Vietnam Business News

HCM City sees CPI tumbling in March
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The consumer price index (CPI) of HCM City in March declined 0.58 percent month-on-month, according to the city8217;s Department of Statistics. Specifically, four out of 11 groups of consumer goods and services in the basket of commodities used to work out the CPI have seen a decrease in prices. Of these, the transport group witnessed [8230;]

HDBank executives register to buy large chunks of lender8217;s shares as pandemic drags down prices
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Tran Hoai Nam, deputy general director of HDBank, has registered to buy 500,000 shares of his bank on the Ho Chi Minh Stock Exchange between April 3 to 29 for investment, according to the exchange. Nguyen Huu Dang, a member of the bank8217;s Executive Board and its general director, and Pham Van Dau, its chief [8230;]

Hanoi faces no shortage of goods for isolation order
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

There will be no shortage of goods for the capital city as Hanoi starts prepping for a two-week nationwide isolation order to stop the spread of the novel coronavirus (COVID-19), said Tran Thi Phuong Lan, deputy head of the Hanoi department of industry and trade. Lan said the city8217;s supply of goods is working normally, [8230;]

Foreign companies express commitment to Vietnam efforts against Covid-19
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Foreign business associations said they are willing to dedicate time or donate finances to help Vietnam overcome the pandemic. A number of associations of foreign businesses in Vietnam on March 30 sent letters to the Vietnamese government expressing their support and thanks to the authorities8217; efforts to ensure social safety during the fight against the [8230;]

MoIT proposes exporting 400,000 tonnes of rice in April
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The Ministry of Industry and Trade (MoIT) has proposed to resume rice exports from April, with a volume of 400,000 tonnes, after it has compiled reports on production, domestic consumption and exports to submit to the prime minister. In the ministry8217;s report sent to the PM, it suggested exporting 800,000 tonnes of rice in April [8230;]

Non-insurance market forecasted to grow by 11pct this year
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The report of BIDV Securities Company (BSC) forecasted that the non-life insurance industry will continue to be supported by the stable macroeconomic growth. According to BSC, Vietnam still has high growth potential for non-life insurance field for three reasons. Firstly, the country has a young population structure and average income growth is seven percent per [8230;]

Nearly 16,200 online stores sanctioned for profiting from COVID-19
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The Ministry of Industry and Trade has been cracking down on profiteers for selling face masks, hand sanitisers and other items for inflating prices due to the high demand caused by the ravaging COVID-19 epidemic. The ministry has kept a close watch on online sales and pricing to prevent sellers from hiking prices in order [8230;]

Telecommuters don8217;t really feel at home amidst COVID-19 epidemic in Vietnam
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

As companies in Vietnam have allowed employees to work from home amidst the increasingly serious novel coronavirus disease (COVID-19) epidemic, a lot of people have felt working has become more comfortable, but many others are not so happy. With the number of COVID-19 patients in the Southeast Asian country reaching 99 and an increase in [8230;]

Q1 foreign trade value put at $115 billion
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Total imports and exports in the past three months dropped a slight 0.69 percent to an estimated $115.34 billion, VietnamPlus stated, citing data from the general Department of Vietnam Customs. Of these, imports made up $56.26 billion (down 1.9%) and exports, $59.07 billion (up 0.5%). Customs data showed that tax revenues from import-export activities in [8230;]

Banks are in excess of capital
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The report on Socioeconomic statistics in the first quarter (Q1) of 2020 recently released by the General Statistical Office (GSO) pointed out that the market has initially been affected by the Covid-19 pandemic. The banking sector which is said to be less hit by the disease has actually seen the least satisfactory figures for many [8230;]

Business survey to begin on April 1
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The General Statistical Office (GSO) is scheduled to begin a survey of businesses on April 1 with a view to collecting basic information to serve management and policy making, deputy general director of the office Nguyen Trung Tien said. The survey will cover enterprises, cooperatives, cooperative unions and people8217;s credit funds that have been operating [8230;]

Sheraton Saigon offers takeout food service
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Sheraton Saigon Hotel 38; Towers has launched its food delivery service designed especially for this season. The new promotion features office bento box menus and home delivery family set. There are two office bento box menus for diners to select Li Bai Bento Box with authentic Cantonese delicacies or an indulging Vietnamese Bento Box with [8230;]

Even with borders closing, we need to keep trade flowing
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Governments should take action to eliminate trade barriers on goods and component parts for goods critical to fighting Covid-19. The Covid-19 pandemic underscores the need to support trade to not only move medical supplies but also to bolster economies During the pandemic, the supply chains that move medical goods and keep the world fed are [8230;]

Visa and NextPay sign MoU to promote cashless payments in Vietnam
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Visa, the world-leader in digital payments, and NextPay, a provider of comprehensive digital transformation solutions (the parent company of Vimo E-wallet and the mPOS Payment Solution), today signed an MoU to promote cashless payments in Vietnam. Together, Visa and NextPay aim to strengthen the network of merchants that accept digital payments in Vietnam and expedite [8230;]

Vicostone targets more revenue and profit this year
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Stone maker Vicostone JSC (VCS) targets to achieve total revenue of VND6.65 trillion (US$279.9 million) this year, an increase of 19.6 per cent compared to 2019. Pre-tax profit is estimated to reach VND1.98 trillion, up by 19.8 per cent compared to the profit achieved in 2018. In 2020, Vicostone plans to develop digital transformation comprehensively [8230;]

Grab Vietnam spends $3 million supporting driver and merchant partners from COVID-19
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Grab Vietnam has launched a support fund worth VND70 billion ($3 million) to assist drivers as well as delivery and merchant-partners as well as support the government8217;s initiatives during the tough times of the COVID-19 pandemic. According to Nguyen Thai Hai Van, CEO of Grab Vietnam, the financial support is Grab8217;s latest effort to join [8230;]

State budget revenue declines amid COVID-19 battle
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

State budget revenue in March is estimated at VND89 trillion (US$3.82 billion), equivalent to 7.1 per cent of the ordinance estimate and down 2.2 per cent from the same period last year, data of the general Department of Taxation (GDT) revealed. A sharp reduction in crude oil revenue, which was just 70.6 per cent of [8230;]

Gold surpasses VND48 million per tael
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The price of gold in Vietnam continued to escalate by VND600,000 per tael (1.2 ounces) to above VND48 million per tael on March 30 although the global gold price retreated to near $1,600 an ounce. Saigon Jewellery Company bought gold at VND47.5 million per tael and sold at VND48.5 million per tael, an increase of [8230;]

TC Motor halts operations
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

TC Motor will suspend vehicle production in the northern province of Ninh Binh from April 1 to 15 due to concerns of COVID-19 spreading. TC Motor is the third automaker in Vietnam to suspend operations, following Ford Vietnam and Toyota Motor Vietnam on March 26 and 30, respectively. A TC Motor representative said the automaker [8230;]

Fresh fruit exported to China in refrigerated containers
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Export of fresh fruit to China via train using refrigerated containers has contributed to curbing the spread of the COVID-19 pandemic. According to the Vietnam Railways Corporation (VNR), this kind of shipping helps reduce the number of people engaged in the export procedure, while it is not necessary to quarantine drivers and owners. The VNR [8230;]

FWD Vietnam Life Insurance increases capital to over 13.9tr dong
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

FWD Vietnam Insurance Co., Ltd (FWD) had just announced to increase its charter capital from 3.675 trillion dong to over 13.937 trillion dong and then became the largest life insurance company in Vietnam by charter capital. Huynh Huu Khang, general director of FWD Vietnam, said that Vietnam was one of the fastest-growing insurance markets in [8230;]

Quarantine zones could get free electricity
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Thousands of hospitals, quarantine zones and hotels that are being used to fight the COVID-19 pandemic may have their electricity bills waived for three months starting from April. The move is part of a proposal Vietnam Electricity (EVN) made on Tuesday to allow electricity charge exemptions and reductions for some customers. The proposal aims to [8230;]

Promoting export of poultry products
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

According to the Department of Animal Health under the Ministry of Agriculture and Rural Development, the Russian animal and phytosanitaryquarantine agency had sent an official notice to the department, allowing imports of Vietnamese processed chicken products from C.P Vietnam Corporation. Accordingly, a chicken processing factory in Chuong My district, Hanoi, has become the first business [8230;]

VN rally cools following nationwide social-distancing order
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Vietnamese shares repealed on Tuesday as investors reacted defensively to the government8217;s nationwide social distancing decision to fight the COVID-19 pandemic. The benchmark VN Index on the Ho Chi Minh Stock Exchange was hardly changed, inching up 0.04 per cent to end at 662.53 points. The VN Index was at one point up 2.47 per [8230;]

Enough consumer goods to get through social distancing period: officials
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Vietnam has prepared enough consumer goods for a 15-day nationwide social distancing period requiring people to stay indoors, officials say. The restrictions on movement and gathering (not more than two people at a time) are being imposed starting Wednesday as the nation moves into a crucial phase of its fight against the Covid-19 pandemic. Tran [8230;]

Da Nang to export aerospace components next year
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The US-based aviation firm Universal Alloy Corporation (UAC) has put its Da Nang facility into operation. The factory will be a sole-source supplier producing over unique 5,000 aerospace components for Boeing aircraft. Commenced in March 2019, the factory spans an area of 16.7ha with a design capacity of 12,470 tonnes of metric systems per year [8230;]

BVSC reports after-tax profit of $5.4 million
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Bao Viet Securities Company (BVSC) reported after-tax profit of VND127.9 billion (US$5.4 million) last year, completing 102 per cent of its plan. The company published its financial statements for last year audited by Ernst 38; Young Vietnam on Tuesday. BVSC8217;s revenue reached VND564.1 billion, equal to 111 per cent of the plan. Profit after tax [8230;]

Vietnam manufacturing activity drops to record low on Covid-19
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The headline Nikkei Vietnam Manufacturing Purchasing managers8217; Index (PMI) fell sharply to 41.9 in March from 49.0 in February, signaling a steep decline in the health of the manufacturing sector, and one that was the most marked in more than nine years of data collection so far, according to Nikkei and IHS Markit. A reading [8230;]

Vietnamese economy stays resilient to external shocks: WB
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

While Vietnam remains significantly exposed to the COVID-19 outbreak and the ongoing turbulence in the global financial markets, its economy stays resilient to external shocks in the first few months of 2020, according to the World Bank (WB). In its East Asia and Pacific Economic Update April 2020, the WB said on the upside, Vietnam [8230;]

Securities trading uninterrupted during COVID-19 fight: SSC
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Trading on the Vietnamese securities market was essential and would not be disrupted under any circumstances during the fight against COVID-19, the State Securities Commission (SSC) said on Tuesday. Trading activities would be thorough and secure, the agency said in a statement, adding that securities trading was one of the essential services regulated by the [8230;]

Airlines to stop carrying passengers to Vietnam from April 1
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The Ministry of Transport has asked airlines to stop carrying passengers to Vietnam as from 00:00 of April 1 until the end of April 15 as part of measures to curb the COVID-19 pandemic. In an urgent dispatch to the Civil Aviation Authority of Vietnam (CAAV), the ministry stated that the suspension will not be [8230;]

Closure of US and EU borders puts domestic exports at a disadvantage
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

With Vietnamese businesses still concerned about the supply and trade of raw materials, they have faced another blow following announcements made by the United States and EU about the closure of their borders and temporary suspension of importing goods for a period of three weeks to a month. These latest updates are of great concern [8230;]

Strong demand spurs VN Index
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The local stock market made a slight recovery today, March 31, as the VN Index closed up 0.04%, buoyed by strong demand. Though an order on social distancing nationwide for 15 days issued earlier today put investors8217; nerves on edge in early afternoon phase, they quickly restored calm, helping the VN Index rise at the [8230;]

Hyundai suspends activities of car assembling factory in Vietnam
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

TC Motor, an assembling and distributing company belonging to automotive manufacturing giant Hyundai, is to temporarily suspend production from April 1-15 due to the growing impact of the novel coronavirus (COVID-19) epidemic. Based in the northern province of Ninh Binh, TC Motor8217;s factory is expected to resume operations in mid-April when the disease is successfully [8230;]

Nam A Bank the first bank aims to reduce profit by 14pct in 2020
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

According to the document submitted to the shareholders8217; meeting in 2020, Nam A Commercial Joint Stock Bank (Nam A Bank) set a target of 800 billion dong of pre-tax profit, down 14 percent from the previous year, although other indicators still grew. This bank expects total assets to increase by 23 percent to 116 trillion [8230;]

Da Lat demolishes illegal hotel construction
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The authorities in Da Lat City have started a forced removal of an illegally-built four-star resort project at Tuyen Lam Lake. On March 30, Vo Ngoc Trinh, vice chair of Da Lat City People8217;s Committee, said they had worked with related agencies to remove the construction forcibly which were being built at the national tourism [8230;]

Sunshine Group launches super-luxury apartments project overlooking Saigon River
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Sunshine Venicia, a super-luxury condo project in District 2 of Sunshine Group one of Vietnam8217;s leading real estate developers will be rolled out to the market in April. As the group8217;s most premier development in HCM City, Sunshine Venicia features a complimentary design that gives 100 per cent of the apartments 6 to 12 light-receiving [8230;]

VietinBank aims to expand credit by 6-10pct. in 2020
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

In the 2019 annual report, Commercial Joint Stock Bank for Industry and Trade of Vietnam (HoSE: CTG) targets to increase the total assets by three to five percent compared to 2019, develop outstanding credit by six to 10%, ensuring the credit growth limit assigned by the State Bank of Vietnam (SBV). The bank also aims [8230;]

US funds $3 million for Vietnam to cope with Covid-19
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

So far, the US CDC has worked with Vietnam8217;s health agencies for the fight against coronavirus and it plans to open a representative office in Vietnam. The US government has decided to finance $3 million in health assistance for Vietnam to strengthen the latter8217;s health capacity to deal with the Covid-19 pandemic. The funding, sourced [8230;]

Vietnam Airlines increases cargo transport to ensure trade
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The national flag carrier Vietnam Airlines has committed to intensifying the operation of freight flights, both domestically and internationally, amid the outbreak of the COVID-19 pandemic. From March 12-31, it has conducted 45 freight flights from Hanoi and HCM City to Japan, the Republic of Korea, China, Hong Kong (China), Singapore, Malaysia and Thailand. Cargo [8230;]

Reference exchange rate revised down on April 1
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The State Bank of Vietnam set the daily reference exchange rate at 23,232 VND per USD on April 1, down 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 23,928 VND/USD and the floor rate 22,536 VND/USD. The opening [8230;]

Public buses in HCM City to be suspended tomorrow
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Public bus services in HCM City will be suspended for two weeks, from April 1 to 15, to stem the spread of the coronavirus, reported Tuoi Tre newspaper. Nguyen Thanh Phong, chair of the municipal government, has approved the HCM City Transport Department8217;s proposal to suspend bus services for the fortnight, which is considered a [8230;]

Laptop sales soar due to online work/study
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Demand for laptops has risen significantly as students and employees are studying and working at home due to the COVID-19 crisis. Parents in HCM City and other provinces have said that while they had previously been content with having only one laptop to share or have their children use smartphones, they now have had to [8230;]

The shareholder meeting season remains unexpectedly quiet
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

A series of banks such as Military Commercial Joint Stock Bank (MB MBBank), Southeast Asia Commercial Joint Stock Bank (SeABank), Asia Commercial Joint Stock Bank (ACB), and Vietnam Technological and Commercial Joint-Stock Bank (Techcombank) and large enterprises have to inform to shareholders about the delay of holding the general Meeting of Shareholders, instead of March [8230;]

Vingroup breaks profit record
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Vingroup in 2019 has managed to break its previous record of VND7.149 trillion ($310.83 million) from 2013 by reaching VND7.717 billion ($335.5 million). According to its accumulated financial statement for 2019, Vingroup acquired VND130.03 trillion ($5.65 billion) in net revenue, up 6.7 per cent on-year. The pre-tax profit was VND15.63 trillion ($679.57 million), increasing by [8230;]

The US business community concerned on impact of corona virus
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

About 80 per cent of responding members are very concerned about the economic impact of the novel coronavirus, according to a survey conducted by the American Chamber of Commerce in Hanoi (AmCham). The survey, which was released on Tuesday, focused on quantitative issues such as the coronavirus8217; expected impact on corporate revenues and Vietnamese GDP, [8230;]

Mekong Delta faces rice crisis as exports are interrupted
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Hundreds of thousands of tonnes of rice in Mekong Delta remain unsold as merchants have stopped collecting rice. Farmers fear the rice price will drop dramatically if Vietnam stops exporting rice. Le Van Lam, 69, in Dong Thap province, is worried as the rice price has unexpectedly fallen by VND300-500 per kilogram and merchants have [8230;]

Vietnamese spend average of $21.5 daily via e-wallet
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

Vietnamese e-wallet users perform 1.6 to 2.2 transactions on digital platforms daily with an average spending of VND500,000 ($21.5), according to a survey. On average, Moca users performed 2.2 transactions daily, and the figures for Momo and ZaloPay were two and 1.6. Momo users spent an average of VND520,000 ($22.3) while it was VND506,000 ($21.8) [8230;]

Saigon cafe uses fishing rod to practice social distancing
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

As Vietnamese are asked to embrace social distancing to prevent the spread of the novel coronavirus disease (COVID-19), a coffee shop in HCM City has come up with an ingenious idea to keep their business running while ensuring safety for employees and customers. On Tuesday last week, the HCM City administration issued a directive asking [8230;]

Central city debuts Hi-Tech Park administrative centre
Wed, 01 Apr 2020 23:02:01 +0000

Intellasia East Asia News

The Hi-Tech Park and Industrial Zones management board has put into operation the central building offering one-door administrative procedures and support to investors at the park from Tuesday. Head of the board, Pham Truong Son, said construction on the four-storey building began last year with an investment of VND132 billion (US$5.7 million). He said the [8230;]

Copyright © AccessVietnam.net, all rights reserved.    Designed and Maintained by Hallisoft