Businesses struggle to earn money in year-end sale season

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Businesses have geared up to boost sales in the year-end sales seasons. They have also changed the product structure to satisfy the taste of customers. Business results bad Dang Quoc Hung, Chair of Kim Boi Fine Arts and Handicrafts Company, spent the whole morning visiting Vifa Home, a wooden furniture and interior decoration trade fair held in HCM City. A trade fair was also held one year ago, where all the booths of the exhibition center was fully occupied. Meanwhile, a lot of booths remained idle at this year's trade fair, which lessened the enthusiasm of consumers of distributors. Tens of enterprises, which always participated in previous years' trade fairs, refused to attend this year's event. Hung also did not have a booth at Vifa Home, though he is the chair of three enterprises in Tra Vinh, Ben Tre and HCM City. The revenue of all the three companies decreased sharply by 50 percent in the first nine months of the year in comparison with the same period of 2010. Hung … [Read more...]

VNA boosts ties with Mexican new agency

MEXICO (VNS) — The Vietnam News Agency (VNA) and the Notimex Mexican News Agency have signed a co-operation agreement for the 2015-2016 period to provide domestic and international information services in news, photos, and audiovisual products. VNA Deputy General Director Nguyen Hoai Duong and Notimex Director General Alejandro Ramos Esquivel reached the consensus during the former's working visit to Mexico from July 20-24. Both sides valued the implementation of information exchanges between the two news agencies over the past year. Director General Alejandro underlined Notimex's interest in Viet Nam's land, people, history and culture, as well as political and economic life and the "doi moi" (renewal) process, since Asia is considered the most dynamic region in the world. He expressed his hope to expand co-operation with the VNA to contribute to the sound collaboration between the two countries. Deputy General Director Duong highlighted the significant role of Mexico and … [Read more...]

Art & Entertainment News 26/7

Madame Nguyen Thi Binh’s memoir translated into English After its debut to the public 3 years ago, Madame Nguyen Thi Binh’s memoir has been translated by US writer Lady Borton and will be introduced to an international audience at the Frankfurt Book Fair in October. The autobiography entitled "Family, Friends, and Country" is a collection of memoirs by Madame Nguyen Thi Binh, born 1927, who led the Vietnamese negotiating team at the Paris Peace Accord which was signed in 1973. She was the first Foreign Minister of Vietnam and then served as Vice President from 1992 to 2002. Her collection of memoirs is considered a tribute to her comrades and folks who laid down their lives in the national resistance wars to liberate and reunite Vietnam, as well as international friends who supported Vietnam during those wars. Dream comes true for musician Le Minh Son A new reality music show will be aired on VTV1 from August 1. Du Ca Viet (Music Journey) is directed by musician Le … [Read more...]

Government News 26/7

Vietnam main partner of Asia-Pacific economic forum in Bayern Vietnam was chosen as a main partner of the 12th Asia-Pacific economic forum held in the German state of Bayern on July 23 with the engagement of nearly 200 businesses. Addressing the event, Vietnamese Ambassador to Germany Nguyen Thi Hoang Anh said Vietnam and Germany will celebrate the 40th founding anniversary of diplomatic ties in 2015. Following the success of the Asia-Pacific Conference of German Business (APK) organised in Ho Chi Minh City in November 2014, Vietnam was chosen as a main partner of the Asia-Pacific economic forum in Berlin, and this time in Bayern, she said. This has not just demonstrated the comprehensive strategic partnership between the two nations but also confirmed that Vietnam is a reliable market and ideal destination for German investors, she added. She said the Vietnamese Government has enacted measures to improve local business climate, create a legal framework to ensure publicity and … [Read more...]

Foreigners jump into convenience store market as domestic investors withdraw

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VietNamNet Bridge - Vietnamese retailers have withdrawn from the convenience store market after a long period of incurring losses, leaving the market more open to foreign retailers, who have been expanding their chains. Convenience stores are not a lucrative business field for Vietnamese investors, as they once thought. It is estimated that investors have to pay VND1.5-2 billion to develop a store. High rent at retail premises and high operation expenses eat into their revenue from convenience stores. Nguyen Bao Loc, deputy general director of Intimex Vietnam, noted that retailers could only make satisfactory profits if the rent is no more than $9 per square meter a month. However, the average rent in central areas and advantageous positions is $30-50 per square meter a month. Robert Tran, CEO of Robenny Corporation, said that investors need to develop hundreds of shops in Vietnam, double or triple than in other countries, to be able to make profits. In general, a convenience … [Read more...]

VNA bolsters cooperation with Mexican counterpart

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Deputy General Director of Vietnam News Agency Nguyen Hoai Duong (R); Notimex Director General Alejandro Ramos Esquivel (Photo: VNA) Vietnam News Agency (VNA) and the Notimex Mexican News Agency have signed a cooperation agreement for the 2015-2016 period to reciprocally provide domestic and international information services in news, photos, and audiovisual products. VNA Deputy General Director Nguyen Hoai Duong and Notimex Director General Alejandro Ramos Esquivel reached the consensus during the former’s working visit to Mexico on July 20-24. Both sides highly valued the implementation of information exchanges between the two news agencies over the past year. They discussed measures to put in place and improve the efficiency of cooperation agreements with focus on exchanges of news, photos, audio and visual products. Director General Alejandro underlined Notimex’s interest in Vietnam’s land, people, history, and culture as well as political and economic … [Read more...]

Viettel wants level playing field

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Customers at a Viettel store. Viettel Telecom has asked the Ministry of Information and Communications to revoke regulations controlling businesses with dominant market shares. — VNS Photo Truong Vi HA NOI (VNS) — At a conference at the Ministry of Information and Communications (MoIC) this week, Viettel Telecoms asked the Ministry to revoke regulations controlling businesses with dominant market shares. According to Vietnam Economic Times, the Deputy General Director of Viettel Telecoms, Hoang Son, made the request. MoIC had issued Circular No15 to amend a number of provisions of Circular No18/2012/TT-MIC on telecommunications business and groups of telecommunications business with large market shares, effective from June 15, 2015. Businesses accounting for over 30 per cent of the market share are required to register with the MoIC and guarantee that their prices are not less than their costs. Businesses without significant market share, meanwhile, are allowed to … [Read more...]

National pride gets hurt

Anh Thu Regional countries like Thailand, Singapore and Malaysia have become destinations of choice as tour prices are affordable and no entry visa is required for ASEAN citizens who pay short visits. Furthermore, many Vietnamese tourists have many times repeated their visits to these places thanks to the increasing availability of cheap air tickets. However, an increasingly big number of Vietnamese travelers, particularly women, have been stopped at Changi airport by Singapore immigration authorities for interrogation and many of them have been denied entry and sent back home for unknown reasons. Lots of Vietnamese tourists who do not speak English or who look helpless while waiting for their turns at immigration counters can be easily taken to a separate immigration control room. A news report by Thanh Nien Online says Singapore airport security officers are always on hand to rush those Vietnamese passengers who look helpless to the interrogation room while they queue for … [Read more...]

Vietnam Airlines to divest non-core firms

HA NOI (VNS) — Vietnam Airlines is speeding up divestment of non-core businesses. Dau tu (Viet Nam Investment Review) newspaper reported that the carrier's divested amount totalled VND505.64 billion (US$23.19 million) in terms of face value of shares, accounting for about 85 per cent of all values intended for withdrawal. On July 7 alone, the company sold its entire stake worth VND100 billion ($4.59 million) in the Viet Nam Aviation Insurance JSC in an auction for VND109.55 billion ($5.03 million). The firm has basically pulled out of "sensitive" sectors such as banking and finance and property, selling its stakes in Techcombank, Hoa Binh Securities, Bao Minh Insurance and Vietnam Airlines Investment. Phan Xuan Duc, deputy general director of the carrier, said it would sell its stakes in businesses involved in printing, postal services, transportation, construction and plastic production this year. Of these firms, Airport Engineering Consultancy and Services last year paid a … [Read more...]

Vinalines makes dent in its debt load

HA NOI (VNS) — The Viet Nam National Shipping Lines, or Vinalines, repaid more than VND1.4 trillion (US$64.2 million) worth of debts in the second quarter of this year. Its executives told a meeting held early this week to review first-half operations that this figure took the total repayments since late 2013 to more than VND3.6 trillion ($165 million). Deputy general director Nguyen Huu Long said the corporation had remaining debts of over VND7.6 trillion ($349 million), and its main tools remained selling them to credit institutions and converting some of the debts into equity. It has speeded up negotiations with major lenders like Vietinbank, ACB and VPBank and achieved some success, he said, adding that the debts would reduce remarkably by year end. Vinalines had been saddled with debts of around VND11 trillion, or $504 million, to 24 lenders, nearly half of them foreign. VietinBank led the list with VND2.23 trillion ($100.9 million) followed by VDB, Asian Commercial … [Read more...]

Vietnamese passengers, airlines hurt by denied entry to Singapore

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Traveling to Singapore might now be a nuisance for Vietnamese women, as they are likely to be held, questioned, and even prevented from entering the city-state by immigration officers there, a reality vexing Vietnam’s aviation authorities and airlines. Many Vietnamese passengers, mostly women, have had their entry to Singapore denied and been forced to return to their home country immediately for unknown reasons in recent times, the Civil Aviation Authority of Vietnam said Wednesday, citing reports from local carriers. The denied entries resulted in cost overruns for both the airlines and passengers, according to the carriers, which have called on the aviation watchdog to intervene. A 26-year-old woman from District 2, Ho Chi Minh City, who prefers to be called N., said her first-ever trip to Singapore late last year was "very impressive." N. went on the trip with a friend of hers, but she was the only one who was held by an immigrant officer while they were completing … [Read more...]

Former PVN chairman detained

Nguyen Xuan Son - PHOTO: KY ANH

Minh Duc The search warrant was executed at Son’s residence in Hanoi on July 21 afternoon. He is also alleged to violate State regulations on economic management causing serious consequences. On Sunday, the Prime Minister signed a decision suspending Son from the post of chairman at PVN. The Ministry of Industry then assigned Son to the General Department of Energy. However, Son was hospitalized at Bach Mai Hospital in the capital city for high blood pressure treatment following his suspension. He was arrested after he had completed procedures for discharge from hospital. Son was appointed chairman of PVN in July last year. Earlier, he was deputy general director of the State-run group. Son had been working in the oil and gas industry for 30 years before he was detained. Son was picked as general director of Ocean Bank in December 2008 but stepped down in early 2011. His successor Nguyen Minh Thu was arrested in January this year for reportedly violating State … [Read more...]

SPCT aims high for car imports

The Saigon Times Daily Nguyen Le Chon Tam, deputy general director of SPCT, was quoted by Vietnam News Agency as saying that to realize the target SPCT would be expanded by 10 hectares and have more piers to handle more imported cars. Tam said the expanded area would help house more cars imported into Vietnam via the terminal from ASEAN markets, Europe and America as well as vehicles shipped from northern localities. Tam said the volume of autos imported via SPCT in the first six months of this year surged 60% year-on-year on average with the figure in March climbing 314% to 1,442 units. Nguyen To An, head of the vehicle quality management department at Vietnam Register, said over 7,300 out of the total vehicles imported into Vietnam in the first half went through SPCT. SPCT in Hiep Phuoc Industrial Park in the outlying district of Nha Be aims to handle 18,000-20,000 imported vehicles this year and 40,000-60,000 units in 2018. Vietnam Register inaugurated the testing center … [Read more...]

Can Tho-Bangkok service launched

Thai tourists arrive at Can Tho Airport on the maiden Can Tho-Bangkok flight on July 21 - PHOTO: HUYNH KIM

Huynh Kim The carrier’s Airbus 320 aircraft landed at Can Tho Airport at 1 p.m. on July 21 and then departed for Bangkok at 2:15 p.m. in the tripartite partnership between Thai VietJet, Vietravel and the government of Can Tho. Truong Van Vinh, director of Vietravel’s branch in the Mekong Delta region, told the Daily that passengers occupied all of the 180 seats of the flight from Bangkok to Can Tho and Vietravel’s guests booked 157 seats on the return flight. "Most of the passengers are Vietnamese people buying tours of Vietravel," Vinh said. Talking to the Daily, Can Tho vice chairman Dao Anh Dung said if the service was successful, the city would work with other airlines and travel firms to operate flights to Singapore and Malaysia to bring leisure and business travelers to the Mekong Delta region. According to Vinh, the next flights between Can Tho and Bangkok are scheduled for July 25, July 29 and August 2. One-way airfares for the flights start from … [Read more...]

DongABank, Eximbank delay votes on key positions

Eximbank chairman Le Hung Dung (R) and general director Pham Huu Phu at the bank’s annual general meeting in HCMC on July 21 - PHOTO: MT

The Saigon Times Daily Key position changes at DongABank Speaking to shareholders, DongABank chairman Cao Sy Kiem said the bank has sent the central bank a list of eight nominees for the board of directors and three candidates for the board of controllers. However, it has yet to receive a reply from the central bank. Besides, the bank will have to change the structure of its senior positions due to its plan to raise chartered capital. The actual makeup of the two boards will not be determined until the arrival of new investors. At the meeting, Kiem announced to resign from the post of DongABank’s chairman for personal reasons, two years after taking the helm of the bank headquartered in HCMC. DongABank also asked shareholders for approval to sell 100 million shares worth VND1 trillion by private placement to the consumer goods maker KIDO and increase its chartered capital to VND6 trillion (US$275 million) from VND5 trillion. If the share sale is successful, KIDO will … [Read more...]

Former chairman of the Vietnam Oil and Gas Group arrested

Former Chairman of the Petrovietnam Nguyen Xuan Son. — Photo petrotimes HA NOI (Biz Hub) — Former Chairman of the Vietnam Oil and Gas Group (Petrovietnam or PVN) Nguyen Xuan Son was arrested on July 21, for alleged violation of State regulations. The arrest, approved by the Supreme People's Procuracy, was carried out after the Prime Minister signed a decision dismissing Son as PVN Chairman on July 19. Son was found guilty when he was the Ocean Commercial Joint Stock Bank's (OceanBank) General Director from December 2008 to November 2010. His misdeeds were detected when the police expanded investigations into the case of former Chairman of Oceanbank Ha Van Tham and his accomplices, who were arrested last year for allegedly violating State regulations on credit institutions' lending operations, leading to serious consequences. Son was arrested for crimes such as "intentionally violating state regulations on economic management that had severe consequences" and "abusing … [Read more...]

Former chairman of OceanBank arrested

Former Chairman of the Petrovietnam Nguyen Xuan Son. — Photo petrotimes HA NOI (Biz Hub) — Former Chairman of the Vietnam Oil and Gas Group (Petrovietnam or PVN) Nguyen Xuan Son was arrested on July 21, for alleged violation of State regulations. The arrest, approved by the Supreme People's Procuracy, was carried out after the Prime Minister signed a decision dismissing Son as PVN Chairman on July 19. Son was found guilty when he was the Ocean Commercial Joint Stock Bank's (OceanBank) General Director from December 2008 to November 2010. His misdeeds were detected when the police expanded investigations into the case of former Chairman of Oceanbank Ha Van Tham and his accomplices, who were arrested last year for allegedly violating State regulations on credit institutions' lending operations, leading to serious consequences. Son was arrested for crimes such as "intentionally violating state regulations on economic management that had severe consequences" and "abusing … [Read more...]

Embattled Vinalines repays $64.2m worth of debts

Vinalines has repaid more than $165 million worth of debts so far. — Photo ndh.vn HA NOI (Biz Hub) — The Vietnam National Shipping Lines, or Vinalines, repaid more than VND1.4 trillion (US$64.2 million) worth of debts in the second quarter of this year. Its executives told a meeting held on July 20 to review first-half operations that this figure took the total repayments since late 2013 to more than VND3.6 trillion ($165 million). Deputy general director Nguyen Huu Long said the corporation had remaining debts of over VND7.6 trillion ($349 million), and its main tools remained selling them to credit institutions and converting some of the debts into equity. It has speeded up negotiations with major lenders like Vietinbank, ACB and VPBank and achieved some success, he said, adding that the debts would reduce remarkably by year end. Vinalines had been saddled with debts of around VND11 trillion, or $504 million, to 24 lenders, nearly half of them foreign. VietinBank … [Read more...]

PetroVietnam ex-chief arrested for $36m investment in losing bank

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Nguyen Xuan Son as board chairman of PetroVietnam. File photo Ministry of Public Security officers Tuesday arrested recently sacked chairman of state giant PetroVietnam for alleged violations during his earlier job as a bank CEO. The ministry said it is investigating Nguyen Xuan Son, who was sacked on Sunday, for abuse of power and violations of state economic management regulations that caused serious consequences. Officers did a quick search of his house in Hanoi Tuesday evening. The media said the 53-year-old is under scrutiny for violations while serving as chief of Ocean Commercial Bank between December 2008 and November 2010. Son was allegedly responsible for PetroVietnam’s decision to invest VND800 billion (US$36.66 million) in the bank, which was acquired by the central bank in April as part of efforts to restructure weak banks. Ocean Bank has been embroiled in a police investigation for lending fraud, with several of its executives arrested last year. Son started … [Read more...]

Vietnam Airlines’ flight from non-core businesses picks up speed

Passengers board a Vietnam Airlines plane. The carrier is speeding up divestment of non-core businesses. — Photo vietnamdomesticflights.com

HA NOI (Biz Hub) — Vietnam Airlines is speeding up divestment of non-core businesses. Dau tu (Vietnam Investment Review) newspaper reported that the carrier's divested amount totalled VND505.64 billion (US$23.19 million) in terms of face value of shares, accounting for about 85 per cent of all values intended for withdrawal. On July 7 alone, the company sold its entire stake worth VND100 billion ($4.59 million) in the Vietnam Aviation Insurance JSC in an auction for VND109.55 billion ($5.03 million). The firm has basically pulled out of "sensitive" sectors such as banking and finance and property, selling its stakes in Techcombank, Hoa Binh Securities, Bao Minh Insurance and Vietnam Airlines Investment. Phan Xuan Duc, deputy general director of the carrier, said it would sell its stakes in businesses involved in printing, postal services, transportation, construction and plastic production this year. Of these firms, Airport Engineering Consultancy and Services last year paid … [Read more...]