Vietnam Business News

FDI attraction not yet sustainable: Insider
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Foreign direct investment (FDI) poured into Vietnam during the first quarter of 2021 increased compared to the same period last year despite complex developments of COVID-19, which was a relatively positive result but is not sustainable, an insider has said. In Q1, the country attracted 10.13 billion USD in FDI, up 18.5 percent year-on-year. Of [8230;]

PNJ targets higher revenue and profit this year
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Despite COVID-19 reducing turnover in the last two years, Phu Nhuan Jewellery JSC (PNJ) has set targets of more than VND21 trillion ($913 million) of revenue and net profit of VND1.23 trillion ($53.5 million) this year. According to PNJ chairwoman Cao Thi Ngoc Dung, these targets mean a 20 and 15 per cent increase in [8230;]

Noi Bai Airport expected to see record passenger traffic in coming holidays
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Noi Bai International Airport in Hanoi is predicted to serve a daily record of 75,000 passengers during the upcoming National Reunification Day (April 30) and May Day holidays. An airport representative said after the Lunar New Year holiday in mid-February, when the COVID-19 resurgence was brought under control, the number of passengers on domestic air [8230;]

National Power Transmission Corporation launches first digital transformer station
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Vietnam8217;s National Power Transmission Corporation (EVNNPT) put into operation its first digital transformer station in Thuy Nguyen district, the northern port city of Hai Phong on April 19. The 210kV station was built at the total cost of more than 348 billion VND (15 million USD) on an area of some 40,100 square metres spanning [8230;]

Hanoi set to attract up to 40 billion USD in FDI over next five years
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Hanoi has compiled a plan on attracting between 30 and 40 billion USD worth of foreign direct investment (FDI) during the 2021-2025 period, deputy director of the municipal Department of Planning and Investment Vu Duy Tuan told a working session with local authorities on April 19. According to Tuan, during the 2016-2020 period, the city [8230;]

Banks watch on loans to potentially risky areas
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

State Bank of Vietnam (SBV)8217;s governor Nguyen Thi Hong has directed commercial banks to investigate a number of banks loans issued in the first quarter of 2021. The move was made after the media raised questions over potentially risky investment channels such as real estate and securities. According to Hong, SBV has set a credit [8230;]

Online exhibition to promote Vietnamese construction products in Australia
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The second virtual Vietnam Sourcing Expo on 8220;Build and Home Decor8221; will be held by the Vietnamese trade office in Australia following the success of the first one in 2020. According to the office, Vietnamese enterprises can register for free space in the expo via email at vntrade@bigpond.net.au. The office has also provided data on [8230;]

VPI, PVOIL partner in research on electric-vehicle battery, charging station
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The Vietnam Petroleum Institute (VPI) and the PetroVietnam Oil Corporation (PVOIL) have agreed to collaborate in the research on electric vehicle (EV)8217;s battery and charging station. Under the reached agreement, VPI is to assess the impact of energy transition tendency on Vietnam8217;s petroleum market, identify challenges and chances under the transition and the development of [8230;]

Cement consumption increases by 2.6pct over the same period
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

According to statistics from the Ministry of Construction, in March, consumption of cement products reached about 8.87 million tonnes, up 1.5 percent over the same period last year, of which domestic consumption was about 5.02 million tonnes. Accumulation of the first quarter of 2021, total cement consumption reached 21.6 million tonnes, up 2.6 percent year-on-year, [8230;]

Banks to create favourable conditions for people to access credit
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

According to the State Bank of Vietnam (SBV), so far, banks have restructured the repayment term for nearly 263,000 customers affected by the Covid-19 pandemic with a total credit outstanding balance of more than VND353 trillion. Besides, they have also exempted and reduced interest rates for more than 660,000 customers with a total credit outstanding [8230;]

Firms to get help to expand rice export markets
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

In order to take advantage of FTAs and increase the Vietnamese rice export market share at more competitive prices, the Ministry of Industry and Trade will continue to co-ordinate with ministries, branches and the Vietnam Food Association to help businesses effectively carry out the deals and make the most of markets such as South Korea [8230;]

Kien Giang to invest in infrastructure for tourism development
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

As part of its socio-economic development plans from now until 2025, the province of Kien Giang will be focusing on tourism, with more investment in infrastructure projects such as airports and seaports, and promote Phu Quoc to an international marine eco-tourism and service centre. According to Kien Giang8217;s five-year socio-economic development plan, the goal is [8230;]

Dong Thap shines in PCI tally
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The Mekong Delta province of Dong Thap has maintained its second position in the Provincial Competitiveness Index (PCI) ranking 2020, doing so for the fifth time. To mark the achievement, Pham Thien Nghia, Chair of Dong Thap People8217;s Committee, lifted the curtain on the province8217;s recent efforts to improve the local investment and business environment. [8230;]

Main index starts new week at record high
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Many bluechip stocks soaring sharply helped the benchmark VN Index of the Hochiminh Stock Exchange hit its record high at over 1,260 points today, April 19, with steel stocks stealing the limelight. With up to 297 winners and 126 losers, the main index gained 21.87 points, or 1.77 percent against the previous session to finish [8230;]

Strong supply keeps pouring into the industrial market: JLL
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The supply of industrial property in the South is expected to rise further in the next five years to capitalise on the increasing demand in the region, and further strengthen its leading position in terms of supply, according to JLL Vietnam. The provincial governments have shown further plans to establish new IPs of roughly 23,400 [8230;]

Steel tycoon becomes Vietnam8217;s 2nd richest person as share price soars
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Tran Dinh Long, chair of steelmaker Hoa Phat Group, has overtaken Nguyen Thi Phuong Thao, CEO of Vietjet Air, to become the second richest person in Vietnam. As of Monday his net worth was $2.7 billion, according to US magazine Forbes, as his company8217;s stock, HPG, has been rising to new highs. On Friday, it [8230;]

Bac Lieu exceeds many economic development targets
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The Mekong Delta province of Bac Lieu has made great efforts to reach its set targets, resulting in an increase in economic growth in the first quarter of 2021, despite the COVID-19 pandemic. Regarding agricultural production, the province harvested nearly 240,000 tonnes of rice in the first quarter of this year, equivalent to 20.77 percent [8230;]

Foreign capital not weigh on VN stocks: BVSC
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

As the benchmark Vn-Index is on track to reach the new height of 1,300 points in short-term, domestic capital inflows would serve as a major driver for growth. Foreign investors maintaining their status as net seller for the past few months has not had significant impact to the stock market8217;s performance as in previous years, [8230;]

5-star hotels slash service fees to lure Vietnamese guests
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Many luxury hotels remain deserted with no foreign guests during Covid-19 and, as a result, hoteliers have slashed room rates to survive the difficult period. Located at the noisy Thai Ha 8212; Tay Son Crossroads, a luxury hotel is deserted with only several security guards at the entrance door. The project has been facing bad [8230;]

Vietnam National Brand Week launched in HCM City
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The Ministry of Industry and Trade launched the Vietnam National Brand Week 2021, an event to strengthen national brand identity and promote products recognised as national brands by the government domestically and internationally, in HCM City on April 19. A number of forum and seminars on Vietnam8217;s national brands will be held in Hanoi and [8230;]

Workers8217; average income up in first quarter
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Vietnam saw a year-on-year fall in the number of workers joining the labour market in the first quarter but increases in average income, according to Pham Hoai Nam, director of the Population and Labour Statistics Department at the general Statistical Office (GSO). Nam said that workers8217; average monthly income in the first quarter stood at [8230;]

Shares hit fresh peak on strong buying force
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Shares hit a fresh peak on Monday as strong buying force bolstered market sentiment. The market benchmark VN Index on the Ho Chi Minh Stock Exchange (HoSE) closed the first session of the week at 1,260.58 points, up 1.77 per cent or 21.87 points. The market breadth was positive as 297 stocks gained while 126 [8230;]

Tan Son Nhat Airport asks passengers to arrive early, complete forms online
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The Tan Son Nhat Airport has been facing severe congestion in the past several days, with the operator attributing the situation to passengers8217; lack of awareness in following the airport8217;s policies as well as filing the electronic medical declaration form. For days, the airport has been dealing with an overflow of passengers as the peak [8230;]

KIDO reports surge in profits
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Food producer KIDO Group reported a 34.5 per cent year-on-year rise in net revenues in the first quarter to over VND2.3 trillion (US$101 million). Pre-tax profit was up 138 per cent to more than VND150.2 billion ($6.5 million). The company attributed the sharp rise to contribution system development and diversified products during the Lunar New [8230;]

Quang Ninh eyes 9.6pct in GRDP growth in Q2
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The northern province of Quang Ninh is taking all-out efforts to achieve a Gross Regional Domestic Product (GRDP) growth rate of 9.6 percent in the second quarter of 2021 and 9.3 percent in the first half of the year. The province sets for its GRDP to grow by 10.1 percent this year. The services sector [8230;]

CAAV announces procedures for licensing private flights in Vietnam8217;s territories
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The Civil Aviation Authority of Vietnam (CAAV) has issued a document on the licensing of private flights conducted by aircraft not registering for Vietnamese nationality within Vietnam8217;s territories. Accordingly, the owner or the operator of such aircraft must complete procedures to obtain the registration certificate of non-commercial general aviation activities before July 15, 2021. Pending [8230;]

Heineken staff try to scuttle competition with threats
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Some Heineken employees have been caught demanding that beer distributors not sell competitors8217; products, although the company says this is not its policy. Beer sellers in HCM City last year complained that Heineken staff had asked them to not put on display or sell products of the Saigon Beer Alcohol Beverage Corporation, such as Saigon [8230;]

Airlines urged to strengthen maintenance for unused jets: CAAV
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

A total of 39 aircraft have been left unused and parked on runways and in storage facilities as of the end of this year8217;s first quarter due to border closures and air travel bans induced by the COVID-19, according to the Civil Aviation Authority of Vietnam (CAAV). Among the aircraft, 18 belong to the national [8230;]

Car imports from China increase sixfold
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Vietnam imported 3,945 completely built-up (CBU) cars from China in Q1, six times over the same period last year, according to the general Department of Vietnam Customs. Chinese imports to Vietnam included brands like Beijing, Brilliance, and BAIC. Despite the surging number of cars imported from China, the country was the third largest car supplier [8230;]

Vietnam becoming an Ramp;D hub for global tech giants
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Samsung Electronics is building a $220 million R38;D centre in Hanoi, and US chip company Qualcomm has set up its first R38;D facility in Southeast Asia in Vietnam. The former is expected to be completed in 2022 and employ 3,000 engineers. The South Korean giant also has other R38;D centers in Vietnam to research into [8230;]

Vietnam among WeWork8217;s top markets in Southeast Asia
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Vietnam is among the top countries in Southeast Asia for coworking space provider WeWork, growing by 8 percent since early last year. Most of its customers in the country are in technology, pharmaceuticals and manufacturing, while financial organisations are among the new ones, Elisabeth Laws Fuller, WeWork8217;s head of growth in Southeast Asia, told VnExpress. [8230;]

Long An capable of developing high-tech economic zone: deputy PM
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The Mekong Delta province of Long An has opportunities and advantages needed for development of a high-tech economic zone in line with the goal set for 2020-2025 by the local Party Committee, said Permanent deputy prime minister Truong Hoa Binh at a conference held in the locality on April 19. He requested Long An seek [8230;]

Vietnam among fastest growing national brand values globally
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The latest report published by Brand Finance indicates that nation is one of the countries which has enjoyed the fastest growth rate in terms of national brand value in the world, representing an annual rise of 29 percent to $319 billion in comparison to figures from 2019. Deputy minister of Industry and Trade Do Thang [8230;]

Samsung Vietnam earns $3.8 billion in profit in 2020
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Vietnam remains a major production hub for Samsung, as revenue from Samsung Vietnam made up 30 percent of that of the South Korean tech giant in the global market last year Four major subsidiaries of Samsung in Vietnam earned a combined revenue of $63.25 billion in 2020, down 4 percent year-on-year, resulting in a profit [8230;]

HCM City aims to become leading investment destination in region
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

HCM City is applying measures to become a leading destination in the region in investment, renovation, and science-technology in 2025, creating a fair and safe business environment for businesses and investors. Under a new plan issued recently by the municipal People8217;s Committee for the 2021-2025 period, HCM City will continue to improve the Provincial Competitiveness [8230;]

Travel companies reopen in lead up to summer
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The increasing travel demand ahead of summer has enabled many travel companies to reopen after months of closure. Some businesspeople said in case the Covid-19 pandemic remains under control, the number of domestic tourists this summer could return to the summer 2019 level. According to travel companies, the number of tourists booking tours has increased [8230;]

Transport Ministry proposes support policies for Vietjet, Bamboo Airways
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The Ministry of Transport has proposed the government work out policies to support Vietjet and Bamboo Airways, which have been severely affected by Covid-19, including through loans with preferential annual interest rates of 0%-4%, extension of tax and fee payment deadlines and tax and fee reductions. The ministry has proposed the government consider policies and [8230;]

OCB offers the highest savings rate in the market
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

In the market, the highest savings interest rate is announced at 8.2 percent per annum in Orient Commercial Joint Stock Bank (OCB) for deposits of 500 billion dong on term of 13 months. Deposits on terms of 12 months with similar conditions are offered an interest rate of 8.1 percent per annum. For amounts under [8230;]

Bel Ga holds grand opening for Tay Ninh high-tech hatchery
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Bel Ga JSC (Belgium), De Heus Group (the Netherlands), and Hung Nhon Group (Vietnam) held the opening ceremony of Bel Ga Tay Ninh High-Tech Poultry Hatchery on April 17 at Thanh Thanh Cong Industrial Park in Tay Ninh province, as part of their supply chain of clean, sustainable, and export-oriented agricultural products. The opening ceremony [8230;]

Lotteria Vietnam denies report of shutdown, insists on business continuation
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Lotteria Vietnam has said that it will continue its business expansion in Vietnam amid Korean media reports of its closedown over a net loss of nearly $9 million. The company, which is operated by Lotte GRS under South Korea8217;s Lotte Group, dismissed a media report that it would cease operations in Vietnam, a spokesperson told [8230;]

Pandemic is changing landscape of consumer credit: experts
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The COVID-19 pandemic is signficantly changing the landscape of the consumer credit market as consumers tend to tighten their budget and pay more attention to healthcare, environment and lifestyle as well as switching to online shopping. According to Can Van Luc, a member of the National Financial and Monetary Advisory Council, financial companies will reshape [8230;]

Over 57.5 per cent of Vietnamese SMEs struggle with digital transformation: How can they cope with the challenge?
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Small- and medium-sized enterprises (SMEs) account for 97 per cent of the total number of enterprises and contribute more than 45 per cent of Vietnam8217;s total GDP. In the face of market changes due to digital transformation, how can SMEs turn challenges into opportunities? Vietnam8217;s digital transformation has led to a boom in new communication [8230;]

Vietnam is world8217;s 13th largest mango producer
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Vietnam is the 13th largest producer of mangoes in the world, with a total production area of 87,000 hectares and output of 893,200 tonnes in 2020, according to the Ministry of Agriculture and Rural Development (MARD). Mangoes are one of the main tropical fruits grown in Vietnam, second only to bananas. Most Vietnamese mango production [8230;]

Lending rates lowered to stimulate buyers of residential homes
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

To accelerate the consumer demand in the context of the prolonged Covid-19, many banks have launched housing package with preferential interest rates from 5.9 8212; 8.9 percent per annum. The rate is adjusted for each term. According to the latest information from Vietnam Prosperity Commercial Joint Stock Bank (VPBank), from now to the end of [8230;]

Steel producers post outstanding results in Q1 on higher rebar price
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The surge in prices of steel since the beginning of 2021 helped many steel producers record good performance in the first quarter. Rebar futures contracts, trading on the Shanghai Futures Exchange, increased sharply due to supply chain disruptions caused by the COVID-19 pandemic. The most traded May rebar contract climbed 17.4 per cent this year [8230;]

Nearly 40 planes grounded due to Covid-19
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

As many as 39 planes of four airlines were left unused and parked at airports or in hangars as of the end of the first quarter due to travel restrictions to curb the spread of the Covid-19 pandemic, according to the Civil Aviation Authority of Vietnam (CAAV). Among the planes left unused, 18 belong to [8230;]

Reference exchange rate down 8 VND
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

The State Bank of Vietnam set the daily reference exchange rate at 23,182 VND per USD on April 20, down 8 VND from the previous day. With the current trading band of/-3 percent, the ceiling rate applied to commercial banks during the day is 23,878 VND/USD and the floor rate 22,486 VND/USD. The rates listed [8230;]

Domestic electronic firms urged to enhance capacity, improve linkage with FDI
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Enhancing the linkage between domestic and foreign-direct-investment (FDI) electronic enterprises can be an important solution to promote the development of this industry which is now dominated by the FDI sector. Vietnam was now home to factories of a number of global technology giants such as Samsung, LG, Canon and Intel with investment sums worth billions [8230;]

Covid-19 spurs digitalisation in Vietnam8217;s education sector
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Covid-19 outbreak is a key factor accelerating the process of digital transformation in Vietnam8217;s education sector. Integration of technology has been seen as an effective mean to address shortcomings in the Vietnam8217;s education access and enhance its efficiency, however, there still exists a number of barriers hindering its digital adoption. Insiders have said that the [8230;]

Asia-Pacific: Vietnamese prefer digital banking the most.
Tue, 20 Apr 2021 22:02:01 +0000

Intellasia East Asia News

Vietnamese tend to be more open to digital banking services than people in other countries in the Asia-Pacific region such as Singapore, Malaysia, New Zealand or Australia, according to a recent survey by FICO. FICO8217;s survey was conducted in 10 countries and territories in Asia-Pacific, including Australia, Hong Kong, Indonesia, Malaysia, New Zealand, the Philippines, [8230;]

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