Businesses struggle to earn money in year-end sale season

businesses-struggle-earn-money-year-sale-season-1-206617-100x100

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...]

Mau Son Summer Tourism Week 2015 opens

1678890-0-0he-mau-son-2015-1jpg

(TITC) – On 17 May 2015, in Mau Son Tourism Area, Lang Son Department of Culture, Sports and Tourism organized opening ceremony of Mau Son Summer Tourism Week 2015 with various attractive activities of culture, sports and art performances. The opening ceremony had the presence of Mr. Nguyen Quoc Hung, Deputy General Director of Viet Nam National Administration of Tourism; representatives of Departments of Culture, Sports and Tourism of Thai Nguyen, Cao Bang, Bac Giang, Bac Ninh and Ha Noi; representatives of relevant departments of Lang Son Province. Speaking at the opening ceremony, Deputy Director of Lang Son Department of Culture, Sports and Tourism, Ms. Be Thi Thu Hien informed that Mau Son Tourism Area is a potential tourism destination of Lang Son Province with beautiful scenery, fresh atmosphere all year round, famous specialities and unique cultural space of ethnic groups of Dao, Nung, Tay. Mau Son has been known as a popular tourist destination, however, its … [Read more...]

Samsung breaks ground on $1.4bn complex in Ho Chi Minh City

1678863-huxear7z

Intel had been the largest foreign investor in the Saigon Hi-Tech Park (SHTP), Ho Chi Minh City’s hi-tech hub, until Samsung Electronics broke ground on a US$1.4 billion complex there on Tuesday, only seven months after it was licensed to do so. The Samsung Electronics Ho Chi Minh City Complex (SEHC) will become an important part of the global supply chain of Samsung TVs, Kim Jong Ho, president of consumer electronics with the South Korean firm, said at the groundbreaking ceremony. The SEHC, spanning 70 hectares inside the SHTP, will focus on research and development and the production of high-end TV products such as SUHD TV, Smart TV and LED TV, besides other consumer electronics products, during its first phase of operation. The complex is slated to go into operation in the second quarter of next year, and is expected to generate 15,000 jobs. Its products will mostly be exported. The SEHC project received an investment license in October 2014. Kim said Samsung sees … [Read more...]

Devalued dong offers leg up to Vietnam’s exporters

The central bank’s recent move to devaluate the Vietnamese dong is expected to shore up Vietnam’s exports while curbing its imports. "The trade deficit was recorded at US$3 billion for the first four months of the year and inflation is currently around 1%. It is possible that the central bank has taken this opportunity to adjust the forex rate to partially support exports and the balance of trade in the future," commented Ngo Dang Khoa, head of trading at HSBC (Vietnam), on the State Bank’s (SBV) move on the dong’s devaluation. According to Khoa, the dollar’s rally against most major currencies and the country’s trade deficit in the first four months of the year had raised expectations on the SBV’s forex rate adjustment during the last couple of months. Economist Nguyen Tri Hieu also stressed that the devaluation of the dong would benefit exports. "Devaluing the dong by 1% could make Vietnam’s exported products more competitive, while … [Read more...]

FLC Group, Vingroup invest in agriculture

1678173-20150519094935-1

The People's Committee of the central province of Thanh Hoa recently approved investing in agriculture projects for property developers FLC Group and Vingroup. FLC was allowed to invest in the 1,300 hectare Lam Son agricultural farm project in Ngoc Lac District's Lam Son Commune, which includes 530 hectares of rubber and 530 hectares of sugarcane. Meanwhile, Vingroup received permission to invest in Song Am agricultural farm, with an area of 1,000.26 hectares located in eight communes in Ngoc Lac and Tho Xuan Districts. The enterprises were required to complete documents, commit financial obligations and follow the progress of the projects. They were also asked to send their plans to the province's Appraisal Committee before submitting them to the provincial People's Committee, and then the Ministry of Agriculture and Rural Development. Le Khac Hiep, vice chairman of Vingroup's board of directors, said that Thanh Hoa had a strong potential for the production and development of … [Read more...]

Hi-tech production soars amidst foreign investment

Production is booming in the tech sector as recent indications see Vietnam emerging as a major manufacturing base for Korean tech giants that manufacture TVs and other consumer electronic goods, expanding beyond the limits of mobile phone assembly. As planned, construction on the Samsung CE Ho Chi Minh City Complex (SEHC) will kick off this year at the Saigon Hi-tech Park (SHTP) with a total investment of US$1.4 billion. "The complex will be a cutting-edge zone of high technologies, where the latest high-end TV series will be manufactured, similar to other Samsung facilities in the northern provinces of Bac Ninh and Thai Nguyen, which produce items to serve the global market", said Nguyen Van Dao, deputy general director of Samsung Electronics Vietnam. In addition to its scope for production, SEHC will also embrace research and development (R&D) of hi-tech consumer electronics goods. The first-phase production will focus on consumer electronic goods, such as smart, LCD, and LED … [Read more...]

Vietnam’s seaports may turn into world’s dumping ground

1677575-20150518071544-envir-waste-imports

VietNamNet Bridge - The urgent task for Vietnam now is to settle 5,000 ownerless containers of goods left at seaports, while over the long term, a measure to prevent the world’s industrial waste from entering the country is needed. Current laws allow import of scrap materials and prohibit import of industrial waste. However, state management agencies are confused because they cannot determine if imports are "scrap materials" which can be imported for domestic production, or "industrial waste", which must not be imported. There is a fine line between "scrap materials" and "industrial waste", because it is unclear how much "waste" can exist in "scrap materials", and how much waste should be in "industrial waste". That is why a big volume of industrial waste has been brought to Vietnam as scrap to serve domestic production. The period from 2006 to 2011 is considered the golden age of the traders who imported scrap material temporarily for export later. The business was so … [Read more...]

FLC and Vingroup invests in agriculture

lam-son_1.jpg

A corner of Lam Son agricultural farm in Ngoc Lac District's Lam Son Commune in the central province of Thanh Hoa. The provincial People's Committee approves the investment of property developer FLC Group in the farm. — Photo vnmedia.vn THANH HOA (Biz Hub) — The People's Committee of the central province of Thanh Hoa recently approved investing in agriculture projects for property developers FLC Group and Vingroup. FLC was allowed to invest in the 1,300 hectare Lam Son agricultural farm project in Ngoc Lac District's Lam Son Commune, which includes 530 hectares of rubber and 530 hectares of sugarcane. Meanwhile, Vingroup received permission to invest in Song Am agricultural farm, with an area of 1,000.26 hectares located in eight communes in Ngoc Lac and Tho Xuan Districts. The enterprises were required to complete documents, commit financial obligations and follow the progress of the projects. They were also asked to send their plans to the province's Appraisal … [Read more...]

City sees overdue loans inching up

An unidentified bank employee checks Vietnamese banknotes. Loans in Vietnam dong rose 4.5% to VND944 trillion in the first four months of the year - PHOTO: UYEN VIEN

Tran Thu The report showed overdue loans at banks and non-credit institutions in the city had amounted to more than VND60.88 trillion as of the end of March though over VND6.1 trillion was settled in the first quarter of this year. Nguyen Hoang Minh, deputy director of the branch, told a meeting between deputies of the National Assembly and representatives of banks in HCMC Tuesday that overdue loans rose slightly with the potentially irrecoverable debt (group 5) accounting for the biggest proportion. Minh said joint venture banks and financial firms made up a majority of bad debt and the bankruptcy of small-and medium-sized enterprises gave rise to the rising bad debt in the city. Meanwhile, the bad debt ratio of a dozen commercial banks based in the city was a mere 2.45%, which is lower than the central bank’s target of 3% this year. The bad debt ratio of the banking system in HCMC started to swell at the end of last year due to several ailing banks including Vietnam … [Read more...]

ASEAN coal forum kicks off in Quang Ninh

1676204-avatar

The ASEAN Forum on Coal 13 (AFOC 13) opened in Ha Long city, Quang Ninh province (Source: VNA) The ASEAN Forum on Coal 13 (AFOC 13) opened in Ha Long city in the northeast province of Quang Ninh on May 14. Addressing the event, Nguyen Ngoc Co, Deputy General Director of the Vietnam Coal and Mineral Corporation (Vinacomin), said that Vietnam’s demand for coal and natural minerals encouraged Vietnam and Vinacomin to seek capital and technology from local and foreign organisations. Vinacomin gives high priority to ASEAN countries in the cooperation, Co said. Participants at the forum also exchanged information on the respective coal industries across ASEAN, ways to match supply and demand in the region, clean coal technology and environmental concerns. Ideas to improve coal quality, cooperation between the AFOC with regional partners and cooperation orientations within the bloc were also discussed. The AFOC 13, an annual activity within the cooperation framework among … [Read more...]

CII to buy into Tan Hoa Water Supply

Van Nam The deal is the first transaction of the city’s pilot plan to open the water distribution service to private investors. Tan Hoa Water Supply Co. currently supplies clean water for people in Tan Binh and Tan Phu districts. The company said on its website that its chartered capital is VND50 billion with the State holding 65%. According to the HCMC Department of Transport, the city government will forward the transaction to the Prime Minister for consideration and approval. Truong Khac Hoanh, deputy general director of CII, told the Daily that the 65% stake alone costs nearly VND40 billion. CII and Sawaco are now working together to value the water pipe network and will later announce the total value of the deal. CII started negotiations with Sawaco in the middle of last year for a project to supply water for residents in districts 12, Tan Binh, Tan Phu, Go Vap and Hoc Mon under the build-own-operate-transfer (BOOT) format. As instructed by the city government, … [Read more...]

Kinh Do partners with Ve Wong, aims to be among Vietnam top 3 instant noodle makers

1675162-migoi-rqeb

Tran Le Nguyen (L), CEO of Kinh Do Corp., and Chen Ching Fu, CEO of Saigon Ve Wong, exchange agreements in Ho Chi Minh City on May 12, 2015. Photo: Minh Hung Kinh Do Corp., once-Vietnam’s biggest listed confectioner, signed a contract Tuesday with Taiwan’s Saigon Ve Wong for jointly building a factory in the northern province of Bac Ninh to make instant noodles. Tran Le Nguyen, Kinh Do’s CEO, said the US$30-million factory would break ground soon in the province’s Vietnam-Singapore Industrial Park with Kinh Do owning 49 percent and Saigon Ve Wong the rest. The latter will be in charge of production, technology and product research, while Kinh Do will assume marketing and distribution responsibilities. The 2.5-ha factory in Bac Ninh will produce six million cartons of instant noodles a year, and double that by 2017, and also packed instant foods and sauces. Tran Quoc Viet, deputy general director of Kinh Do, said the plant is just the first step in an … [Read more...]

Syrena Vietnam wins Asia-Pacific award

Syrena Vietnam, a BIM Group member, has won "the Best Mixed-Used Development of Vietnam" – one of the Asia-Pacific Property Awards' most prestigious categories – for its Little Vietnam project at a ceremony in Kuala Lumpur, Malaysia, last week. Little Vietnam, which covers 3.3 ha in the Ha Long Marina Urban Area and features linked infrastructure with the central city of Ha Long-a popular tourist spot in Quang Ninh province, has a unique architectural design which replicates Hanoi's Old Quarter and Hoi An's Ancient Town but is still in harmony with contemporary designs. The project, expected to be put into operation in November this year, attracted a large number of investors for its comfortable accommodation and promoting profits, with all of the units it released for sale being bought within two months. "Winning this Asia-Pacific property award will help to showcase our ongoing efforts to provide real estate products that meet the highest international standards and … [Read more...]

Robot finals open in Can Tho City

Thirty-two teams have gathered for the final round of the 2015 Vietnam Robot (Robocon) contest that opened on May 12 in the Cuu Long (Mekong) Delta city of Can Tho. This year's tournament promises to be highly competitive, with 32 teams selected from among nearly 100 teams from 23 universities and colleges nationwide. With its theme of Robominton, the contest involves a badminton doubles game. The two robots are programmed to hit the shuttle back and forth between them. The longer the rally continues, the more exciting the game becomes. The robots can even make an eye-popping jumping smash. The winners of the contest will represent Viet Nam at the 2015 Asia-Pacific Robot Contest, scheduled to take place in Indonesia from August 16 to 20. The 14th Viet Nam Robocon is sponsored by Toyota Vietnam and Vietnam Television. All matches in the final round will be broadcast live on the VTV2 channel. Speaking at the ceremony, which took place at the Can Tho Sport Complex, head of the … [Read more...]

VNA to cut freight for lychees to France

vaithieu.jpeg

A farmer harvests Thanh Ha lychees in the northern province of Hai Duong. The fresh fruit are exported to countries including France, Australia and Japan. — Photo Tran Viet HA NOI (Biz Hub) — National flag carrier Vietnam Airlines (VNA) will reduce freight for exporting lychees to France by 20 per cent, said Deputy General Director Trinh Ngoc Thanh. At present, the country applies a freight of US$2.15 per kg of the fruit shipped to France – or $3.4 with additional fees for fuel and insurance. The new freight, including fuel and insurance fees, will be $2.95 per kg. The reduction of freight is aimed at supporting and encouraging the export of fresh lychees to French markets this year; the move is also expected to help expand markets in Europe. For freighting the fruit to European markets, the country currently levies US$2.05-2.15 per kg. With additional fees for fuel and insurance, it comes to around US$3.3-3.4 per kg. Earlier, the Ministry of Industry and Trade … [Read more...]

Experts to share green growth lessons

Anh Thu The seminars are part of activities organized to mark the 20th anniversary of the Vietnam-Belgium Master Programs. Professor Eric De Keuleneer, President of the Free University of Brussels, and Tran Quoc Huan, deputy general director at Friesland Campina Vietnam, will be among speakers at the seminars. They will share experience and propose approaches to green growth. There are different approaches to green growth but common issues concerning green growth are sustainable production and consumption, reductions of greenhouse emissions, development of green and high technologies, reduced and effective use of natural resources, application of clean production measures, sustainable infrastructure development and building of ecological indicators. According to the organizers, many localities and enterprises in Vietnam have paid attention to green growth but the importance of green growth is still placed after economic growth. Therefore, a large majority of Vietnamese people … [Read more...]

Vietnam, France seek co-operation in space technology

The construction of VNRED Sat-1 will contribute to Vietnam mastering satellite technology in the future, Deputy General Director of CLS Group, Antoine Monsaingeon says. (Credit: space-airbusds.com)

NDO – Scientists and experts in space technology and applications gathered in Hanoi on May 12 for an international seminar themed ‘Space Technology and Applications’. The seminar, organised by the Ministry of Science and Technology and France’s Space Agency, aimed to create an open forum for local and international scientists and experts to join academic discussions and devise co-operation plans for long-term and sustainable interests of both nations. Deputy Minister of Science and Technology Tran Van Tung stressed Vietnam’s wishes of enhancing research and development co-operation with countries that have highly advanced technology, such as France. Vietnam prioritises the development of space technology in the country’s scientific and technological development strategy to 2020, with a vision to 2030, Tung said. Vietnam currently has over 60 strategies and projects on developing space technology and applications in socio-economic development … [Read more...]

New technology to combat illegal wildlife trade launched in Vietnam

A customs officer uses WildScan to identify a protected Hamilton’s turtle.

VietNamNet Bridge - WildScan, an endangered species identification and response mobile phone application, was launched in Vietnam yesterday to provide local law enforcement officials with an effective tool to combat wildlife trafficking. WildScan was first launched in Thailand last year, but the new availability of the application in Vietnamese language and its upgrade to include many additional species and information related to Vietnam, will support ongoing efforts to tackle the illegal wildlife trade in Vietnam. The launch is the beginning of a pilot phase to test the upgraded application, and continue to improve it based on feedback and suggestions from relevant agencies. The mobile application contains a unique identification function, high resolution photos and critical information for over 300 endangered species and illegal wildlife products commonly trafficked into and throughout Southeast Asia, as well as essential animal care instructions and a simple reporting system. … [Read more...]

Porcelain maker signs deal with tourist firm

Under the agreement, Minh Long 1 will be the main supplier of dinnerware under the Ly's Horeca brand and porcelain souvenirs to Saigontourist's hotels and restaurants across the country. — Photo dantri

HCM CITY (Biz Hub) — The Binh Duong-headquartered porcelain Chinaware manufacturer Minh Long 1 Co. signed last week a cooperation deal with HCM City's Saigon Tourism Co. Ltd. (Saigontourist). Under the agreement, Minh Long 1 will be the main supplier of dinnerware under the Ly's Horeca brand and porcelain souvenirs to Saigontourist's hotels and restaurants across the country. The deal is expected to have long-term benefits for the two big groups. Speaking at the signing ceremony, Vuong Anh Tuan, deputy general director of Saigontourist Group, said: "We wanted to standardise our products on our networks across Viet Nam and thus demand a partner who can supply us with a big number of high-quality products." — VNS … [Read more...]

Ailing Ocean Bank turns wholly State-owned

A branch of Ocean Bank in HCMC’s District 1. The central bank has taken over Ocean Bank and picked many executives at VietinBank to manage it - PHOTO: TRAN THU

Tran Thu As the owner of Ocean Bank, the central bank decided to assign executives from the Vietnam Bank for Industry and Trade (VietinBank) to operate the cash-strapped bank where many former leaders had arrested on alleged charges of banking rule violations. Do Thanh Son, director of VietinBank’s branch No. 11 in HCMC, was picked as chairman of Ocean Bank for a five-year term while the post of general director went to Ngo Anh Tuan, deputy head of the credit and investment department at VietinBank. The new deputy general directors of Ocean Bank are other VietinBank executives, including Hoang Minh Thai, deputy head of the credit approval department, Nguyen The Hoang, deputy head of the capital market department and Tran Trung Dung, deputy director of VietinBank’s Hoang Mai branch. SBV said VietinBank is improving the restructuring plan for Ocean Bank in order to enhance governance, ensure normal operations and sustain growth for the struggling bank. Ocean Bank … [Read more...]