NDO - The Vietnam General Confederation of Labour (VGCL), and trade unions at all levels, need to pay more attention to improving knowledge and training new vocations for workers, in line with the current situation of the fourth industrial revolution. The statement was made by Prime Minister Nguyen Xuan Phuc while working with the VGCL’s Presidium in Hanoi on June 28. Addressing the working session, the PM noted that over the recent years, the VGCL has promoted numerous practical activities for employees and workers around the country, particularly in terms of protecting their rights. He also praised the effective and close coordination between the Government and the VGCL, affirming that the Government and the PM always pay special attention to ensuring material conditions for workers, as well as building cultural institutions at industrial zones and manufacturing areas. PM Phuc asked the VGCL and trade unions at all levels to actively participate in developing … [Read more...]

The Saigon-Hanoi Commercial Joint Stock Bank (SHB) recently opened its first branch in Myanmar, according to Lao Dong newspaper. SHB opened its first branch in Myanmar The event marks an important step for the bank as it is not only present in Indochinese markets but also the Southeast Asian region.  The State Bank of Vietnam (SBV) recently approved SHB’s plan to open new branches in Ha Tinh, Dak Lak, Ha Nam, Binh Dinh and Tay Ninh provinces. These will become operational in the third quarter of this year.  Myanmar is a developing economy with great potential in finance-banking.  In 2010, Vietnam and Myanmar signed a joint statement on comprehensive cooperation.  A memorandum of understanding on banking cooperation was also signed between the SBV and the Central Bank of Myanmar, laying a legal framework for Vietnamese banks to set foot on the country. According to Nguyen Van Le, SHB General … [Read more...]

NDO/VNA - President of Vietnam Tran Dai Quang will join with Russian leaders to discuss the two countries’ cooperation and measures to enhance their ties, during the Vietnamese leader’s visit from June 28 to July 1. The information was provided by President Quang during an interview with Russia’s TASS and Sputnik news agencies ahead of the trip, his first official visit to Russia as President. He said that during the visit, he will convey the respect of the Vietnamese Party and people to President Vladimir Putin, Prime Minister Dmitri Medvedev and other Russian leaders and people. He will also reiterate his country’s policy of considering Russia as a trustworthy strategic partner. President Quang and President Putin, along with other Russian leaders, will discuss bilateral cooperation and specify the necessary measures to foster ties in different areas, especially the implementation of the free trade agreement between Vietnam and the Eurasian … [Read more...]

A Vietnamese journalist received a huge amount of money, by local standards, from the director of a northern province’s investment department less than a week before his arrest on charges of money extortion, the Ministry of Public Security said on Wednesday. Le Duy Phong, who works for Giao Duc Vietnam (Vietnam Education) newspaper, was caught red-handed receiving VND50 million (US$2,200) in cash from a local business in Yen Bai Province on June 22. He is being detained as Yen Bai police are probing his alleged extorting money from the company. The arrest of Phong came at a sensitive time as the journalist had previously written a series of articles on luxury villas and land plots suspiciously owned by the province’s officials. Members of the public have been wondering whether the journalist had been lured into a trap to ‘pay the price’ for his anti-corruption articles. Giao Duc … [Read more...]

Deputy Prime Minister Vuong Dinh Hue has ordered the extension of initial public offering (IPO) and adjustment of value of enterprises for equitising Viet Nam Southern Food Corporation’s (Vinafood 2). By the end of 2016, Vinafood 2’s accumulated loss stood at VNĐ798 billion.  Under Hue’s direction, the Ministry of Agriculture and Rural Development (MARD) will study the State Audit Office of Viet Nam’s reports to review, update and adjust the value of enterprises as per regulations. However, the initial sale of Vinafood 2’s shares is only extended up to three months from the date of approval of the equitisation plan by the Prime Minister. Hue has also asked the MARD to ensure the completion of the first sale of shares in the extended period. Senior MARD leaders and bureaucrats will be held responsible if the deadline is not met. Previously, Hue had agreed to extend the initial … [Read more...]

Viet Nam’s export turnover increased 18.9 per cent to reach nearly $97.8 billion in the first six months of 2017. — Photo vneconomy.vn The total import-export turnover of Viet Nam has reached nearly US$200 billion in the first half of this year, while the country’s trade deficit was $2.7 billion. Viet Nam’s export turnover increased 18.9 per cent to reach nearly $97.8 billion in the first six months of 2017, the Ministry of Planning and Investment reported. In particular, exports of foreign-invested enterprises (excluding crude oil) are estimated at $69.26 billion, up 20.6 per cent over last year, accounting for 70.8 per cent of the country’s total export turnover. Including crude oil, this figure is $70.82 billion, up 20 per cent. Meanwhile, domestic exports are estimated at $26.96 billion, up 13.8 per cent. It is also worth noting that exports to the Chinese market grew … [Read more...]

Landslides hit two districts of the southernmost province of Ca Mau on Tuesday, damaging four households and incurring losses of some VNĐ700 million (US$30,800). Houses affected by a landslide in southernmost Ca Mau Province’s Nam Can District on May 30.  A landslide occurred on 15m of the Kenh Xang Cai Ngay canal in Nam Can District’s Hiep Tung Commune at about 2am. It encroached upon 20m of the canal, damaging two houses of resident Phan Minh Thanh and resulting in losses of some VNĐ30 million ($1,300). At about the same time, five houses worth VNĐ650 million ($28,600) along the Cửa Lớn River in Hàng Vịnh Commune were also damaged by a 64m landslide, which encroached upon 6-12m of the mainland. A working group of the district’s People’s Committee visited the three affected households in Hàng Vịnh Commune on the same morning, giving each household a … [Read more...]

The Transport and Industry Development Investment Joint Stock Company held an extraordinary general meeting on June 28 to discuss plans to expand its scope of business activities, elect additional directors, approve a bond issue, and transact other business. — VNS Photo The Transport and Industry Development Investment Joint Stock Company (Tracodi) decided at an extraordinary general meeting on June 28 to add advertising services to its scope of business activities. Vinataxi Company, a joint venture between Tracodi (30 per cent ownership) and Singapore’s ComfortDelgro, plans to offer advertising on its cabs. Nguyen Ho Nam, deputy chairman and general director of Tracodi, said Vinataxi has over 500 vehicles. For many auto companies, advertisements on vehicles bring 10-15 per cent of their total revenues, and Tracodi would also like to take advantage of this and expects to earn 5-10 per cent of its revenues … [Read more...]

The Ministry of Public Security’s Immigration Management Department will officially launch online invitation and guarantee procedures for Viet Nam-based agencies, organisations and enterprises applying for Vietnamese visa for foreigners on July 1. Agencies, organisations and enterprises that want to invite and/or give guarantee for foreign visitors must register for an online account on xuatnhapcanh.gov.vn.  The online procedure was piloted in HCM City on June 15. The move follows Article 10 of Government’s Decree 07/2017/NĐ-CP, dated January 2017, on processes and procedures for pilot issuance of electronic visa to foreigners who wish to enter Việt Nam. This move is an administrative reform in the immigration sector and follows government instructions to promote the use of science and technology in State management, the department said. The online procedure will reduce costs and … [Read more...]

The province has recorded annual average growth of 16% in the number of tourists. It is home to several tourist attractions such as the Ngoan Muc Pass, Poklong Garai, Porome and Hoa Lai towers, Vinh Hy bay, Binh Son-Ninh Chu beach, along with traditional brocade weaving and pottery villages of the Cham ethnic people. Director of the provincial Department of Culture, Sports and Tourism Chau Thanh Hai said the Ninh Thuan People’s Committee has created the best conditions for the tourism sector to lure investment. As a result, tourism has recorded significant strides in recent years, he said, noting that the province welcomed 1.7 million tourists in 2016, a year-on-year rise of 13.33%. Tourism brought home VND752 billion (over US$33 million) in the year, up 22.9% against 2015. Local economic sectors also poured money into tourism infrastructure, … [Read more...]

The investigative police of the capital city’s Hai Ba Trung District on Tuesday took into custody two suspects in connection with the assault of a foreigner and began criminal investigation into the case. Screen-captured image from a video recording the quarrel between a foreigner (in red) and two Vietnamese men last Friday.  A video clip posted on social media and a number of online newspapers on Sunday showed a scuffle taking place between a male foreigner and two Vietnamese men in front of house No 421 on the district’s Tran Khat Chan Street on Friday afternoon. Nguyen Duy Khanh, 26, and Doan Van Cuong, 29, both residing in Hanoi, are suspected to have assaulted the foreigner. The victim, identified as Maxwell David Gulian, 27, from the United States of America, was driving his girlfriend home on a Yamaha Taurus motorbike when a Toyota Corolla car, driven by Nguyen Duy Khanh in the same direction, moved up … [Read more...]

HCM City has set a target of achieving a 9.5 per cent rise in its total retail sales and service revenues in the whole year. - Photo baocongthuong HCM City’s total revenue from retail trade and services saw a year-on-year increase of 10.3 per cent to US$20.1 billion in the first half of this year, according to the municipal Department of Industry and Trade. Of the total, the retail sales of goods contributed $13 billion, up 12 per cent year-on-year. Several goods recording significant sale increases, included wood and construction materials, up 21 per cent; home appliances up 19 per cent; and textile and garment, 12 per cent. The positive retail sales growth in the period was attributed to strong development of the city’s distribution system, meeting the needs of local consumers, experts said. As of June 2017, the city was home to 240 traditional markets, 201 supermarkets, 42 trade centres and over 900 … [Read more...]

NDO – Vietnam and China are important economic partners with huge potential for increasing their two-way trade revenues and facilitating investment cooperation in various spheres, as assessed by experts at a Vietnam-China trade exchange, held in Ho Chi Minh City (HCM City) on June 28. The event was jointly held by the HCM City branch of the Vietnam Chamber of Commerce and Industry (VCCI-HCM) and the Chinese People’s Political Consultative Conference (CPPCC) committee of Shandong province. According to VCCI-HCM Deputy Director Nguyen The Hung, Vietnam-China economic and trade relations have been developing strongly over the past few years, with China currently being Vietnam’s largest trade partner. Two-way trade reached US$71.6 billion in 2016, with Vietnam exporting approximately US$22 billion worth of commodities to China and importing roughly US$50 billion of goods from the country. Vietnam’s key export items include crude oil, coal, computers … [Read more...]

The auto industry in Vietnam is still very small, which is the reason why global auto component suppliers have not made their full presence in the market, the Automotive Working Group (AWG) said at the 2017 Vietnam Business Forum in Hanoi on June 27. The auto industry in Vietnam is said to remain very small, which is the reason why global auto component suppliers have not made their full presence in the market  According to the group, more than 90 percent of the existing component suppliers in the country are foreign-invested companies, and the majority of components and materials for auto manufacturing and car spare parts are imported.  This dependence, together with packaging and logistics expenses and import tariffs, has made car making costs in Vietnam higher than those in Thailand or Indonesia. The gap in production cost can rise to 10 – 20 percent after tariff is abolished … [Read more...]

SHB opened its first branch in Myanmar (Source: VNA) Hanoi (VNA) - The Saigon-Hanoi Commercial Joint Stock Bank (SHB) recently opened its first branch in Myanmar, according to Lao Dong newspaper. The event marks an important step for the bank as it is not only present in Indochinese markets but also the Southeast Asian region.  The State Bank of Vietnam (SBV) recently approved SHB’s plan to open new branches in Ha Tinh, Dak Lak, Ha Nam, Binh Dinh and Tay Ninh provinces. These will become operational in the third quarter of this year.  Myanmar is a developing economy with great potential in finance-banking.  In 2010, Vietnam and Myanmar signed a joint statement on comprehensive cooperation.  A memorandum of understanding on banking cooperation was also signed between the SBV and the Central Bank of Myanmar, laying a legal framework … [Read more...]

Vietnam and Belarus have agreed to create new breakthroughs in their economic cooperation during Vietnamese State President Tran Dai Quang’s visit to Minsk from June 26 to 28. President Quang joined talks with President Aleksandr Grigoryevich Lukashenko after a welcome ceremony in the Belarusian capital on Tuesday morning. During their conversation, the Vietnamese head of state believed that the positive development in the Vietnam-Belarus ties will be the foundation to bring their relationship to the next level. He hoped that the two nations’ economic cooperation would be as strong as their political relations. Vietnam will always respect the enhancement of its traditional friendship and multi-faceted collaboration with Belarus, Quang asserted. Both sides should focus on realizing the free trade agreements between Vietnam and the Eurasian Economic Union to seek breakthroughs in the two … [Read more...]

Glyphosate, an herbicide and the active ingredient in Monsanto Co's popular Roundup weed killer, will be added to California's list of chemicals known to cause cancer effective July 7, the state's Office of Environmental Health Hazard Assessment (OEHHA) said on Monday. Monsanto Co's Roundup is shown for sale in Encinitas, California, U.S., June 26, 2017. Monsanto vowed to continue its legal fight against the designation, required under a state law known as Proposition 65, and called the decision "unwarranted on the basis of science and the law." The listing is the latest legal setback for the seeds and chemicals company, which has faced increasing litigation over glyphosate since the World Health Organization's International Agency for Research on Cancer said that it is "probably carcinogenic" in a controversial ruling in 2015. Earlier this month, … [Read more...]

By the end of 2016, Vinafood 2’s accumulated loss stood at VND798 billion. — Photo cafef.vn Deputy Prime Minister Vuong Dinh Hue has ordered the extension of initial public offering (IPO) and adjustment of value of enterprises for equitising Viet Nam Southern Food Corporation’s (Vinafood 2). Under Hue’s direction, the Ministry of Agriculture and Rural Development (MARD) will study the State Audit Office of Viet Nam’s reports to review, update and adjust the value of enterprises as per regulations. However, the initial sale of Vinafood 2’s shares is only extended up to three months from the date of approval of the equitisation plan by the Prime Minister. Hue has also asked the MARD to ensure the completion of the first sale of shares in the extended period. Senior MARD leaders and bureaucrats will be held responsible if the deadline is not met. Previously, Hue had … [Read more...]

Hanoi-based Dong Phat Joint Stock Company's factory produces cotton fibre for export to China (Photo: VNA) HCM City (VNA) – A seminar was held in Ho Chi Minh City on June 28 to seek ways to further boost trade between Vietnam and China, including between HCM City and Shandong province, which are said to have great potential for stronger cooperation. Nguyen The Hung, Deputy Director of the HCM City branch of the Vietnam Chamber of Commerce and Industry (VCCI-HCM), said economic and trade ties between the two countries have grown fruitfully over the past years and China is currently the biggest trade partner of Vietnam. Bilateral trade reached 71.6 billion USD in 2016, including nearly 22 billion USD of Vietnam’s exports. Vietnam mainly ships crude oil, coal, computers and components, rubber, rice, vegetables, fruits and aquatic products to China, while importing … [Read more...]

The auto industry in Vietnam is said to remain very small, which is the reason why global auto component suppliers have not made their full presence in the market (Photo: VNA) Hanoi (VNA) – The auto industry in Vietnam is still very small, which is the reason why global auto component suppliers have not made their full presence in the market, the Automotive Working Group (AWG) said at the 2017 Vietnam Business Forum in Hanoi on June 27. According to the group, more than 90 percent of the existing component suppliers in the country are foreign-invested companies, and the majority of components and materials for auto manufacturing and car spare parts are imported.  This dependence, together with packaging and logistics expenses and import tariffs, has made car making costs in Vietnam higher than those in Thailand or Indonesia. The gap in production cost can rise to 10 – … [Read more...]