Vietnam Business News

Government proposes delay to submission of draft amended Land Law to NA
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

The government has proposed a delay to a submission of the draft Law on Land (amended) to the National Assembly (NA) until the Party Central Committee issues directions on reforms of land-related policies and laws. Hanoi The government has proposed a delay to a submission of the draft Law on Land (amended) to the National [8230;]

VN Index pares gains on stronger selling force
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Indices were little changed on Thursday as rising selling pressure in the afternoon trade weighed on many large-cap stocks. The market benchmark VN Index on the Ho Chi Minh Stock Exchange (HoSE) ended the day at 1,268.57 points, up 0.14 points, or 0.01 per cent. It rose 0.22 per cent in the morning trade. The [8230;]

Vietnam runs out of luxury cars
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Many auto brands have no luxury cars to supply Vietnamese customers due to global semiconductor shortage. Trung Kien of Bac Ninh said he has been looking for a luxury car with a price tag of around VND7 billion ($300 million) for a month, but found nothing to buy. He said he would have to wait [8230;]

IPEF should treasure openness, inclusiveness and transparency: foreign ministry
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

The regional framework should be in line with international laws and Asean Centrality. Vietnam has highlighted the role of international economic initiatives when talking about the Indo-Pacific Economic Framework (IPEF) which was launched by the US three days ago. 8220;Vietnam has joined a number of international economic initiatives that help make the most of domestic [8230;]

Children enjoy learning, discovering and developing skills at VAS Summer Camp
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

In the face of the constant changes of society, the practice of independence and survival skills has become an essential need to help children be ready to cope with all situations in life. This summer, VAS will bring students a completely different experience with six weeks of fun learning and playing, and two unique camps [8230;]

Lawmakers call for nuclear energy revival, cite zero emissions target
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Vietnam needs to study the possibility of restarting its nuclear power projects to achieve the net zero emission target it has committed to reach by 2050, lawmakers say. Many countries have recognised nuclear power as a clean type of energy with low greenhouse gas emissions after the 2021 United Nations Climate Change Conference (COP26), the [8230;]

Samp;P raises Vietnam8217;s long-term credit rating to BB+ with stable outlook
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

S38;P Global Ratings has upgraded its long-term credit rating on Vietnam to BB+ with a stable outlook on the back of its strong economic recovery and improved government institutional settings. According to the Ministry of Finance, the S38;P upgrade shows the economy is on a solid recovery track following the government8217;s decisions to ease domestic [8230;]

Hung Thinh Group cuts deal with Viettel
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Hung Thinh Group and the military-run telecoms company Viettel Group signed a comprehensive strategic cooperation agreement in HCM City on May 25 regarding information technology application to project development and corporate governance. Under the deal, Hung Thinh Group will prioritise using the enterprise management and business solutions and smart urban solutions developed by Viettel. Viettel8217;s [8230;]

All to play for in e-commerce rise
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

The past two years have seen the rapid growth of e-commerce in Vietnam. However, now that offline retailers are slowly taking back their market share, e-commerce players must decide how they fit into retail8217;s post-pandemic future. The pandemic has pushed forward the trends of e-commerce in Vietnam 2-3 years earlier than forecast with the sector [8230;]

Luxury-tax hike should be postponed until after 2024
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Discussing the luxury tax law, experts said it is necessary to design a reasonable taxation roadmap and begin raising the tax only after 2024. Under the tax system reform strategy by 2030, approved by the government in April 2022, state management agencies would build up a roadmap for raising luxury tax, or special consumption tax, [8230;]

Vietnam Airlines Group to offer 7.1 million seats during summer
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

All airline members of Vietnam Airlines Group Vietnam Airlines, Pacific Airlines and VASO will offer more than 7.1 million seats on both domestic and international routes during the peak summer travel season. It is estimated that a total of over 36,000 flights will be made available for summer travellers from June 1 to August 15. [8230;]

Local businesses offered advice on exports to RCEP market
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Ways of optimising the incentives and increasing the efficiency of seafood exports to the Regional Economic Comprehensive Economic Partnership (RCEP) market will take centre stage during a consulting session held on seafood exports to the potential market. The event is set to be hosted by the Trade Promotion Agency (Vietrade) under the Ministry of Industry [8230;]

Vietnam has choices under new global trends
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

The world today is being affected constantly by the ripple effects of global problems and occurrences such as the ongoing US-China trade war, the recent lengthy Covid-19 pandemic, and now the current fierce Russia-Ukraine conflict. This has led to a new consensus from different development economies for the need to reduce dependency on one source [8230;]

Taxi firm Mai Linh remains in the red
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Taxi operator Mai Linh reported a loss of VND271 billion ($11.68 million) in 2021, its fourth consecutive annual loss, as Covid-19 continued to wreck the industry. Combined with 20198242;s losses of VND185 billion, the company has accumulated a loss of over VND1.4 trillion, while liabilities have reached VND4.2 trillion. Revenue was VND1.07 trillion, down 32 [8230;]

Vietnam EV maker VinFast to shift legal HQ to Singapore ahead of first exports
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Vietnam8217;s VinFast is shifting its legal and financial headquarters to Singapore as the fledgling electric vehicle (EV) maker readies for a potential public listing and the first production run of cars for US and European markets, its chief executive told Reuters. The three-year-old unit of conglomerate Vingroup JSC will start building its VF8 sport utility [8230;]

Over VND109 trillion for post-pandemic economic recovery
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Following several proposals over financial and monetary policies for the post-Covid socio-economic recovery and development, the government plans to spend some VND109.2 trillion on this purpose. Of the total, VND87.5 trillion will be allocated to the traffic infrastructure sector, according to a draft prepared by the Ministry of Planning and Investment to report the plan [8230;]

Vietnam seeks to expand economic cooperation with Algeria
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Vietnamese Trade Counsellor in Algeria Hoang Duc Nhuan has attended the Annaba Economic Forum in Annaba city on May 25-26 to introduce Vietnam8217;s potential and strengths as well as seek ways to expand cooperation between Vietnamese enterprises and Algerian localities. The forum drew the participation of hundreds of Algerian economists, businesspeople and investors as well [8230;]

Seafood exporters suffer as China gets tough on Covid contamination
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

China is imposing a seven-day ban on Vietnamese seafood exporters for every container of theirs it finds contaminated with the coronavirus, causing them enormous difficulties and possible losses. A pangasius fish exporter, who asked not be identified, was recently banned for three weeks after three containers were found infected. This month many exporters of fish [8230;]

SeABank approves plans to increase charter capital in 2022
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Implementing the resolution of the 2022 Annual general Meeting (AGM), Southeast Asia Commercial Joint Stock Bank (SeABank, HoSE: SSB) has approved the plan to increase charter capital in the second and third quarters (Q2 and Q3) of 2022. Accordingly, in Q2 and Q3 of 2022, SeABank expects to increase charter capital from 16.598 trillion dong [8230;]

Foreigners8217; joint ownership of seaports, airports in Khanh Hoa mustn8217;t be allowed
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

When discussing the draft resolution on special policies on a trial basis in Khanh Hoa province on May 24, many National Assembly deputies showed concern about the foreign ownership of seaports and airports. Nguyen Thien Nhan, a deputy from HCM City, expressed concern that the draft resolution does not clearly say if foreigners are allowed [8230;]

Seventh Corporate Sustainability Index programme launched
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

The Corporate Sustainability Index (CSI) Programme 2022, the seventh of its kind so far, was launched on Thursday, aiming to assess enterprises8217; sustainability and encourage them to adopt sustainable practices. Vietnamese consumers now have a higher awareness of selecting 8220;green8221; products and services. By adopting sustainable practices, enterprises will meet consumers8217; demand and also generate [8230;]

ACB to issue over 675 million shares to pay dividends
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Asia Commercial Joint Stock Bank (HoSE: ACB) has recently announced the issuance of shares to pay dividends for year 2021. Accordingly, the bank will issue more than 675 million new shares to pay dividends for year 2021 to shareholders. The right exercise rate is 25%, shareholders owning 100 shares at the closing date of the [8230;]

Indian investors likely to expand presence in Vietnam
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

About 21 per cent of Indian companies that have operations in Southeast Asia or expect to do so in the future also have plans to expand their business in Vietnam in the next two years, according to the HSBC Navigator survey. The survey covers more than 1,500 companies from six of the largest economies in [8230;]

Domestic airlines offer millions of tickets for summer travel season
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Anticipating that travel demand during the upcoming summer will rise sharply, and even higher than the pre-pandemic levels, local carriers are offering millions of air tickets. The three airlines under Vietnam Airlines Group Vietnam Airlines, Pacific Airlines and VASCO are offering over 7.1 million seats during the peak travel season between June 1 and August [8230;]

Cardless payments boom
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Orient Commercial Joint Stock Bank (OCB) is one of the two banks that has successfully applied the payment feature by facial recognition (Facepay) without the need to use a card or a smartphone. Accordingly, a customer who is using OCB banking services or newly registering FaceOTP transaction authentication method can download OMNI digital banking application, [8230;]

Vietnam company to invest $840 million in country8217;s first green hydrogen plant
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Construction is due to start on Vietnam8217;s first green hydrogen plant next month, the government said on Wednesday, as the Southeast Asian country seeks to boost the use of cleaner energy while reducing dependence on coal in its power mix. TGS Green Hydrogen will build the plant in the southern province of Ben Tre, with [8230;]

UNI APRO, Vietnam exchange experience in trade union activities
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

International experiences contribute to building harmonious and stable labour relations, protecting the legitimate rights and interests of employees in Vietnam8217;s retail industry. UNI Global Union Asia and Pacific Regional Office (UNI APRO) is committed to working closely with the Vietnam general Confederation of Labour (VGCL) to improve the quality of Trade Union activities in the [8230;]

JPMorgan Chase announces fresh capital injection into Vietnam, bringing total investment to $200 million
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

JP Morgan Chase on Thursday announced a capital injection of $123 million into its branch entity in HCM City, bringing the firm8217;s total capital investment into Vietnam from $77 million to $200 million, or VND4.6 trillion. The capital will be used over the next few years to fund the expansion of the bank8217;s onshore services [8230;]

Seminar promotes German business, investment in Vietnam
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

The German Asia-Pacific Business Association (OAV) has held a seminar on business and investment in Vietnam, attracting the participation of many German firms. Addressing the May 25 event in Bayern state, Ambassador Vu Quang Minh introduced the countries8217; cooperation and its growth potential. According to the diplomat, Vietnam and Germany have all necessary collaboration frameworks, [8230;]

Thai retail corporation to sell some 1,000 tonnes of lychees
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Thailand8217;s retail corporation Central Retail in Vietnam plans to put on shelves about 1,000 tonnes of lychee this year, with first batches of the fruit from Bac Giang province8217;s Luc Ngan district transported to its supermarkets after a ceremony on May 25. The favourite summer treat is now available across the group8217;s GO!, Big C, [8230;]

Global effects mar control of inflation
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Vietnam8217;s efforts to rein in inflation at about 4 per cent this year are set to hit a snag due to China8217;s anti-pandemic policy affecting the Southeast Asian nation8217;s trade. China8217;s National Bureau of Statistics (NBS) said on May 11 that the consumer price index (CPI), the main measure of inflation and retail sales, increased [8230;]

Vietcombank among 1,000 largest companies globally
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has been named among this year8217;s Forbes list of the world8217;s 2,000 largest companies (Global 2000). The bank, which was the only Vietnamese representative to be ranked among the largest 1,000, was listed at 950th, a rise of 13 notches since 2020 and up [8230;]

Vietnam remains attractive to international investors: HSBC
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Up to 21 percent of Indian firms operating or intending to operate in Southeast Asia plan to expand their business in Vietnam in the next two years, and the ratio is 26 percent among Chinese enterprises, according to a HSBC survey covering more than 1,500 companies from six of the world8217;s largest economies all of [8230;]

In difficulty, transport firms sell vehicles, go bankrupt
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Many transportation firms have decided to sell vehicles and shift to other businesses as they are incurring big losses because of petroleum price increases. According to the owner of Tu Vien transport firm, a north-south trip costs VND50 million, of which the fuel alone costs VND30 million. He also has to pay VND1 million for [8230;]

Vietnam, UK strive to lift trade and investment relations
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Vietnam wants to see more investment from the United Kingdom (UK) in hi-tech agriculture, in cultivation, processing, preservation and distribution of farm produce and foods, said deputy minister of Agriculture and Rural Development Phung Duc Tien. He made the statement at the Vietnam UK Business Forum held by the Ministry of Industry and Trade and [8230;]

Real estate bonds shackled by rules
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Although experts believe that rating agencies are an indispensable element of a healthy and transparent market, and a significant fundraising channel, real estate developers may suffer hurdles due to stringent bond issuance rules. At last week8217;s conference on corporate bonds held by the Vietnam Chamber of Commerce and Industry, experts discussed ways to develop an [8230;]

KOCCA Vietnam hosts online business matching forum
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

The Korea Creative Content Agency Vietnam Office (KOCCA Vietnam) has launched an online business matching forum to help South Korean content producers enter Vietnam and deliver their products in the country more effectively. The two-day event, which ended on Thursday, saw the participation of over 40 Vietnamese and Korean producers in the fields of television, [8230;]

Personality of a natural mineral water
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

The world has countless magnificent rivers with enticing unique beauty. Among them are unspoiled rivers with an abundance of alluvium, or blue or clear water flowing into green grass fields and through rock crevices. There is a river that provides life for people, featuring an eternal flow covering a gamut of emotions. Exploring personality of [8230;]

FDIs grow strongly in the first five months
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Additionally-registered and share-purchased foreign direct investment (FDI) capital kept rising at 45.4 and 51.6 per cent on-year respectively in the first five months of the year, while newly-registered FDI inflows decreased by 12.3 per cent. According to the Ministry of Planning and Investment8217;s Foreign Investment Agency, Vietnam counted newly-registed FDI inflows of about $11.7 billion [8230;]

Reference exchange rate up 4 VND on May 27
Fri, 27 May 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 23,109 VND/USD on May 27, up 4 VND from the previous day. With the current trading band of/-3 percent, the ceiling rate applicable to commercial banks during the day is 23,802 VND/USD and the floor rate 22,415 VND/USD. The [8230;]

Vietnam puts gasoline database system into operation to avoid violations
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

The Ministry of Industry and Trade collaborated with the Ministry of Information and Communications to build the database system to update and publicise gasoline business activities, upload the newest information related to world gasoline prices, retail prices, costs, and information about gasoline production enterprises, wholesalers, distributors and so on to effectively regulate the market and [8230;]

Danish investors pinpointing rising potential of Vietnam8217;s green energy
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Danish investors are eyeing sectors in Vietnam that support a green transition. Kim Højlund Christensen, Danish Ambassador to Vietnam, told VIR8217;s Nguyen Thu why establishment of a legal framework that allows companies to document related data can help attract high-quality investment from abroad. With the return of tourism and trade activities, can you see any [8230;]

Vietnam8217;s inflation likely to reach 4.2pct in 2022: ADB, BIDV
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Inflation in Vietnam is projected to rise sharply to 3.8-4.2 percent this year and remain at 4 percent next year, according to a report jointly issued by the Asian Development Bank (ADB) and the Bank for Investment and Development of Vietnam (BIDV). BIDV and ADB yesterday, May 25, co-organised a conference to announce the report [8230;]

APH cancels bond and share sale plans
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

An Phat Holdings, which lists its shares on the Hochiminh Stock Exchange with the trading code APH, will not issue VND800 billion worth bonds via private placement. The firm will cancel its plan to hold an auction for the sale of 20 million shares on the southern bourse. This year, An Phat Holdings looks to [8230;]

Vietnam ready to facilitate long-term business and production of foreign firms
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

The nation continues to pay close attention to and attaches great importance to improving the investment environment and creating favourable conditions in which foreign enterprises can conduct long-term production business in the country. This falls in line with the policy of considering foreign investment as one of the most important resources, thereby serving as the [8230;]

Vietnam eyes stronger trade, investment cooperation with South Africa
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Vietnamese Ambassador to South Africa Hoang Van Loi has led a delegation of Vietnamese representative agencies in South Africa to attend a seminar on Asean investment held by the Department of International Relations and Cooperation (DIRCO) of South Africa and the Northern Cape provincial government in Kimberley city. This an initiative of the Asean Committee [8230;]

Huge haul in new markets for Vietnam8217;s tra fish exports
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Demand for Vietnam8217;s tra fish (pangasius) is up in major markets, driving the export of the catfish overseas, reports the Vietnam Association of Seafood Exporters and Producers (VASEP). Tra fish exports are projected to surge a whopping 97 percent year-on-year in the first five months of 2022, reaching 1.1 billion USD. Besides exporting to traditional [8230;]

VN Index heads sideways after surge
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Vietnam8217;s benchmark VN Index rose 0.01 percent to 1,268.57 points Thursday with trading value remaining low. The index mostly stayed in the green throughout the day but started to fall within the last trading hour. It closed 0.14 points higher after gaining 35.05 points on Wednesday. Trading on the Ho Chi Minh Stock Exchange fell [8230;]

Hanoi promotes application of hi-tech farming models
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

One-third of the number of large-scale enterprises in Hanoi have invested in high-tech agriculture. Hanoi has been promoting the application of hi-tech models to farming in an effort to build up supply-production chains connecting cities and provinces nationwide. The capital city has developed 160 hi-tech farming models in the outskirt districts of Me Linh, Gia [8230;]

Vietnam facilitates long-term operations of foreign firms: Spokeswoman
Fri, 27 May 2022 22:02:02 +0000

Intellasia East Asia News

Vietnam has paid due attention to improving its investment environment and creating conditions for foreign enterprises to do long-term business in the country, Spokeswoman of the Ministry of Foreign Affairs Le Thi Thu Hang told a press conference on May 26. Responding to a question about Vietnam8217;s economic development policy, Hang stressed that Vietnam sees [8230;]

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