Vietnam Business News

Awake Asia, ADA merge to form e-commerce research giant
Sat, 12 Jun 2021 00:22:29 +0000

Intellasia East Asia News

Data and artificial intelligence company ADA has announced the launch of the region8217;s first integrated eCommerce practice through a merger with Awake Asia, a regional eCommerce enabler operating in six countries in Southeast Asia. The merger integrates Awake8217;s operations under the ADA brand from June fulfil the needs of brands seeking to move online in [8230;]

Hanoi identifies priorities to assist businesses in overcoming Covid-19 impacts
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Administrative reform is seen as a necessary step to improve the business environment and enhance enterprises8217; competitiveness. Hanoi would continue to address businesses8217; concerns over administrative procedures, especially on large-scale projects financed by both public and private funds. 8220;This was among a number of measures that Hanoi8217;s authorities are expected to press on and help [8230;]

ABBANK gets new brand identity, looks
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

After 28 years of operating in the market as a friendly retail bank, An Binh Commercial Joint Stock Bank has launched a new corporate brand identity that underlines a commitment to bringing better experiences to customers. The new brand identity was adopted in August 2019. As part of this, 95 of the lender8217;s 165 transaction [8230;]

Vietnamese universities enter top 1000 of QS global rankings
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

This marks the fourth consecutive year the two Vietnam8217;s national universities have made it into the top 1,000. The Vietnam National University in Hanoi and its sister institution in HCM City (HCM City) have entered the 801 to 1000 band of the 2022 rankings compiled by Quacquarelli Symonds (QS), a British firm specialising in overseas [8230;]

Conference links Vietnamese, Japanese firms in supporting industries
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Twenty-one Vietnamese enterprises in supporting industries and 48 Japanese businesses took part in an online conference on June 10, where they exchanged information and sought partners. Vu Ba Phu, director of the Vietnam Trade Promotion Agency (Vietrade) at the Ministry of Industry and Trade, briefed the conference on Vietnam8217;s foreign trade activities, with export revenue [8230;]

HCM City economy expected to recover with COVID-19 vaccine
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

The economy of HCM City is forecast to recover if Vietnam successfully imports COVID-19 vaccines in 2021 until the first quarter of 2022. Tran Hoang Ngan, director of the HCM City Institute for Development Studies (HIDS), drew up three scenarios for the city8217;s economy in the meeting between Ho Chi minh City People8217;s Committee, the [8230;]

BAC A BANK launches new app programme
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

In order to spur on non-cash payment and optimise e-bank transactions, BAC A BANK is deploying a preferential programme on installing its app for enterprise customers. The outbreak of the COVID-19 pandemic has taken a heavy toll on socioeconomic development in the world and in Vietnam. However, seen from a positive angle, the pandemic has [8230;]

Reboot required for high-tech funding
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Foreign investment flows into Vietnam8217;s high-tech sector remained lacklustre in the first five months of 2021, falling behind in meeting national expectations and forcing the country to change its approach. In May, Taiwan8217;s Far Eastern pumped an additional $610 million into a factory from Polytex Far Eastern Vietnam, located in the southern province of Binh [8230;]

Offshore wind likely contribute 12pct to Vietnam8217;s power by 2035: World Bank
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Vietnam has a globally relevant offshore wind resource, enabling it to generate 30 percent of total national electricity by 2050. Offshore wind is projected to supply between 5 percent and 12 percent of Vietnam8217;s electricity needs by 2035 in two possible growth scenarios built by the World Bank (WB). It8217;s equivalent to 11 GW and [8230;]

MSB to issue 18 million ESOP shares priced at VND10,000 each
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

The Board of directors of Maritime Commercial Joint Stock Bank (MSB) has approved the plan to issue shares under the Employee Stock Ownership Programme (ESOP). This programme is part of the policy of recruiting and retaining talents as well as encouraging employees8217; contributions to the overall development of the bank. According to MSB, there will [8230;]

VinFast posts rise in auto sales in May
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Despite the impact of the COVID-19 pandemic, Vietnamese auto-maker VinFast Trading and Production LLC still enjoyed a month-on-month increase of 5 percent in sales in May, to 2,855 vehicles. As a subsidiary of Vietnamese conglomerate Vingroup, it sold 1,868 Fadil, 457 Lux A2.0, and 530 Lux SA2.0 models. It has sold some 12,421 of the [8230;]

Russia becomes largest pork supplier to Vietnamese market
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Russia earned 130.5 million USD from exporting 63,500 tonnes of pork and viscera to Vietnam in 2020, equivalent to 25 percent of Vietnamese pork imports, thereby becoming the largest pork supplier to the Southeast Asian nation. Vietnam8217;s total import volume of pork last year rose 44 percent to 270,000 tonnes. The Ministry of Agriculture of [8230;]

Bank stocks still have good opportunities in 2021
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

In the past period, bank stocks played an important role and were the main driver of the market, helping the VN Index rise sharply to1,350 points. The market capitalisation of 16 listed banks currently contributed more than 35.5 percent of the total capitalisation of VN Index and 42 percent of capitalisation of VN30-Index, a sharp [8230;]

Centralised IT zone to be set up in Can Tho
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Deputy prime minister Vu Duc Dam has signed a decision establishing a centralised information technology (IT) zone in the Mekong Delta city of Can Tho. The zone, covering nearly 200,220 sq.m in Hung Thanh Ward of Cai Rang District, will be invested by the Can Tho Development Investment Fund. Its functions and duties are stipulated [8230;]

Vietnam May coffee exports down 1.4pct m/m, rice down 19.9pct
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Vietnam8217;s coffee exports in May were down 1.4 percent from April at 130,285 tonnes, while rice exports in the same period fell 19.9 percent against the preceding month, government customs data released on Thursday showed. For the first five months of 2021, Vietnam exported 715,263 tonnes of coffee, down 12 percent from a year earlier, [8230;]

Instant online account opening via BIDV SmartBanking
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Within minutes, customers can easily open a bank account via SmartBanking app instead of visiting a bank transaction office, plus many attractive offers. As one of the pioneers of using eKYC (Electronic Know Your Customer) to replace the traditional customer identification process (KYC), BIDV is introducing 100 percent closed digital banking transactions, enabling customers to [8230;]

Agriculture ministry seeks six ministries8217; help in boosting farm produce consumption
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

The Ministry of Agriculture and Rural Development on June 9 asked the Ministries of Industry and Trade, Health, Public Security, Transport, Foreign Affairs and Finance to help boost the consumption of agricultural products. The proposal was made as the harvest season of many kinds of farm produce is arriving, while many localities are having difficulties [8230;]

Golden population structure and financial pressure in an aging society
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

One of the 10 countries with the fastest ageing population in the world, Vietnam has an estimated 30 years within the 8220;golden population structure8221; period, considerably shorter than many neighbouring countries. The rapid ageing rate and the low ratio of independent seniority are expected to entail pressures and burdens on social security. Vietnam is enjoying [8230;]

New stock trading system from RoK in trial run from next week
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

A trial run of a stock trading system from the Republic of Korea, known as KRX, will be conducted from Monday (June 14) next week, Ho Chi Minh Stock Exchange (HoSE) announced Thursday. HoSE said from June 11, it will send technical specifications via a forum to securities companies. From June 14 to July 23, [8230;]

Third COVAX vaccine batch to arrive at Vietnam in July
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

The third COVAX batch is being considered by the World Health Organization and is expected to arrive in Vietnam next month. Rana Flowers, representative of the UN Children8217;s Fund (Unicef) Vietnam, said that COVID-19 vaccine for countries, supplied by the COVAX Facility via Unicef, is being considered by the World Health Organization (WHO) and is [8230;]

Egyptian localities aspire to cooperate in areas of Vietnam8217;s strength
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Numerous Egyptian localities are keen to promote cooperation with Vietnam in areas which are the country8217;s strengths, such as seaports, logistics, gas, seafood, agriculture, tourism, and culture. This view was shared during the course of a working sessions held on June 9 between Vietnamese Ambassador Tran Thanh Cong, the Governor of Port Said Adel e-Ghadban, [8230;]

Selling pressure behind stock market8217;s loss
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

The increased selling pressure dragged the local stock market down, with the VN Index of the Hochiminh Stock Exchange falling 9.32 points, or 0.07%, at 1,323.58 points today, June 10. There were 162 stocks rising and 236 falling stocks. The southern bourse saw matching volume dipping 12 percent at over 723.48 million shares and value [8230;]

Rice bran oil production plant gets off ground in Dong Thap
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Co May Lai Vung Co. has broken ground on a rice bran oil manufacturing plant in the Hau River Industrial Park in Dong Thap Province8217;s Lai Vung District. The project to make rice bran oil had been planned since 2015, Pham Minh Thien, general director of Co May Lai Vung, said, adding that the facility [8230;]

Energy mix for Vietnam with LNG-to-power
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Supported by the favourable geographical and natural conditions and constrained by the restrictions on thermal power projects in the last few years, Vietnam has been promoting the concept of using liquefied natural gas for power production. Vaibhav Saxena and Tu Hue Anh from Vilaf law firm delve into the opportunities and key obstacles under the [8230;]

Market retreats, VN Index loses more than 9 points
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Shares plunged on Thursday as selling pressure continued to weigh on market sentiment. The market benchmark VN Index on the Ho Chi Minh Stock Exchange (HoSE) inched down 9.32 points, or 0.7 per cent, to 1,323.58 points. The index rose nearly 1 per cent yesterday afternoon after falling for two straight sessions. The market8217;s breadth [8230;]

City to speed up vaccination drive, assist businesses affected by outbreak
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

HCM City authorities will continue to support the business community affected by the pandemic and speed up the vaccination drive, Nguyen Van Nen, secretary of the city Party Committee, said during an online conference on Thursday. Nen said the city has set a target to vaccinate two-thirds of the city8217;s population by the end of [8230;]

Vietnam can control domestic petrol prices by adjusting taxes, fees: experts
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Rising global oil prices have been putting pressure on gasoline prices in the domestic market. According to the report of the general Statistical Office of Vietnam under the Ministry of Planning and Investment, an increase of 12.08 percent in the five-month domestic gasoline prices and 15.32 percent year-on-year in gas prices are one of the [8230;]

Dat Xanh Group ready for breakthrough in 2020-2030 with issuance of 200 million shares
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

According to the document expected to be presented at the 2021 annual general meeting of shareholders, Dat Xanh Group JSC (HSX: DXG) will propose to issue shares for new shareholders and employees. According to the plan, Dat Xanh Group will issue 200 million shares (equivalent to 38.59 per cent of the current shares) reserved for [8230;]

HCM City seeks ways to help laid-off workers, poor people survive pandemic
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Financial relief packages and free supply of rice and other essential goods are among the many initiatives being taken by the government and charity organisations to help workers affected by the COVID-19 pandemic. Around 9.1 million people have had their employment status negatively impacted by the pandemic in the first quarter of this year, with [8230;]

Hanoi pauses near 100 BT projects
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

82 build-transfer (BT) projects in Hanoi developed by real estate developers have been ordered to halt. Hanoi Department of Planning and Investment has just issued a document to block the development of 82 projects running under BT contracts, in accordance with the Law on Investment 2020 which has come into effect on January 1, 2021. [8230;]

Vietjet to trial IATA Travel Pass for international flights
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Vietjet will participate in trialling the International Air Transport Association (IATA) Travel Pass, a mobile app to manage digital health credentials in order to bring the best experiences to customers. The IATA Travel Pass will help passengers manage their travel health credentials in line with the prevailing government requirements for COVID-19 tests or vaccination. It [8230;]

Cisco turns Vietnamese clients Cloud Smart to deliver exceptional digital experiences
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Cisco (NASDAQ: CSCO) today announced new ways it is helping customers accelerate digital transformation as they move more resources to the cloud. The hyper-connected, distributed world we live in now relies on cloud more than ever, and IT teams are facing challenges to provide people with optimal digital experiences wherever and whenever they need access. [8230;]

Canada launches fourth exclusion inquiry on imported steel products
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

The Canadian International Trade Tribunal (CITT) has issued a notification on the launching of inquiry for exclusion requests concerning imports of a number of steel products originated from some countries, including Vietnam. According to the Trade Remedies Authority under the Ministry of Industry and Trade, the inquiry targets exporters of steel plate and stainless steel [8230;]

One more airline pilots Covid-19 vaccine passport programme
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Vietjet Air has piloted the IATA Travel Pass, developed by the International Air Transport Association (IATA), making it the second carrier in Vietnam to pilot using Covid-19 vaccine passports, said Dinh Viet Phuong, managing director of the air carrier, on June 10. As of today, Vietnam Airlines and Vietjet Air had piloted a Covid-19 vaccine [8230;]

Proposal to suspend domestic flights to Phu Quoc disapproved
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

The provincial government of Kien Giang decided not to endorse the suspension of domestic flights to Phu Quoc Island as previously suggested by the island city8217;s authorities, said a local official. The provincial government on June 9 chaired a working session with departments, the government of Phu Quoc City, representatives of the Kien Giang Maritime [8230;]

China remains key market for Vietnamese garments and textiles
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

China is anticipated to become a major market for Vietnamese garments and textiles moving forward due to the country facing numerous challenges when exporting items to the United States, the EU, and Japan this year. This information was unveiled in a document unveiled at the recent annual general meeting of shareholders by the Vietnam National [8230;]

HCM City apartment rental market hit hard by COVID-19
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

The COVID-19 pandemic has left HCM City8217;s residential leasing industry stagnant. While the number of tenants has dropped dramatically, many high and mid-end apartments have stayed unoccupied. An owner of a residential building on Ly Tu Trong in Central Business District 1, HCM City said her major customers were foreign experts from international companies, who [8230;]

Four lockdowns within 18 months have hit businesses hard.
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

In the last 18 months, lockdowns and social distancing have been imposed on four occasions. As a result, many enterprises have had to reinvest or restart business because of disrupted production chains during the social distancing periods. The fourth wave of Covid-19 is different from the previous ones as it is a larger scale, with [8230;]

Cooperation at heart of major efforts to protect ecosystem
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

On the occasion of the World Environment Day this year themed 8220;Reimagine. Recreate. Restore.8221;, Caitlin Wiesen, resident representative of the United Nations Development Programme in Vietnam, talked with VIR8217;s Thanh Dat about Vietnam8217;s efforts to protect the environment in pursuit of sustainable development. How do you evaluate Vietnam8217;s efforts in ecosystem restoration and biodiversity conservation? [8230;]

Ministry affirms Cat Linh-Ha Dong metro line certified as safe by French consultant
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Responding to news about the recommendations from Apave-Certifier-Tricc (ACT), a French consulting firm, over the safety of the Cat Linh-Ha Dong urban railway project, the Ministry of Transport said that these recommendations were given in the initial period of safety evaluation and the project was issued a safety certificate by the consulting firm in late [8230;]

Vietnam shares economic development experience with Venezuela
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

A webinar on the role of the private economic sector and experience in foreign investment management of Vietnam in Doi moi (renewal) process took place in Venezuela on June 9. The event, held by the Embassy of Vietnam in Venezuela together with the Venezuela-Vietnam Chamber of Commerce (CAVENVIET), aimed to share Vietnam8217;s achievements in economic [8230;]

Visa partners Sacombank to launch Business Reporting, an SME spend management tool
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Visa, the global leader in digital payments, has teamed up with Sacombank to provide small and medium-sized enterprises (SMEs) in Vietnam with access to an enhanced spend management tool designed to help manage their business expenses more effectively. Visa Business Reporting enables SMEs to track where and how their money is spent, and if they [8230;]

Samsung seeks direct energy route
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

The investment legal framework for Vietnam8217;s renewable energy market could change if Samsung gets government approval to buy renewable energy directly from power generators. According to information released by the Ministry of Industry and Trade (MoIT), Samsung Electronics leaders held a meeting with minister of Industry and Trade Nguyen Hong Dien last week. The MoIT [8230;]

Obstacles hindering O Mon III venture
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

The O Mon III thermal power plant in the Mekong Delta city of Can Tho is facing lingering issues related to investment policy and responsibility, leading to the protracted delay in part of the gas project. Electricity of Vietnam (EVN) recently proposed to the prime minister an investment plan for the O Mon III thermal [8230;]

Reference exchange rate down further on June 11
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

The State Bank of Vietnam set the daily reference exchange rate at 23,101 VND per USD on June 11, down 3 VND from the previous day. With the current trading band of +/ 3 percent, the ceiling rate applied to commercial bank during the day is 23,794 VND/USD and the floor rate 22,407 VND/USD. The [8230;]

Businesses in HCM City wallowing in lack of capital and high production costs
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Due to the impact of the COVID-19 pandemic, most businesses in HCM City face a shortage of capital while production costs are increasing. 8220;The pandemic situation in the area is still complicated,8221; Nguyen Thanh Phong, Chair of HCM City People8217;s Committee, said in the meeting between the committee, the city8217;s leaders, experts, and businesses. Regarding [8230;]

HCM City factories plan to keep production going amid Covid-19 isolation
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Many HCM City factories are making provisions for employees to live on the premises and keep production going if they are isolated because of the Covid-19 pandemic. The M.D.K Garment Factory of the Thuan Phuong Embroideries Garment Co., Ltd (Thuan Phuong Group), which is located in District 12, was isolated starting last week over a [8230;]

Vietnam8217;s growth outlook remains optimistic despite latest Covid-19 outbreak
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Despite the recent resurgence of Covid-19 cases, Vietnam8217;s growth outlook remains optimistic and its gross domestic product (GDP) growth would be the fastest among the Southeast Asian economies in the second half of 2021, according to Oxford Economics. The economic outlook report is optimistic due to an improvement in global trade activities, accommodative macro policies, [8230;]

Unsecured debts require regulation
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

Unsecured loan sales may see growth accelerated in response to a Vietnamese government ban on debt collection services however, experts believed a clearer legal framework and firmer rules would help spur a more substantial unsecured debts market. VietinBank has just announced an auction to sell consumer loans to recover debts the very first commercial bank [8230;]

Vietnam Airlines cleared for 12 repatriation flights from US
Fri, 11 Jun 2021 22:02:02 +0000

Intellasia East Asia News

National flag carrier Vietnam Airlines has received permission from US authorities to conduct 12 repatriation flights this year, the first of which is scheduled for this month. The first flight will leave Hanoi on June 22 for Washington D.C. with a stop in Alaska before returning to Vietnam on June 24. The airline will use [8230;]

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