Indian companies are looking to expand their presence in the Vietnamese textile and garment sector by selling machinery and technology to local partners. A delegation of eight Indian textile machinery manufacturers, led by the Indian Textile Accessories and Machinery Manufacturers’ Association (ITAMA), has paid a working visit to Vietnam. This is the third time ITAMA visited since 2014 to explore businesses opportunities and find potential partners.  According to Smita Pant, consul general of India, the export turnover of Indian textile machinery and equipment to Vietnam reached $400 million in the period of 2015-2016. However, this  is far below potential. Most textile equipment in Vietnam is sourced from Europe, China, South Korea, and Taiwan—a situation India is keen to change. “India has potential to supply machinery and accessories to textile … [Read more...]

The meeting will gather business leaders from APEC member economies to discuss issues related to trade, economic cooperation and regional connectivity to prepare for the APEC Economic Leaders Week in Vietnam in upcoming November. ABAC Vietnam Chairman Hoang Van Dung  A Vietnamese delegation led by ABAC Vietnam Chairman Hoang Van Dung will attend the meeting. In addition, Permanent Deputy Minister of Foreign Affairs Bui Thanh Son will participate in a number of events within the framework of the meeting. According to Pamela Goldsmith-Jones, Parliamentary Secretary to the Canadian Minister of International Trade, through cooperation with the ABAC, Canada has been able to scale up trade and investment ties with Pacific nations and territories, including growing Asian markets. By working together, APEC economies could achieve benefits of sustainable and inclusive trade, thus bringing prosperity to people in the … [Read more...]

NDO/VNA – The third meeting of the APEC Business Advisory Council (ABAC) in 2017 will convene in Toronto, Canada, from July 24-28. The meeting will gather business leaders from APEC member economies to discuss issues related to trade, economic cooperation and regional connectivity in preparation for the APEC Economic Leaders Week in Vietnam in November. A Vietnamese delegation led by ABAC Vietnam Chairman Hoang Van Dung will attend the meeting. In addition, Permanent Deputy Minister of Foreign Affairs Bui Thanh Son will participate in a number of events within the framework of the meeting. According to Pamela Goldsmith-Jones, Parliamentary Secretary to the Canadian Minister of International Trade, through cooperation with ABAC, Canada has been able to scale up trade and investment ties with Pacific nations and territories, including growing Asian markets. By working together, APEC economies can easily access benefits brought about … [Read more...]

NDO - The Australian Anti-Dumping Commission has decided to terminate its dumping investigation into certain zinc coated (galvanised) steel products imported from Hoa Sen Group and Nam Kim Steel JSC, according to the Vietnam Ministry of Industry and Trade. The investigation into the alleged dumping of zinc coated steel exported to Australia from Vietnam, India and Malaysia and the alleged subsidisation of goods exported to Australia from Vietnam and India were initiated on October 7, 2016, following an application lodged by BlueScope Steel Limited. The investigation found that there was no dumping conducted by the two Vietnamese steel exporters,Hoa Sen Group and Nam Kim Steel JSC, therefore the Anti-Dumping Commission has terminated the investigation on the two companies. The investigation results also revealed that galvanised steel exported from Vietnam received countervailable subsidies but the subsidies never exceeded the negligible … [Read more...]

In response to the cooperation programme advocated by the Vietnamese and Cambodian governments, Vietnam Rubber Industry Group (VRG) is a leading agricultural company to invest in Cambodia. The greenness of rubber tree forests grown by VRG has brought fresh life to Cambodian workers. In an interview granted to Vietnam Business Forum, Mr Vo Suc Luc, President of Vietnam Rubber Industry Group, expressed his pride in the Group's great activities and contributions to the Vietnam - Cambodia solidarity and friendship. Hoang Tham reports. From the perspective of a company that invested early in rubber cultivation in Cambodia according to the cooperation spirit of the two governments, how do you assess the cooperation tradition between Vietnam and Cambodia over the past 50 years, and future cooperation prospects? Both Vietnam and Cambodia want to maintain a peaceful and stable environment to focus … [Read more...]

A series of fatal elevator accidents that occurred recently at apartment buildings have raised concerns over the safety of residents, suggesting that maintenance work had not been completed correctly, the Thời Báo Kinh Doanh (Business Times) reported. Elevators in the G5 apartment building in Đại Kim urban area, Hoàng Mai District, Hà Nội. A series of fatal elevator accidents that occurred recently at apartment buildings have raised concerns over the safety of residents. - Photo cafef.vn Just last week, while a maintenance worker was on his way to repair an elevator stranded at the second floor of an apartment building in HCM City’s District 9, a security officer died after falling five metres down the elevator shaft. On July 9, visitors to Bitexco Financial Tower Building in HCM … [Read more...]

Vinasun, the country’s biggest taxi firm, has seen nearly 8,000 of its drivers quit in the first half of this year in the face of dog-eat-dog competition from ride-hailing services. The company said in a newly released report that its workforce has fallen by nearly half to less than 9,200 this year. Bosses said the business had encountered "harsh” competition from Grab and Uber, the ride-hailing apps that have become popular in major cities such as Hanoi and Saigon since making their entrance three years ago. Revenue in the second quarter slid to VND810 billion ($35.6 million), the company’s lowest since 2014, pulling its first-half income down more than 15 percent on-year. Vinasun’s net profit between April and June also fell by nearly half compared with the same period last year, it said. The company has projected a 34 percent drop in profit this year, and 10.6 percent fall in revenue. In a bid to combat this rising competition, it plans … [Read more...]

NDO - Smart factories will be the focus of the fourth industrial revolution (Industry 4.0) but Vietnamese enterprises have not fully prepared for entering the revolution which is expected to dramatically change the world's manufacturing industries. Dr. Nguyen Phu Cuong, Director of the Department of Science and Technology under the Ministry of Industry and Trade (MOIT) made the statement at the seminar themed 'Digital enterprise - on the way to Industry 4.0' in Hanoi on July 20. The event was jointly held by MOIT, the German Embassy in Vietnam, Siemens, and the German Industry and Commerce Vietnam (GIC/AHK Vietnam) with the participation of more than 100 managers, policymakers, corporate leaders and experts. Cuong said that with the strong development and integration of modern science and technology achievements at an advanced level, Industry 4.0 is forecasted to significantly change the production process in the world in the near future. However, a survey conducted … [Read more...]

NDO - Prime Minister Nguyen Xuan Phuc has urged the southern province of Ben Tre to formulate an economic development programme adaptable to climate change in order to translate risks into opportunities. He made the remarks while meeting with leaders of Ben Tre after attending an investment promotion conference in the Mekong Delta province. PM Phuc said that the government will provide the province with necessary resources given that Ben Tre is one of the most vulnerable provinces to climate change while its resources are also fairly limited. During the meeting, the government leader also outlined a number of economic development orientations for Ben Tre, including tourism, clean energy, logistics services and agriculture in particular, with a focus on fruit and seafood. He urged the province to review its land use effectiveness, emphasising that if Ben Tre wants to attract large enterprises, there must be sufficient land. According to the Ben Tre leadership, … [Read more...]

NDO/VNA – Vietnam is a potential market to which Indian businesses are seeking opportunities to boost export of textile machines and equipment, said N.D. Mhatre, Director General (Technical) of the Indian Textile Accessories and Machinery Manufacturers Association (ITAMMA). As one of the world’s leading textiles and garment exporters, Vietnam has a growing demand for machinery and equipment, thereby creating big opportunities for Indian firms, Mhatre said at a Vietnam-Indian business exchange programme co-held by ITAMMA and the Consulate General of India in HCM City on July 20. The director noted that India’s export turnover of textiles-garment machinery and equipment surpassed US$400 million in 2016, but its earnings from Vietnam reached only US$400,000. Therefore, Indian enterprises wish to boost trade promotion and business networking in the garment and textiles sector in order to build up long-term cooperative ties, he added. In addition, … [Read more...]

2017 was the second consecutive year Hai Phong City chose the topic “Strengthening budgetary collection and spending discipline, improving business investment environment.” This shows the very high political will of the Party and the Government of Hai Phong City in carrying out legal solutions to enhance the performance of State apparatus and build a popular administration. These efforts have resulted in significant strides in enhancing its provincial competitiveness index (PCI), with its rankings jumping up seven places to 21st position out of 63 provinces and cities in 2016. An enabling business environment has significantly helped the city to achieve economic growth targets and especially investment attraction (the city drew nearly US$3 billion of foreign direct investment (FDI) in 2016, leading the nation). To have an overall overview of changes in the business environment in Hai Phong City, … [Read more...]

NDO – Vietnamese exporters should focus on updating technologies and building strong brands for their products, while regularly reviewing and updating import policies of partners to export their goods to the European market, experts have suggested. Economic experts gathered at a commercial policy forum relating to regulations on food quality and safety held in Can Tho on Thursday by Department of Trade Promotion under the Ministry of Industry and Trade in cooperation with the Can Tho Trade Promotion Centre. Claudio Dordi, technical chief advisor of the European Trade Policy and Investment Support Project (EU-MUTRAP), said that most Vietnamese goods exported to the EU market have not been identified as the majority of enterprises are unaware of the importance of branding. In addition, they have not been equipped with sufficient information nor have they complied with export standards, leading to a high volume of returned goods. Another reason comes from the fact that … [Read more...]

NDO – Prime Minister Nguyen Xuan Phuc has urged Ben Tre to prioritise land funds for investors in the fields of aquaculture, hi-tech agriculture and the manufacturing industry while addressing an investment promotion conference held in the Mekong Delta province on July 20. The PM highlighted Ben Tre’s advantages in terms of natural conditions as well as its geographical position near the country’s largest economic centre, Ho Chi Minh City, noting that the province’s leading strategic goal is to attract large investors that have strengths in advanced-technology, financial capital and management skills, and foresee their opportunities closely associated with Ben Tre’s unique conditions. From that point of view, he recommended four elements that should be facilitated by Ben Tre in order to draw investors to the province, including the land fund for investors, infrastructure, a facilitative government and skilled human resources. In addition to … [Read more...]

NDO - The Vietnam National Oil and Gas Group (PetroVietnam) has been urged to accelerate the handling of lingering loss-making projects, in line with market mechanisms. Minister and Chairman of the Government Office Mai Tien Dung also emphasised that the Government will not provide any more money for these inefficient projects, while leading a Government Working Group to work with PetroVietnam, in Hanoi on July 19. Speaking at the working session, General Director of PetroVietnam Nguyen Vu Truong Son stated that the group will focus on dealing with five out of 12 inefficient projects in the remaining months of 2017, including PVTex Dinh Vu Yarn Plant, Dung Quat Shipbuilding plant, and three bio-fuel factories in Phu Tho, Quang Ngai and Binh Phuoc provinces. Son noted that PetroVietnam will restart the operations of two bio-ethanol plants in Binh Phuoc and Quang Ngai this year, in order to meet the demand for E5 bio-fuel blending to completely replace RON 92 petrol from … [Read more...]

NDO – The Prime Minister circulated Directive No. 32/CT-TTg dated July 19, 2017, requesting that the concerned ministries and agencies implement Resolution No. 42/2017/QH14, recently passed by the National Assembly (NA), on piloting bad debt handling at credit institutions. At its third sitting last month, the 14th NA passed Resolution No. 42/2017/QH14, which stipulates several key measures to deal with bad debts and assurance assets for bad debts, with the aim of removing the current legal problems and difficulties related to the handling of bad debts and assets secured by debts of credit institutions. The resolution targets the creation of a synchronous, effective and feasible mechanism for the prompt and definitive handling of bad debts, ensuring that credit institutions continue to play their leading role as a channel for capital mobilisation in order to meet the requirements for production and business operation of the economy. To timely and effectively … [Read more...]

Military-run telecoms group Viettel earned VND1 trillion ($41.2 million) in pre-tax profits from its overseas investments in the first half of 2017, a massive jump of 156 percent from the same period last year. During the first six months, its revenue rose 25 percent to VND14 trillion with the highest growth recorded in Peru at 82 percent, followed by Burundi at 38 percent, East Timor at 29 percent and Haiti at 15 percent, according to a report reviewing Viettel’s overseas businesses in nine markets around the world. The positive results came from revenue generated by mobile phone services, especially new services such as 4G, e-wallets and large IT projects for governments and businesses. Those projects include a fiber optical network throughout East Timor, a population management system for Laos, a transmission channel for the Mozambique Ministry of Home Affairs and Ministry of Higher Education, Science and Technology, and a tax payment system for Burundi. In … [Read more...]

NDO/VNA – A conference calling for investment in the three central Lao provinces of Savannakhet, Bolykhamsay and Khammouane took place in Ho Chi Minh City on July 19. Addressing the function, Vice Chairman of the municipal People’s Committee Le Thanh Liem stated that Ho Chi Minh City considers Laos as a strategic market with great potential for investment, trade and tourism activities. He urged local companies to study the Lao market and assist in the country’s socio-economic growth. Liem asked the authorities in the three provinces to facilitate the operation of foreign investors, including those from his city. Holding strategic locations in Laos’ East-West economic corridor, Savannakhet, Bolykhamsay and Khammouane are offering preferential policies for foreign investors in advanced technology, the processing of agricultural produce, eco-tourism, education, and health. Savannakhet Governor Santiphap … [Read more...]

NDO - The 10th International Exhibition on Electrical Technology and Equipment and the 7th International Exhibition on Products, Technologies for Energy Saving and Green Power opened at the Saigon Exhibition and Convention Centre in Ho Chi Minh City on July 19. The exhibitions have attracted over 170 companies from countries across the globe, including those from Japan, the Republic of Korea, China, Italy, Turkey, Russia, and Singapore, among others. Almost 300 stands from domestic and international enterprises are displaying technologies and equipment for thermal and nuclear power plants, solar and wind power and other alternative energies, as well as electrical transmission systems including transformers, meters, insulators, and other electrical tools. Speaking at the opening ceremony, Deputy Director of the Ho Chi Minh City Department of Industry and Trade Nguyen Phuong Dong stated that the two exhibitions offer local and foreign exhibitors a chance … [Read more...]

NDO – The ‘En Xanh’ (Green Swallow) Programme, which aims to promote business spirits and solutions for urgent social and environmental issues, was officially opened in Da Nang city on July 18. Launched by the Centre for Social Initiatives Promotion (CSIP), ‘En Xanh’ is expected to become a long-term, prestigious and large scale programme in gathering and promoting businesses initiatives for the community. The ‘En Xanh’ festival will be held from August 19-21, including a scientific seminar and a Gala night to honour the most outstanding initiatives and individuals for 2017. Over the past years, Vietnam has faced numerous challenges related to the environment and society, requiring creative and effective solutions. Many enterprises, organisations and individuals have played pioneer roles in creating business initiatives to address social and environmental issues; however, most were spontaneous and fragmented. The ‘En … [Read more...]

NDO - The 2017 CEO Summit themed 'Mastering the Great Transformation 21: Challenges, Opportunities and Strategies for Enterprises in Vietnam' was held in Hanoi on July 18. The annual CEO Summit was jointly held by the Vietnam Report and VietNamNet Online Newspaper with the aim of providing leaders of Vietnamese large corporations with a panoramic picture of the ongoing socio-economic transition as well as advanced management and governance methods to master the transformation and opportunities at this time. At the conference, speakers focused on some of the most pressing issues faced by senior leaders in Vietnam and Europe, based on the research results of the Vietnam Report and the Malik Institute which include rapid changes, staff and governance. Nguyen Anh Tuan, Editor-in-Chief and CEO of Boston Global Forum and Chairman of the International Advisory Committee, UNESCO in Global Learning and Global Citizenship Education, UCLA said that Artificial Intelligence (AI) is one … [Read more...]