Vietnam Business News

More incentives urged to facilitate foreigners to buy houses in Vietnam
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

High-end and luxury apartment projects in Vietnam8217;s major cities such as Hanoi and HCM City have been indeed attractive to foreigners in recent years. Though foreigners have been given the right to buy houses in Vietnam, the snail-paced enactment of available projects and shortages in updates on the number of units sold to the buyers [8230;]

IT bonuses hit 6-month salary level
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

IT companies offer employees bonuses equal to a six-month salary in Vietnam, where talent shortages remain a headache as demand ups. Lunar New Year, or Tet, bonuses equal one to six-month salaries, depending on employee position, experience and performance, according to a recent survey by HCM City-based IT recruiter TopDev. An experienced IT pro would [8230;]

Vietnam sends more than 650,000 workers overseas
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

About 650,000 Vietnamese people were working in more than 40 countries and territories worldwide, according to statistics from the Department of Overseas Labour under the Ministry of Labour, Invalids and Social Affairs (MOLISA). In 2019, the country sent 152,530 labourers abroad, surpassing the year8217;s plan by 27.1 per cent. Japan was the biggest recipient with [8230;]

Transport minister find reasons for toll booth delays
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

The Ministry of Transport has been asked to look at collective and individual responsibilities for delays to the implementation of electronic toll collection (ETC) project. That was the main content of a conclusion document released after a government meeting earlier this year to review the project that aims to bring transparency to the currently controversial [8230;]

Vietnam aims to host 100,000 digital firms by 2030
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

Prime minister Nguyen Xuan Phuc has urged the expansion of the digital business network in Vietnam to ease the development of the digital economy, smart cities and e-government, calling for the country to have at least 100,000 digital firms by 2030, according to the government Office. Digital firms allow advanced technologies to be employed widely. [8230;]

Tet market: Enterprises increase promotional programmes to boost consumption
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

There is only a week left before the peak business season of the year ends. The Tet market this year has seen fierce competition among producers by reducing the price of their products and giving valuable gifts, some products are even sold at cost prices in order to boost consumption. At this time, most manufacturing [8230;]

Chinese contractor urged to expedite Cat Linh-Ha Dong project
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

The Ministry of Transport has asked the general director of China Railway Sixth Group Co., Ltd, the main contractor of the Cat Linh-Ha Dong urban railway project in Hanoi, to come to Vietnam to address the long delays of the project. The official request was made after the project experienced repeated delays, leading to continued [8230;]

Direct air route to facilitate Vietnam-Czech relationship
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

Bamboo Airways was working to become the first Vietnamese carrier to open a direct route connecting Hanoi and Prague in an attempt to bring the two countries closer together, a meeting heard in Prague on Wednesday. The roadshow aimed to introduce Vietnam8217;s tourism potential and provide information about a direct air route linking the two [8230;]

Ancient capital exploits untapped potential of tourism sector
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

The central province of Thua Thien-Hue last year welcomed more than 2.1 million international arrivals out of a total of five million tourists, up 12 percent against 2018. This was due to the return of European and American visitors as well as the strong increase in Thai visitors (accounting for 12 percent of the total [8230;]

The shape of things to come in Vietnam8217;s Mamp;A domain
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

Vietnam8217;s mergers and acquisitions market expects to see the winds of change in 2020. Tony Foster, managing partner of the Vietnam offices at Freshfields Bruckhaus Deringer, outlines future M38;A prospects and explains what will affect Vietnam8217;s future appeal in this area. The Vietnamese M38;A sphere is in its longest bull run to date. Despite this, [8230;]

Fusion Resorts amp; Hotels prepare for Valentine8217;s Day
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

Wellness-inspired hospitality group offering a host of options for a special February 14. From a 24-hour love challenge at its natural hot springs resort in Hue to a romance-themed turn down service at its beachside resort on the tropical island of Phu Quoc, the wellness-inspired hospitality group Fusion Resorts 38; Hotels is doing all it [8230;]

Japanese firms wish to scale up business in Vietnam
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

Tidy profits have motivated around 64 percent of Japanese firms in Vietnam to consider expanding their business in the Southeast Asian country, according to the Japan External Trade Organisation (JETRO). Last year, Japanese investors poured some 2.89 billion USD into 655 projects in Vietnam, up 1.9 percent in the number of projects as compared to [8230;]

Japan-invested five-star resort to attract Vietnamese families
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

Scheduled to open in mid-2021, the $100 million Danang-Mikazuki Japanese Resort 38; Spa is expected to mainly serve Vietnamese guests, projected at 60 percent of the total. This was revealed by a representative of Japan8217;s Hotel Mikazuki Group at the opening ceremony of Nami Japanese restaurant as part of the Danang-Mikazuki project in the central [8230;]

Novartis8217; pioneer medication support programme in Vietnam brings profound human values
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

A conference to review the GIPAP/VPAP programme implemented by Novartis to provide medication support for patients with chronic myeloid leukemia (CML) and gastrointestinal stromal tumors (GIST) in Vietnam, as well as implementing post-programme solutions, was held in Hanoi on Tuesday. The conference was organised by the Vietnam Medical Association (VMA) in collaboration with the Ministry [8230;]

Cashew sector keen to increase export quality during 2020
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

Amid fluctuations taking place in the global cashew market, the Vietnam Cashew Association (Vinacas) is to focus on improving the quality of Vietnamese cashew nuts for exports whilst also increasing the efficiency of processing over the coming year. The association said that 2019 had been a successful year for the country8217;s cashew industry, with cashew [8230;]

Da Nang airport serves 15.5 million passengers in 2019
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

Da Nang International Airport served a total of 99,000 domestic and international flight arrivals, carrying 15.5 million passengers and about 40,000 tonnes of goods and parcels in total in last year, according to Danang Today. Also in 2019, five international airlines and a national flag air carrier launched 20 new routes connecting Da Nang with [8230;]

Majority of groups, corporations fulfil 2019 targets
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

A majority of groups and corporations fulfilled 2019 targets assigned by the Committee for Management of State Capital at Enterprises (CMSC), heard a conference in Hanoi on January 16. CMSC vice Chair Ho Sy Hung said the total revenue of 19 groups and corporations surpassed 1.48 quadrillion VND (64.2 billion USD) in 2019, up 6.4 [8230;]

TAG Heuer opens boutique in HCM City
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

Swiss luxury watch brand TAG Heuer on Wednesday opened a TAG Heuer Boutique at Saigon Centre in HCM City8217;s District 1. The boutique features the brand8217;s latest global retail concept, a brainchild of the company8217;s in-house design and architectural team. It is awash in red and grey hues to reflect the brand8217;s avant-garde and unencumbered [8230;]

UK launches $2.6mn project to help Vietnam safeguard deltas
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

Project to support Vietnam8217;s delta network for sustainable development. The British Embassy in Vietnam has launched a project that will support Vietnam8217;s delta network and sustainable development. The UK Research and Innovation (UKRI) Global Challenges Research Fund (GCRF)8217;s Living Deltas Hub8217;s five-year research programme The Hub (www.livingdeltas.org), led by Newcastle University, has been launched to [8230;]

Nielsen: Consumers prefer personal touch in purchasing decisions
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

Talking to friends a better source of information on products and services than going online, Nielsen report finds. Ninety-three per cent of consumers still prefer talking over tapping (with 89 per cent) when it comes to sharing their brand experience or seeking recommendations, according to a consumer study released on January 15 in HCM City [8230;]

Phu My Hung in HCM City set for annual Tet flower festival
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

Various types of flowers and flower and plant art works on display at January 17-29 festival. The annual Spring Flower Festival will take place from January 17 to 29 at the Crescent Lake area in Phu My Hung in District 7, HCM City, as part of celebrations for the lunar new year (Tet) holiday. On [8230;]

Vietnam8217;s property sellers save big tax bucks with illegal 8216;two-price8217; practice
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

The common but illegal practice of underreporting revenues from property sales is helping property sellers in Vietnam dodge heavy taxes, but authorities say they have begun cracking down on such schemes. While the general Department of Taxation continues to request that local tax authorities intensify their clampdown on underreporting revenues from property sales, local police [8230;]

Japan8217;s second largest advertising firm expands in Vietnam
Fri, 17 Jan 2020 23:02:02 +0000

Intellasia East Asia News

Japan8217;s second largest advertising company Hakuhodo Digital is expanding its presence in Vietnam with the launch of a full-service digital marketing agency, Hakuhodo Digital Vietnam, headquartered in HCM City. The agency, which officially commenced operations this month, provides a full complement of digital marketing services, from digital strategy planning and creative development, to media planning, [8230;]

TPBank completes all three pillars of Basel II
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Tien Phong Commercial Joint Stock Bank (TPBank) had just held a seminar on the implementation of Internal Capital Adequacy Assessment Process (ICAAP), one of the three pillars of Basel II, and announced the completion of the application of three components of Basel II as prescribed by the State Bank of Vietnam (SBV). Previously, in April [8230;]

Japanese gas firm buys 21pct in PV Low Pressure Gas
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Japan-based firm Saibu Gas Co Ltd has become the large shareholder in PetroVietnam Low Pressure Gas JSC (PV GasD). Saibu Gas has bought in 18.9 million PV GasD shares, raising its stake in the latter to 21 per cent, the Vietnamese firm said in a statement on Wednesday. The Japanese company previously had no shares [8230;]

Banks8217; charter capital to soar in 2020
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Despite meeting Basel II standards, many banks plan to continue increasing charter capital in 2020 to enhance their competitiveness in the market. One of the challenges that many bank face when implementing Basel II is to meet the minimum capital requirement in order to improve Capital Adequacy Ratio (CAR). Under Basel II standards, the CAR [8230;]

Firms ask for delay financial statements release
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

The Ho Chi Minh Stock Exchange (HOSE) has received dozens of documents from listed companies asking to extend the deadline for the disclosure of this year8217;s financial statements. Refrigeration Electrical Engineering Corporation (REE) recently sent a letter to the HOSE, asking to delay the deadline to announce this year8217;s financial statements. REE requested to extend [8230;]

HSBC gets new international subsidiary banking head
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

HSBC Vietnam has appointed Joonsuk Park as its new head of international subsidiary banking, wholesale banking. He served as head of the multinational corporate department for the bank8217;s South Korea operations since 2014 after joining it in 2006 from KPMG. His appointment is an indication HSBC Vietnam seeks to support multinational companies, especially Korean, delivering [8230;]

VNR expects 2020 losses of VND168 billion
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Unlike most State-owned enterprises that typically set larger goals in their annual business plans, Vietnam Railway Corporation (VNR) has projected a loss of VND168.4 billion this year. The State-owned railway operator earned over VND8.2 trillion in revenue and VND124 billion in after-tax profit in 2018. Stepping into 2019, its consolidated turnover totalled only VND8.191 trillion, [8230;]

SIC sells off MBB shares
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

SCIC Investment One Member Company Limited (SIC) has announced the sale of nearly 1.8 million shares of Military Commercial Joint Stock Bank (MBB) by order matching or put through. The transaction was carried out from December 18th 2019 to January 10th 2020. After the transaction, there were 13 stocks left. SIC8217;s ownership rate drops from [8230;]

Why Vingroup8217;s airline venture was grounded
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Vietnam8217;s aviation market presents a stiff challenge, even for a conglomerate like Vingroup, which has decided discretion is the better part of valor. The biggest private group in the country recently withdrew its proposal to establish private airline Vinpearl Air, just weeks after announcing it was planning first flights in a few months. Vingroup CEO [8230;]

Interest rates: no longer a strategic mean
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

During 2019, the interest rate level was relatively stable and dropped sharply after the State Bank of Vietnam (SBV) issued Decision No. 2415/ QD-NHNN dated November 18, 2019 on the maximum interest rate for institutional deposits in dong for individuals at credit institutions as prescribed in Circular No. 07/2014/ TT-NHNN dated March 17, 2014. Specifically, [8230;]

Carp sales drying up as Kitchen Gods ritual goes green
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Nguyen Thi Thuy Phuong, who sells carp, should be doing a roaring trade this time of year. Her store, however, is suffering a drought of customers. The eve of the 23rd day of the last month of the lunar year (January 17) is traditionally when Vietnamese people buy carp for a send-off ceremony for 8216;Ong [8230;]

Banks warn customers about fraud during Tet
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Commercial banks have issued warnings to customers about examples of fraud that are common during Tet (Lunar New Year). Vietcombank has warned its customers about the most common tricks used by fraudsters. According to the bank, fraudsters tend to contact account holders by telephone, on social media or by email, pretending to be their relatives [8230;]

Seminar spotlights public-private partnership, related bill
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

The Ministry of Finance and the World Bank co-held a seminar in Hanoi on January 15 to discuss the public-private partnership (PPP), international practices and the related bill. A bill on the PPP is being crafted by the Ministry of Investment and Planning to submit to the National Assembly for review, deputy minister of Finance [8230;]

Banks not to splurge on Tet bonuses despite surging profits
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Banks are likely to be conservative about paying Lunar New Year bonuses though many reported a big jump in profits last year. An executive at private mid-sized lender Sacombank, who asked not to be named, told VnExpress that his bank has yet to complete its bonus assessments, but like every year the bonuses would be [8230;]

Runways, taxiways at Noi Bai, TSN airports to be upgraded
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

The Ministry of Transport has submitted to the government a plan to upgrade the deteriorating runways and taxiways of the Noi Bai and Tan Son Nhat international airports. Accordingly, the cost of upgrading the runways and taxiways at Tan Son Nhat International Airport in HCM City was estimated at some VND1.9 trillion (US$82.1 million) and [8230;]

Vietnam8217;s Macroeconomic Report-Fourth Quarter 2019 unveiled
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

A workshop co-hosted by the Vietnam Institute for Economic and Policy Research and the Konrad Adenauer Stiftung was launched in Hanoi on January 16 to unveil the Fourth Quarter Update and 2019 ReviewIndependent Assessment of Vietnam8217;s Macroeconomic Performance, with senior economic experts in attendance. According to figures released by the World Bank, global economic growth [8230;]

Investment in Fintech Vietnam soars from 0 to 36pct after only a year
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

In 2019, the amount of investment capital for financial technology companies, also known as fintech in Vietnam, accounted for 36 percent compared to the whole of Southeast Asia. While in 2018, this figure was only nearly zero percent, which showed the fintech sharp development in Vietnam. Since 2015, fintech startups had started to develop in [8230;]

Land prices in HCM City seen stable in 2020-2024
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Land prices in HCM City in the 2020-2024 period will be kept stable, with the highest price listed at VND162 million per square metre and the lowest, VND1.5 million, helping stabilise market prices. At a meeting on January 15, the HCM City People8217;s Council approved the municipal People8217;s Committee8217;s proposal on land prices in the [8230;]

Inflation in 2020: many unknowns
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

The average inflation rate in 2019 was low at 2.79 percent. However, the inflation rate in December 2019 reached 5.23 percent compared with December 2018, and this is worrying. The general Statistical Office (GSO) reported that the consumer price index (CPI) in December 2019 increased by 1.4 percent over the month before. This was the [8230;]

The bad debts of the new credit cycle slow down
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

In a recently published report, experts of SSI Securities Corporation (SSI) made a remarkable assessment, that the bad debt of the new credit cycle had not increased sharply. When credit growth was high from 2014 to 2017, SSI believed that a series of new bad debt might appear at the end of a five-year credit [8230;]

Saigontourist Group eyes 5.5 per cent rise in turnover
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Saigontourist Group is projected to receive 3.3 million customers this year, a rise of 9.2 per cent compared to last year, the group8217;s leader said. Nguyen Binh Minh, general director of Saigontourist Group, said the group8217;s turnover is expected to hit VND20.85 trillion (US$903.5 million), a year-on-year increase of 4.7 per cent. To achieve the [8230;]

Vietnam increases coal, ore and mineral imports from Australia
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Vietnam had a trade deficit of more than $1 billion with Australia last year, one year after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect. Of which, coal was the imported commodity with the highest value of $1.45 billion in the first 11 months of last year, rocketing by 96.8 per [8230;]

Reference exchange rate down 2 VND
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

The State Bank of Vietnam set the daily reference exchange rate at 23,156 VND/USD on January 16, down 2 VND from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is 23,850 VND/USD and the floor rate 22,461 VND/USD. The opening hour rates [8230;]

Vietnam strives to achieve socio-economic growth targets in 2020
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Vietnam has to spare no effort to achieve economic growth of 6.8 percent and keep inflation rate of below 4 percent in 2020 amid global political uncertainties, said the Vietnam Institute for Economic and Policy Research (VERP) at a workshop in Hanoi on January 16. A research group of the VERP forecast the country8217;s economic [8230;]

VPBank provided with loan to undertake green projects
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

The Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has signed a green credit loan agreement worth $212 million with the International Finance Corporation and other international co-financiers in Hanoi. VPBank said this is the first green loan transaction in Vietnam. Green credit refers to lending dependent on environmental criteria for the planned use of funds. [8230;]

VN to develop seaport planning
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Vietnam will develop a seaport master plan for 2021-30, with an aim to enhance infrastructure connectivity, reduce logistics costs and promote marine economic development. Deputy prime minister Trinh Dinh Dung early this week approved the development of the seaport master plan, which is part of efforts to carry out the strategy for the sustainable development [8230;]

US unlikely to name Vietnam as currency manipulator: Expert
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Given the growing US Vietnam diplomatic relations and Vietnam8217;s willingness to address the US8217;s concern related to trade issues, the chance for this to happen is nearly zero, said an expert. The US is unlikely to name Vietnam as currency manipulator, as it is widely seen as a politically motivated move, banking expert Nguyen Tri [8230;]

PM urges better coordination in managing State capital
Fri, 17 Jan 2020 23:02:01 +0000

Intellasia East Asia News

Prime minister Nguyen Xuan Phuc urged better coordination between the Commission for the Management of State Capital at Enterprises (CMSC) and ministries, sectors and corporations at a review conference of the CMSC on January 16. Speaking in conclusion of the conference, the PM said the weak coordination is a reason for the delay in performing [8230;]

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