Vietnam Business News

Growing trade remedies a sign of rising export activity
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

As Vietnam is continuously increasing its presence and exploring new export markets, applied trade remedies against domestic producers and their goods have become more frequent. However, Chu Thang Trung, deputy director of the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade explained to VIR8217;s Van Nguyen why he sees little reason [8230;]

Foreign investors net sellers for 24 consecutive sessions
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Foreign investors have been net sellers to the tune of over VND7.2 trillion ($312 million) on Vietnam8217;s bourses for 24 consecutive sessions as of Tuesday. On the main bourse, the HCM City Stock Exchange (HoSE), they have bought and sold stocks for VND18.3 trillion and VND25.5 trillion respectively in the last 24 sessions. billion VND [8230;]

Dealers cut car discounts as demand recovers
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Major auto brands like Toyota and Hyundai are cutting or reducing discounts as sales recover following a pandemic-induced plunge. Most of the price adjustments are occurring in the medium segment of VND500-700 million ($21,500-30,100) per unit, which had seen continuous discounts for nearly nine months. Toyota has cut the discount on its popular Vios sedan [8230;]

Real estate investors leave cities for countryside to start homestays
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

A new movement has arisen among real estate investors amid the pandemic leaving large cities for the countryside where they open a homestay or farmstay to meet people8217;s demand to be close to nature. Nguyen Thu Hang in Hanoi never thought that she would buy land in the countryside. But she changed her mind after [8230;]

Avocado supply to be excessive due to rapid increase in growing area
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

There would be an abundance of avocados as the growing area of avocado trees has been increasing rapidly, the Department of Crop Production made the warning at an international conference on October 27. The Agro Processing and Market Development Authority, under the Ministry of Agriculture and Rural Development (MARD), collaborated with the Vietnam Fruit and [8230;]

Stocks extend losses
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Stocks on the Hochiminh Stock Exchange extended their losses for the second day on October 27, with the VN Index losing 4.33 points due to the poor performance of many bluechips. With 102 gainers and 319 losers, the main index dropped 0.46 percent against the session earlier at 946.47 points. More than 455.8 million shares [8230;]

$1 billion project kick-started in Thanh Hoa
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

A $1 billion project was started on Monday in the northern seaside province of Thanh Hoa by Sun Group, one of Vietnam8217;s largest real-estate developers. The 550-hectare project consists of a massive plaza, pedestrian streets, hotel and resort complexes and recreational facilities. 8220;The Sam Son project is part of Sun Group8217;s long-term development strategy to [8230;]

VN fruit, vegetable exporters need to be on top of Chinese policy changes: conference
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

With China making regulations for fruit and vegetable imports more stringent, Vietnamese businesses need to pay close attention to the changes and comply with them, experts told a conference in HCM City yesterday. According to Ta Quang Kien, acting director of the Agricultural Products Processing and Market Development Department8217;s agriculture produce commercial policies division, China [8230;]

Local stocks dragged by profit-making attempts
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Vietnamese shares declined on Tuesday as selling mounted and hit local stocks across a wide range. The benchmark VN Index on the Ho Chi Minh Stock Exchange could not hold onto the resistance of 950 points, ending down 0.46 per cent to 946.47 points. The index gained as much as 0.41 per cent during the [8230;]

Vietnam8217;s mobile ad market expected to hit 211 million USD in 2020
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

The mobile advertising market in Vietnam is expected to reach 211 million USD by the end of this year, according to the 8220;Vietnam Mobile 38; Smartphone Application Report in the first half of 20208243; released by Appota Group a digital entertainment company. The report said Vietnam ranks 6th in Southeast Asia in terms of mobile [8230;]

Crafting a complete framework for online services
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Some articles of draft Decree No.72/2013/ND-CP regarding the management, provision and use of internet services and online information have come up against contrasting opinions, mostly from overseas companies providing related services in Vietnam. Managing director of the Asia Internet Coalition Jeff Paine clarified the problems that foreign suppliers may struggle with if the draft decree [8230;]

The stock market enters unprofitable areas
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

While stocks were maintaining their momentum, profit opportunities were becoming increasingly difficult. The rate of increase after T+3 (the settlement dates of security transactions occurred on a transaction date plus three days) was below 50% Since September, the market liquidity had increased by over 30 percent compared to the average at the beginning of the [8230;]

Long An gifted the spotlight with new IMG industrial park
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

The Mekong Delta province of Long An has been implementing targets according to its development plan under theme 8220;Year of promoting investment attraction8221;, embracing foreign affairs, enterprises, and startups. Among those, industrial zones (IZs) are playing a crucial role in attracting investment, especially at IMG Phuoc Dong Industrial Park 38; Port. With the participation of [8230;]

Gasoline price falls slightly
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Local retail prices of E5 RON92 bio-fuel and RON95 gasoline dropped by VND160-180 per litre as of 3 p.m. today, October 27, after the fuel price stabilisation fund was tapped, while oil prices rose by VND90-340 per litre/kilogram. During this fuel price adjustment, the ministries of Industry and Trade and Finance decided not to extract [8230;]

Becamex IJC to offer 80 million shares for sale
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Becamex Infrastructure Development JSC (Becamex IJC) will sell 80 million shares in a public offering deal to increase charter capital. The company expects to raise at least VND800 billion (US$34.5 million) from the share sale, which will take place at the Ho Chi Minh Stock Exchange. Each share is worth at least VND10,000 ($0.43). The [8230;]

US institutions, corporations hope for stronger investment in Vietnam
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Different US institutions and businesses expressed their wish to strengthen the American investment in Vietnam8217;s many sectors at prime minister Nguyen Xuan Phuc8217;s reception for Adam Boehler, CEO of the US International Development Finance Corporation (DFC), in Hanoi on Monday. In addition to CEO Boehler, the meeting also welcomed representatives from the US Department of [8230;]

Vietnam, Australia work to boost two-way trade
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

A trade working group within the framework of the ministerial-level Vietnam-Australia Economic Partnership Meeting convened an online meeting on October 27. The two sides reviewed the implementation of contents reached in last year8217;s meeting, discussed bilateral and multilateral trade issues and those at regional and global forums, measures to tackle trade difficulties and the progress [8230;]

Overseas Vietnamese entrepreneurs give opinions on HCM City8217;s development
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

A conference gathering together overseas Vietnamese entrepreneurs was held in HCM City on October 27, with a view to tapping into this resource to contribute to the southern economic hub8217;s development. Standing vice Chair of the municipal People8217;s Committee Le Thanh Liem said the conference was an occasion for local authorities to hear the opinions [8230;]

Stakeholders setting precedent over control of Coteccons8217; board
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

The takeover of Vietnam8217;s largest construction corporation by foreign shareholders is leaving scars on those involved with stories of unwanted mergers, resignations, and accusations of unrealistic demands. Coteccons, Vietnam8217;s largest construction conglomerate, entered 2020 in a not-so-positive manner, with the firm reporting a 53-per-cent fall in after-tax profits in 2019. The group cited challenges in [8230;]

Taxation body missing out on taxes from sharing-economy.
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Businesses following the sharing economy model are facing problems in tax declaration. Because of the lack of regulations, the taxation body may be taxing inaccurately or missing taxpayers. Difficult to collect tax The Ministry of Finance (MOF) has released a report on taxes and tax management in the sharing economy. The ministry says the current [8230;]

Workshop seeks to improve trade defence capacity
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

A workshop was held in Hanoi on October 27 to discuss trade remedies a tool to protect the interests of domestic production industries amid Vietnam8217;s ongoing integration into the world economy. Addressing the workshop, director of the Vietnam Chamber of Commerce and Industry (VCCI)8217;s Centre for World Trade Organisation and Economic Integration, Nguyen Thi Thu [8230;]

Mitsubishi to invest $90 million in Masan8217;s minerals business
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Masan High-Tech Materials Corporation (MHT) on October 26 announced that it had signed definitive agreements to establish a strategic alliance in the tungsten industry with Mitsubishi Materials Corporation (MMC) to develop a leading, high-tech tungsten materials platform. As part of the strategic alliance, MMC will acquire nearly 110 million newly issued ordinary shares via a [8230;]

Exchange rate and interest rate remain stable according to SSI Research
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

SSI Securities Corporation8217;s Analysis centre (SSI Research) had released the monetary market report for the week from October 19 to October 23. There were no new transactions in the open market; the interbank interest rate was flat at 0.17 percent per year for the overnight term and 0.23 percent per year for the one-week term. [8230;]

Vietnam Railway Corporation braces for $85 million loss
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

The Vietnam Railway Corporation (VNR) faces the most difficult period in its history due to the COVID-19 pandemic and flooding in central Vietnam, according to VNR chair Vu Anh Minh. The corporation expects to record a loss of about VND2 trillion (US$85 million) this year while it gained a profit of VND182 billion in 2019. [8230;]

Vietnam8217;s significance conveyed by Samsung
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Samsung is expected to construct a battery manufacturing plant in Vietnam, in addition to its already-huge investments in the country. At last week8217;s meeting in Hanoi between prime minister Nguyen Xuan Phuc and Samsung Electronics vice chair Lee Jae Yong, they were reported to have discussed a rise in investment related to battery and smartphone [8230;]

Reference exchange rate up 3 VND on October 28
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

The State Bank of Vietnam set the daily reference exchange rate at 23,190 VND per USD on October 28, up 3 VND from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is 23,885 VND/USD and the floor rate, 22,495 VND/USD. The opening [8230;]

Vietnam Association of Fish Sauce established
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

The Vietnam Association of Fish Sauce (VAFS) was launched in Hanoi on October 27. The association8217;s founding members come from cities and provinces nationwide, representing fish sauce producers, traders, exporters and importers, scientists, managers and testers, of which there are 35 fish sauce processing establishments involved in exporting to more than 20 markets, including the [8230;]

Wholehearted care for community development
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Since its inception days, Hoiana, a new premium integrated resort in South Hoi An of Quang Nam Province, has deeply committed to the betterment of the local community, especially through job creation and education. The resort8217;s greatest value is its companion with Quang Nam Province8217;s sustainable development and commitment to improving the quality of life [8230;]

Techcombank posts robust earnings gains in 9 months
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has reported big earning gains in January-September to keep performing well amid the challenges caused by the COVID-19 pandemic. Techcombank reported a total pre-tax profit of VND10.7 trillion (US$462.6 million) and a total revenue of VND19.3 trillion in the past nine months, up 20.9 per cent and [8230;]

Coastal property project increases investment capital
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

A coastal property project has been given approval from Da Nang City8217;s authorities to increase its investment value from VND380 billion (US$17 million) to VND2.1 trillion ($94.5 million). The city8217;s planning and investment department confirmed to Vietnam News the project, for which the Nam Phat Resort and Villa development company was given an investment licence [8230;]

Urgent electricity projects proceeding slowly
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

The problems arising during site clearance and the lockdown during the Covid-19 pandemic have led to the slow implementation of the 500KV transmission line circuit 3 project. Nguyen Xuan Ninh, deputy chair of Kon Tum City, said projects are go Ming quickly or slowly depending on site clearance. 8220;If site clearance can be implemented quickly, [8230;]

VKBIA signs with Shinhan Bank, Megazone Cloud Group, and Hoang Quan Group
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Three comprehensive strategic cooperation agreements between VKBIA and Shinhan Bank, Megazone Cloud Group, and Hoang Quan Group continue to improve trade cooperation between Vietnam and South Korea. On October 27, 2020 in HCM City, the conference themed 8220;Promoting the strength of the overseas business community for the development of HCM City Enhancing the stature of [8230;]

HCM City serviced apartment rents hit five-year-low
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

The average rent for serviced apartments in HCM City has fallen to a five-year low as the Covid-19 pandemic stifles demand. The $23 per square metre per month price tag in the third quarter marks a 10 percent year-on-year fall, according to data compiled by real estate consultancy Savills. Occupancy fell 19 percentage points to [8230;]

Hanoi will promote linkage between production and consumption for OCOP products
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Many business households and enterprises in Hanoi which are part of the One Commune, One Product (OCOP) programme hope the Hanoi Department of Agriculture and Rural Development and the Vietnam Retailers Association will facilitate more trade linkages for OCOP products. At the first workshop on trading connections for OCOP products held in Hanoi on Monday, [8230;]

UK8217;s former PM ready to help Vietnam attract high-quality investment
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Deputy prime minister and Foreign minister Pham Binh Minh held phone talks on October 27 with the UK8217;s former prime minister Tony Blair, who is now Executive Chair of the Tony Blair Institute for Global Change. Blair spoke highly of Vietnam8217;s achievements in the COVID-19 fight and being among the few economies with positive growth [8230;]

Alipay, Wechat Pay will no longer be illegal
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Plenty of banks are preparing to shake hands with foreign e-wallets, when the legal corridor on international payments is about to change. Bank market share is narrowed A representative in charge of technology of a joint stock commercial bank said that the bank has been working with Wechat Pay for two years and is ready [8230;]

Demand for organic farm produce rising in Vietnam
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Demand for organic products has been rising sharply globally including in Vietnam, and this is good news for businesses investing in them, according to the Ministry of Agriculture and Rural Development. Deputy minister of Agriculture and Rural Development Tran Thanh Nam said the area under organic crops in the country had increased from 53,350ha in [8230;]

Vietnamese billionaires8217; wealth surges despite pandemic
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

The recovery by blue chip stocks in the second and third quarters has increased Vietnamese billionaires8217; net worth by 45 percent to a combined $14.8 billion. Between March 18 and October 26 their combined net worth rose by $4.6 billion, with the headcount rising from four to six, according to Forbes magazine, which is published [8230;]

Timber trade pressed to resolve exporting concerns
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Five Vietnamese wood associations have met in Hanoi to examine the risks in the timber trade in the midst of a US investigation into the sources of Vietnam8217;s exported wood products. Should the investigation result in trade remedies, the domestic industry may need to shift its exports to other markets. Vu Hai Bang, general director [8230;]

Sacombank, CEO win Corporate Excellence Award, Master Entrepreneur Award in Asia Pacific
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) won the Corporate Excellence Award at the 2020 Asia Pacific Enterprise Awards for its outstanding achievements in business while also fulfilling its social responsibilities. Besides having effective business strategies in each development period, the bank also always combines economic goals with environmental social ones to ensure [8230;]

All-purpose IPs all the rage in property arena
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Vietnam8217;s integration into the global economy and the global shift in manufacturing have increased the presence of foreign industrial developers in the country, especially in large-scale industrial parks combining urban development areas and services. The combination of industrial complexes with urban and service development was originally born to ensure the sustainable development of industrial parks [8230;]

Sun Group kicks off $1 billion multifunctional complex in Thanh Hoa
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Sun Group broke ground on an ecotourism and leisure complex worth up to VND25 trillion (over $1 billion) in the north-central province of Thanh Hoa on October 26. The complex will cover 550 hectares in Sam Son City, comprising a seafront square, a leisure park and a residential area. The Sam Son seafront square will [8230;]

Raising growth via public investment
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

The government has proposed a strong 5-year increase in public investment to achieve high economic growth, with more opportunities for private investors to join. Assigned by the government, minister of Planning and Investment Nguyen Chi Dung last week reported to the National Assembly (NA) that the government has just fixed the VND2.75 quadrillion ($119.56 billion) [8230;]

VIB shares to be traded on HoSE from November 10
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Vietnam International Commercial Bank (VIB) recently announced to officially list shares on the HCM City Stock Exchange (HoSE) from October 16, 2020. The first trading date is expected to be November 10, 2020. The reference price on the first trading day will be based on the provisions of law to determine and be informed by [8230;]

North-south train services suspended due to upcoming typhoon
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

As Typhoon Molave is forecast to make landfall in Vietnam8217;s central coast, Vietnam Railways Corporation (VNR) has suspended many train services on the Hanoi-HCM City route between October 27 and 28 to ensure the safety of passengers. At the Hanoi station, the railway sector suspended the operations of the SE1 and SE2 trains set to [8230;]

With business slow, Ben Thanh Market wears deserted look
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Despite Vietnam8217;s success in responding to the global coronavirus pandemic, the resulting economic slump has left many businesses dealing with significant challenges. Two days ago, the once bustling Ben Thanh Market in District 1 of HCM City, the city8217;s most famous market, resembled a ghost town, with few buyers in sight, many shops shut and [8230;]

Fisheries targeted to become major production industry
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Vietnam aims to develop its fisheries sector into a large commodity production industry with competitive capacity and responsible and sustainable integration in line with international institutions, contributing to improving incomes for industry workers. According to the Vietnam fisheries development strategy to 2030 and vision to 2045, the aquaculture economy is to account for 30 percent [8230;]

Vietnam should consider digital payment system
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Cashless payment is a trend that has grown strongly in developed countries around the world, and it has recently been booming in many areas thanks to the development of financial technology companies (Fintechs). The benefits of cashless payment are great, not only for individuals but also for economic organisations and the economy. For individuals, cashless [8230;]

New deals offering scope for Japanese businesses
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

Vietnam and Japan are entering new horizons for further bilateral investment ties, with the former becoming a key market for the latter8217;s businesses to shore up their supply chains overseas. Yoshida Tomoyuki, spokesperson for the Japanese Ministry of Foreign Affairs, told VIR that the visit by Japanese prime minister Suga Yoshihide to Vietnam last week [8230;]

HCM City travel agencies offer 200 discounted tours as part of stimulus programme
Wed, 28 Oct 2020 23:02:02 +0000

Intellasia East Asia News

About 100 travel agencies in HCM City are taking part in the fourth tourism stimulus programme with nearly 200 discounted products. HCM City Department of Tourism director Nguyen Thi Anh Hoa said the programme recently kicked off in an effort to help travel agencies affected by the COVID-19 pandemic. Hoa said that about 100 travel [8230;]

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