHCMC8217;s rating is based on the consolidated credit profile of Vietnam Electricity (EVN, BB/Stable), which owns 100 percent of the company, in line with Fitch8217;s Parent and Subsidiary Linkage Rating Criteria. [8230;]

Abundant low-cost capital for production and business activities
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

The current liquidity of the banking system is very abundant, while the State Bank of Vietnam (SBV) has loosened the credit growth limits for many banks and the interest rates are at very low levels. That also means that low-cost capital is ready to serve production and business activities in the last months of the [8230;]

Hanoi to host Taiwan Textile Roadshow next month
Sat, 25 Sep 2021 00:05:47 +0000

Intellasia East Asia News

Garment products from Taiwan (China) will be showcased at the Taiwan Textile Roadshow held in Hanoi from October 6-7 at the Hanoi International Exhibition Centre at 91 Tran Hung Dao Street. The event will be co-organised by the Bureau of Foreign Trade, Ministry of Economic Affairs (Taiwan), Taiwan Textile Federation (TTF) and the Vietnam National [8230;]

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