Businesses struggle to earn money in year-end sale season


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...]

Vissan stops buying Aussie cows from HAGL

Vu Yen Speaking to the Daily on September 30, Vissan deputy general director Dang Thi Phuong Ninh said Vissan bought 300 Australian cows from HAGL in early February but later decided to halt purchases as the HAGL-bred cows were not big enough to ensure profitability. Ninh said at a meeting in June this year that Vissan and HAGL had agreed on terminating a cooperation contract they struck earlier with neither party required to compensate. At the meeting, HAGL proposed supplying cows back to Vissan but the two parties have not clinched any new deal. Ninh said Australian beef sold at Vissan’s stores was from cows imported by a number of companies including Thuy Ha. HAGL chairman Doan Nguyen Duc declined to comment when he was reached at an event held in HCMC on Tuesday for Nutifood to launch a new dairy product and sign an agreement with HAGL and the Institute of Agricultural Science for Southern Vietnam (IAS) on production of soybeans for supply to the nutrition firm. Duc … [Read more...]

Apartment sales in city down in Q3

Foreigners look at an apartment project in HCMC. Apartment sales in the city drop in the third quarter - PHOTO: MANH TUNG

Manh Tung According to the latest report of CBRE Vietnam, property enterprises launched some 10,000 apartments at 26 housing projects in the city in the third quarter, a three-fold increase against the same period last year. However, around 7,800 of the total found buyers, down 2,200 units compared to the second quarter. Representatives of many property exchanges told the Daily that sales in July and August showed signs of slowing down. They attributed the fall in apartment sales in the quarter to the seventh month of the lunar calendar in which many believed buying valuable goods like homes would bring bad luck. More importantly, customers refused to place deposits for homes as many realty firms have yet to obtain guarantees from banks in Vietnam before selling products at their half-done or future housing projects as regulated in the 2014 Law on Real Estate Business. A deputy general director of a big property exchange in HCMC said consumption was good early this year when … [Read more...]

Vinalines appoints new chairman and CEO

Le Anh Son will act as Chairman of the Vinalines's Members' Council from October 1. — Photo

HA NOI (Biz Hub) — General Director of Viet Nam National Shipping Lines (Vinalines) Le Anh Son was appointed the chairman of the corporation's Members' Council as of October 1. The appointment was announced by the Ministry of Transport at a meeting held in Ha Noi on September 30. Son will replace Nguyen Ngoc Hue, who will retire. As Son will leave his current post, his deputy, Nguyen Canh Tinh, will take over as acting General Director of Vinalines on the same day. Tinh has also been appointed a member of the corporation's Members' Council. Son, born in 1971, holds a masters' degree in financing and bank management. He has held many positions, including that of deputy and general director of Vinalines. Son was responsible for the Vinalines restructuring project, which focused on restructuring finances, managing the fleet of ships and handling corporate administration through measures such as cutting losses, purchasing debts at the prevailing market price, transferring debts … [Read more...]

Vietcombank sponsors nursery school in Ninh Thuan


The inauguration of the Bac Son nursery school NDO - The central province of Ninh Thuan on September 30 held a ceremony to inaugurate a nursery school, partly sponsored by the Bank for Foreign Trade of Vietnam (Vietcombank). The school, located in Bac Son commune, Thuan Bac district, is designed to withstand natural disasters and was built at a total cost of VND7 billion (US$308,000), of which VND3 billion was provided by Vietcombank. The facility consists of eight fully equipped classrooms and a playground on an estate of 650 square metres. Speaking at the ceremony, Vietcombank’s Deputy General Director Pham Manh Thang said the bank’s philanthropic activities demonstrate its social responsibility and the wishes of its staff. In 2015, Vietcombank has so far spent over VND200 billion (US$8.8 million) on social works and for Ninh Thuan alone, with VND23 billion donated to the building of schools. Vice Chairman of Ninh Thuan province Le Van Binh said the Bac Son nursery … [Read more...]

Goods producers, distributors strike cooperation deals

Producers and distributors ink cooperation agreements in HCMC On September 29 - PHOTO: NGUYEN QUYEN

Nguyen Quyen The deals were struck at a conference on supply-demand connectivity between firms in rural areas and distributors was co-held by trade and market management agencies including the HCMC Department of Industry and Trade as requested by the Ministry of Industry and Trade. The connectivity program is part of the Vietnamese Goods Identity Week-Pride of Vietnamese Goods taking place from September 27 to October 4 in HCMC with over 83 businesses participating. Of them, 70 are producers of handicrafts and agro-forestry-aquatic products and the remainder are distributors in the south. Deputy Minister of Industry and Trade Ho Thi Kim Thoa said the conference aimed to boost consumption of domestic goods and enhance cooperation among management agencies, producers and distributors to form an effective supply chain. The program aims to make Vietnamese products account for over 70% of total goods sold nationwide in 2015 and 90% by 2020. Truong Thanh Su, director of the … [Read more...]

China’s dumping leaves Vietnam steel plants fighting for survival


(VOV) - Steel making in Vietnam is in danger of coming to a full stop and the root cause of its demise lies in the fact China is increasingly dumping vast stockpiles of steel in markets around the globe say leading market analysts. To make matters worse, these same analysts and others in the steel industry are sounding the alarm over the increase in the number of anti-dumping investigations initiated against Vietnamese manufacturers. Of particular note, Thailand has initiated three investigations in September on steel sheets and related products. However, this is just the latest in a long string of investigations that other nations have instituted. Deputy General Director Ho Quang Thiep of Southern Steel Sheet Company (SSSC), said companies in the industry are experiencing the negative effects of China infiltrating international markets with low cost steel and these investigations. "Demand is low and inventory levels excessively high," Thiep said. Inventories currently are at … [Read more...]

Stable power supply to be provided for Bach Long Vi island district

Bach Long Vi island district (Photo for illustration)

Bach Long Vi island district in Hai Phong city – Vietnam’s farthest island in the Gulf of Tonkin will be provided with stable power, satisfying the demand for power by the army, people and fishermen from the beginning of 2016. The Deputy General Director of the Electricity of Vietnam (EVN) affirmed the group’s intention during his recent fact finding mission to the island. Accordingly, EVN will provide all the necessary infrastructure and facilities to ensure that all customers on the island receive electricity. After that, EVN will direct the Northern Power Corporation and the Hai Phong Power Company to manage the current power network and carry out the project on installing wind and solar power generation facilities on areas of the island that cannot be reached by the national grid. Hai Phong Power Company Director Vu Duc Hoan said that during the implementation of the wind power project, the company will supplement a large power generator to provide stable … [Read more...]

VINACHEM: Environmental Protection for Sustainable Development

On the occasion of the 4th National Environment Conference, Vietnam Business Forum had an interview with Mr Ngo Dai Quang, Deputy General Director of the Vietnam National Chemical Group (VINACHEM) about the environmental protection task that the group has been doing. Le Sang reports.In recent years, what "green" actions have VINACHEM and its subsidiaries taken? In order to grow following the strategy for sustainable development, in recent years, VINACHEM and the subsidiaries have been paying more attention to the issues of pollution and environmental protection. The group has set up a plan and had it implemented across the system with contents as follows. Promoting advocacy to raise awareness on environmental protection among all staffs and employees of the group. Actively coordinating with unions and local authorities to encourage the community to get involve in environmental protection activities. Strengthening environmental management. Perfecting the machine of environmental … [Read more...]

Tan Thuan: Towards Exemplary Green EPZ


With 24 years of constant efforts, Ho Chi Minh City-based Tan Thuan Export Processing Zone (EPZ) has quickly become a favourite destination of foreign investors. As the first and most successful EPZ in Vietnam, Tan Thuan EPZ has not only helped enhance the appeal of the local investment environment, but also accelerate economic restructuring in the city towards industrialisation and modernisation and side with the city to assert its leading position in the country’s economic development.Top destination for investors The primary advantage of Tan Thuan EPZ is its prime location, just 4 km from the downtown of HCM City and a short drive from Tan Son Nhat Airport and Phu My Hung Urban Zone. It is also interconnected with the port system; thus, travelling, transactions and cargo transportation are very convenient. In addition to favourable geographical location, Tan Thuan EPZ’s strengths also lie in its complete infrastructure systems and perfect public facilities. To realise … [Read more...]

NEWTATCO Makes Initial Success in Environmental Technology


As a state-owned enterprise directly administered by the Vietnam Academy of Science and Technology, New Technology Application and Tourism One-member Limited Liability Company (Newtatco), set up 25 years ago, not only affirms its brand name in investment advisory and real estate business but also takes the lead in technological application and transfer and environmental treatment services. On the occasion of the Fourth National Environment Conference, Vietnam Business Forum interviewed Dr Dinh Hai Nam, Deputy General Director of Newtatco, on this issue. Tran Trang reports.In recent years, Newtatco is not only known for its excellence in real estate and business services but also for its pioneering in environmental technology transfer. Would you talk about some of the achievements of Newtatco in this field? In 2010, Newtatco engaged in environmental technology with its first commercial technological products like high-tech public toilets built to celebrate the 1000th anniversary of … [Read more...]

Vietnam steel exporters investigated

Viet Nam's cold-rolled steel sheets and colour-coated steel sheets have been exported to many countries in ASEAN, mainly to Thailand, Malaysia, Indonesia, and Cambodia, in the past three years. Photo satthep

Domestic steel exporters are worrying about losing export markets in ASEAN as more countries have initiated dumping investigations on imports from Viet Nam. Thailand launched three anti-dumping investigations this month on Vietnamese steel sheets and steel products. In the past, other export markets in the region have also conducted probes into steel sheet imports from Viet Nam. Ho Quang Thiep, the first deputy general director of Southern Steel Sheet Company, said Thailand's investigation on cold-rolled steel sheets and colour-coated steel sheets had caused difficulties for domestic producers, especially in seeking outlets for their products. Supply now is double domestic demand. Viet Nam's cold-rolled steel sheets and colour-coated steel sheets have been exported to many countries in ASEAN, mainly to Thailand, Malaysia, Indonesia, and Cambodia, in the past three years. The government of Indonesia imposed an anti-dumping tax on imports of Vietnamese cold-rolled steel sheets from … [Read more...]

VN steel exporters investigated

HCM CITY (VNS) — Domestic steel exporters are worrying about losing export markets in ASEAN as more countries have initiated dumping investigations on imports from Viet Nam, Tuoi Tre newspaper has reported. Thailand launched three anti-dumping investigations this month on Vietnamese steel sheets and steel products. In the past, other export markets in the region have also conducted probes into steel sheet imports from Viet Nam. Ho Quang Thiep, the first deputy general director of Southern Steel Sheet Company, said Thailand's investigation on cold-rolled steel sheets and colour-coated steel sheets had caused difficulties for domestic producers, especially in seeking outlets for their products. Supply now is double domestic demand. Viet Nam's cold-rolled steel sheets and colour-coated steel sheets have been exported to many countries in ASEAN, mainly to Thailand, Malaysia, Indonesia, and Cambodia, in the past three years. The government of Indonesia imposed an anti-dumping tax … [Read more...]

Conflicts of Interest in Resource Tax Hike


Giving justifications to the draft resolution on amendments and supplements to the Resolution 712 of the Standing Committee of the National Assembly on promulgation of resource tax rates, an official from the Ministry of Finance said the rationale is to guarantee State budget revenue when the realisation of AFTA commitments is approaching. Meanwhile, related businesses pointed out that the tax rise will negatively affect them. Mr Pham Dinh Thi, Director of Tax Policy Department under the Ministry of Finance, said, according to negotiation process and signing of free trade agreements (FTAs), the time that Vietnam has to abolish export taxes in line with FTA commitments is very close. As soon as export duties are scrapped to meet international promises, the State budget revenue will be undoubtedly affected while the exploitation of natural resources for export is likely to increase, thus giving rise to domestic material shortages. "Therefore, it is necessary to review and adjust … [Read more...]

Foreigners allowed to buy houses, but cannot sign contracts


VietNamNet Bridge - Foreigners can only put a deposit down for houses, but still cannot sign contracts and get houses delivered, even though the 2014 Housing Law took effect three months ago. Professor Paul, 45, a lecturer at HCM City National University, has been in Vietnam for five years. He and his family live in a house in Thao Dien residential quarter in district 2, which he rents for $1,500 a month. He decided to buy a villa developed by Sacomreal, at $700 per square meter after the new Housing Law took effect. However, he still cannot sign contracts with the developer, but only can pay a deposit and wait. He is willing to buy a house in HCM City, but he finds the laws too complicated, and he has to pay for legal services. He wants to own houses permanently, but he heard that current laws allow him to own a house for only 50 years. He wants to sign contracts in both Vietnamese and English, so that he can seek international legal support in case of a dispute, but the … [Read more...]

Vietnam refusal to budge on bond yields puts growth plan at risk


Vietnam’s government has sold only about half of the bonds offered at auctions this year, leading to a funding shortfall that threatens its ability to give the economy a boost via state spending. The State Treasury has sold just VND96.47 trillion (US$4.3 billion) of debt so far in 2015, 38 percent of its VND250 trillion full-year goal. The relatively low yields the government has been willing to pay at auctions has damped demand, according to Bank for Investment & Development of Vietnam, the country’s second-largest lender by assets. Vietnam is seeking to accelerate economic growth by spending on transport, hydro-power and health-care projects, while keeping its budget deficit within a target of 5 percent of gross domestic product. Policy makers are having to rely more on fiscal policy to spur expansion as interest rates can’t fall much further, according to VinaCapital Group. "The sale of bonds is important for the economy," said Alan Pham, the Ho Chi Minh … [Read more...]

Vietnam’s derivative market to launch in late 2016

Hanoi, September 28 (VNA) – Vietnam’s derivative market is set be launched in late 2016, according to the Hanoi Stock Exchange (HNX). Deputy Chairwoman of the Board of Directors Nguyen Thi Hoang Lan, who is also Deputy General Director of HNX, said the Ministry of Finance (MOF) officially entrusted the HNX and the Vietnam Securities Depository (VSD) to operate the derivative market’s transaction activities. A derivative market is a "high-level" market, posting and transacting future products, which intends to prevent risks for assets, she added. From 2016-2020, the new market will carry out transactions based on stock accounts such as stock indexes, Government bonds and shares. The two selected instruments are share indexes (HNX30 and VN30) and Government bonds with five-year terms. Lan added the market’s players are market operating units (HNX and VSD), settlement banks, intermediaries and investors – both enterprises and investment funds. The … [Read more...]

Bach Long Vi island to receive stable power supply

Photo: VNA

The island district of Bach Long Vi in the northern province of Hai Phong is expected to enjoy stable power supply once control is assumed by the Electricity of Vietnam (EVN) on January 1 next year. Do Duc Hoa, Chairman of the Bach Long Vi People’s Committee, revealed regular power blackouts in the district due to low-capacity electric generators and severe weather conditions are hindering the local economic growth. Adequate power supply is likely to push forward the district’s economy, especially in attracting investment in fishery logistics services as Bach Long Vi is defined as a centre of fishery logistics services and rescue in the northern region. EVN Deputy General Director Nguyen Tan Loc said in the short run, the group will use wind power in combination with diesel energy to serve the locality, given its unfavourable geographical location – about 140 km far from the mainland – has limited the district’s access to the national grid. In the long … [Read more...]

Da Nang drops prices to woo tourists

Fun in the sun: Beaches in Da Nang city are top choice for tourists during their weekend and summer vacation. Nearly 100 businesses, travel agencies and hotels have joined a promotion programme in the central city from September through next March.

Tourism people in the Da Nang area are hard at work, trying to get tourists to visit the city and its surrounding areas.Some hotels have agreed to not charge very much.They hope this will mean people will decide to use them on their holidays.The tourism people are particularly hoping that visitors will come from other countries in Asia, especially those from where flights come straight into Viet Nam. DA NANG (VNS) — Nearly 100 businesses, travel agencies and hotels joined a promotional programme in the central city from this month through next March, offering a 10-60 per cent discount for their service. The city's Culture, Sports and Tourism department made the announcement at a press conference on the programme yesterday, stating that the programme is focused on tourists from mainland China, Chinese Taipei, Hong Kong and Macao, as well as Singapore, Malaysia, South Korea and Japan. The United States and Australia are also being targeted by the programme. "We are focusing … [Read more...]

BIDV official appointed to bond association

HA NOI (VNS)— Quach Hung Hiep, the deputy general director of the Bank for Investment and Development of Viet Nam (BIDV), was voted chairman of the Viet Nam Bond Market Association. The association was established in 2009 and has 56 members, including commercial banks, securities and insurance companies and fund management and financial institutions. It aims to foster the efficient development of the domestic bond market. Bond transactions have slowed since August following the central bank's move to devalue the dong. Industry insiders said recent fluctuations in the foreign exchange market would continue to impact investor sentiment in the bond market in the short term. The State Treasury alone plans to mobilise VND250 trillion (US$11.11 billion) worth of bonds in 2015 but has sold only VND96.47 trillion ($4.28 billion), or 38.5 per cent of the annual quota, as of September 23. — VNS … [Read more...]