Business

The Government ordered the State Bank of Vietnam to continue to run a proactive, flexible and prudent monetary policy to create favorable conditions and meet credit demand for manufacturing and business activities; the Ministry of Industry and Trade to focus on instructing and resolving difficulties and entanglements in industrial manufacturing development. Provinces are ordered to have solutions to prepare supply of essential goods for people, especially people in remote and rural areas, border and island regions and areas affected by natural disasters and floods in order to ensure no increase in prices of food and foodstuffs. The Ministry of Agriculture and Rural Development is instructed to collaborate with the Ministry of Industry and Trade to have solutions to stabilize the price of pork at year’s end, not to let a shortage of pork happen, causing hikes in prices. The Government also asked the Ministry of Labor, Invalids and Social Affairs to do well social welfare policy … [Read more...] about PM instructs preparation for upcoming festive season

  The AHK publicises a report on German firms worldwide (Photo: VietnamPlus)   Hanoi (VNA) – Compared to other regional countries, Vietnam has received special attention from German businesses and become a magnet for investment in the medium term. The AHK World Business Outlook (AHK WBO) was conducted by the Association of German Chambers of Commerce and Industry (AHK), with the participation of German entrepreneurs in Vietnam. It showed that Vietnam is a top investment destination for German businesses with high expectations of economic development in the medium term. German enterprises are optimistic about their businesses as well as the prospects for growth in the next year, despite the instability of the global economy due to trade tension, the outlook said. [Germany helps improve Vietnam’s SMEs via innovation programme] Representatives of as many as 77 percent of German businesses in Vietnam said their business is better this year, much higher than the … [Read more...] about Vietnam remains attractive investment destination for German firms

Vietnam has gained certain achievements in completing the market mechanism, and adjusting the corresponding role of the State in the economy. However, Nguyen Chi Dung, Minister of Planning and Investment, said at the Vietnam Reform and Development Forum held recently in Hanoi, that the market-economy institutions in Vietnam actually have shortcomings which hinder development. Vietnam has gained certain achievements in completing the market mechanism, and adjusting the corresponding role of the State in the economy. As for private funding of public service, though the policy was supported by most people, 57 percent still expressed concern. Chi Mai  New FTAs put pressure on VN to reform business practices New-generation Free Trade Agreements (FTAs) are expected to help Viet Nam become more competitive if the country reduces trading costs and improves its business environment, experts said on Tuesday at a conference in HCM City.   Most enterprises in VN satisfied … [Read more...] about Economic institutional reform still has many shortcomings

Foreign retailers, from Metro, Auchan, Casino Group to Parkson, have had to leave Vietnam because they did not understand the market well. Nguyen Anh Duc, deputy general director of Saigon Co-op, said he once criticized Co-opmart SCA Hanoi, a branch of Saigon Co-op, because the supermarket displayed old bananas for sale on inauguration day. Foreign retailers, from Metro, Auchan, Casino Group to Parkson, have had to leave Vietnam because they did not understand the market well. Localization means gathering the tastes and shopping needs of local consumers to build up a list of products for supply that can satisfy needs. Personalization is understanding shopping culture and demands for experience during the shopping process in order to offer new creative shopping models to attract customers. Nearly 2,600 supermarkets and sale points in 50 provinces/cities throughout the country and the data about 8 million customers are the important factors for VinCommerce to build a strategy. … [Read more...] about The costly competition in the retail industry

It was followed by the industry and construction sector, up VND211-555 trillion ($9.09-23.91 billion) a year. The agriculture, forestry, and fisheries sector rose VND25-46 trillion ($1.08-1.98 billion) per year. After revising its GDP methodology to match international standards, the agriculture, forestry and fisher sector’s GDP contribution decreased from 17.4 percent to 14.7 percent, according to the General Statistics Office (GSO). The industry and construction sectors grew from 33 percent to 34 percent of GDP, while the service grew from 39.2 percent to 41.2 percent. With the revised methodology, Vietnam formally raised its GDP by an average 25.4 percent for the 2010-2017 period. The figure was recalculated by the General Statistics Office (GSO) in August, but formalization was delayed to give the government more time to assess its impacts. 2017’s GDP has been raised to VND6.3 quadrillion ($271.29 billion) from VND5 quadrillion ($215.71 billion), up 25.7 percent. … [Read more...] about Service sector sees biggest increase after GDP recalculation