Business

On Monday its CEO, John Le, confirmed the closure , pointing to the "prolonged pandemic compounded by global financial market instability from the Russian war in Ukraine." Its revenues had quadrupled from VND16.2 billion ($686,500) in 2017 to VND63.5 billion in 2019, while losses jumped 2.5 times to VND59.9 billion. Its growth between 2017 and 2019 saw Gaw Capital Partners and SoftBank Ventures Asia invest $25 million in it in a Series A round in mid-2020. But the pandemic hit the property market as well as Propzy’s business. In 2020, its revenues nosedived by 90% to VND7.96 billion, and its losses jumped to VND120 billion. Things worsened the next year, with revenues of only VND970 million and losses of VND155.3 billion. At the end of 2021, Propzy’s equity was a negative VND420 billion. "Our efforts to grow the business during this period resulted in absorbing significant losses that we were not able to recover from given the continual lockdown in Vietnam," Propzy … [Read more...] about Covid drives $33-mil property startup out of business

A plane of Vietjet (Source: Vietjet) Ho Chi Minh City (VNA) - Vietjet is offering unprecedented promotions for SkyBoss and SkyBoss Business ticket classes to present passengers the experiences of leaders with Vietjet on domestic flights . Accordingly, from September 15 through September 30, passengers when booking tickets on website www.vietjetair.com , Vietjet Air mobile app can immediately apply the promotion code SKYBOSS50 to receive 50% discount on SkyBoss ticket prices, and apply the promotion code SBB55 to receive up to 55% discount on SkyBoss Business ticket prices. The promotions are applied on all domestic routes with the flight time from September 15 to December 20 this year. In addition, passengers book and fly with SkyBoss tickets from September 15 to December 20 will have opportunities to upgrade to the new SkyBoss Business ticket class on Vietjet's new A330 wide-body aircraft. Especially, passengers can enjoy free payment fees when booking … [Read more...] about Vietjet offers promotions for SkyBoss, SkyBoss Business ticket classes

Vietnam will strive to have at least two million businesses by 2030, Tran Tuan Anh, head of the Party Central Committee’s Economic Commission, said, adding that the legitimate interests of enterprises must be guaranteed. The commission had a working session with the business community on Thursday, aimed at promoting the role of the businesses in the industrialization, modernization, and international integration process. The number of businesses in Vietnam has tripled over the past decade, Pham Tan Cong, chairman of the Vietnam Chamber of Commerce and Industry, said at the event. The country currently has about 860,000 enterprises, creating jobs for 14.7 million workers, Cong continued, adding that the business sector contributes over 60 percent of Vietnam's gross domestic product (GDP) and about 70 percent of state budget revenue. However, there is still a lack of connection and common strength in the business community, while many businesses and entrepreneurs have been found … [Read more...] about Vietnam strives to have 2 million businesses by 2030

Hereditary Prince Alois of the Principality of Liechtenstein and Vietnamese Ambassador Phung The Long (R) (Photo: VNA) Hanoi (VNA) -  Liechtenstein wishes to promote cooperation with the Asia-Pacific region, especially Vietnam, which is a destination for many foreign businesses and investors, to promote the potential and strengths of each country, Hereditary Prince Alois of the Principality of Liechtenstein told Vietnamese Ambassador Phung The Long. In a September 15 meeting with the Vietnamese diplomat, who presented a letter of credentials to him, Prince Alois said the Liechtenstein government will encourage its businesses to actively seek invest ment cooperation opportunities in Vietnam, he stated. He spoke highly of Vietnam’s success in preventing and controlling the COVID-19 pandemic, as well as in post-pandemic economic recovery. For his part, Long, Ambassador to Switzerland and Liechtenstein respectfully conveyed the regards of the Vietnam ese Party and … [Read more...] about Liechtenstein vows to encourage businesses to invest in Vietnam

During a meeting with Prime Minister Pham Minh Chinh on Saturday, a representative of German engineering and electronics company Bosch in Vietnam pointed out the inconsistencies in legal regulations that make it difficult for them to invest in the country. "Quick changes in policy can make it difficult for both businesses and tax authorities to enforce and comply," he commented. The representative said after the 2019 inspection, the tax incentives that Bosch received were partially abolished as per regulations introduced after it made its first investment steps. Such changes went against investment protection terms specified in the Investment Law, he said. Referring to tax policy, a representative of Eurocham also said the top priority for European investors is transparency in tax law development. For many years, Vietnam has used corporate income tax incentives as a top priority for attracting investment. With the Organization for Economic Cooperation and Development to … [Read more...] about Foreign companies in Vietnam seek consistent business environment

Participants at the meeting (Photo: VNA) They applauded Vietnam for its achievements in recent years, especially in the context of the Covid-19 pandemic and changes in the world. They expressed their thanks for the support of the Vietnamese Government to the business community in general and FDI enterprises in particular. Nakajima Takeo, Chief Representative of the Japan External Trade Organization (JETRO) in Hanoi, said that in a survey conducted by his agency on over 1,700 parent companies of Japanese firms, Vietnam ranked second among countries where companies want to expand investment. FDI companies are eager to follow Vietnam's policy development. They underlined the need to diversify in terms of networks in the supply chain; suggested local authorities increase training for workers and provide them with accommodations and transportation means. Kim Young-chul, Vice Chairman of the Korean Business Association in Vietnam (KORCHAM), affirmed that in the context of … [Read more...] about Foreign businesses recommend solutions to promote Vietnam’s development

China's "inflexible" and "inconsistent" zero-Covid policy is crippling European business operations in the country, a major business lobby said Wednesday, warning that the presence of the companies "can no longer be taken for granted". The report by the European Union's Chamber of Commerce in China marks the latest statement by the foreign business community that Beijing's hardline virus curbs are harming the world's second-largest economy and isolating it on the international stage. China is the last major economy wedded to a strategy of stamping out emerging virus outbreaks as they arise, through a combination of snap lockdowns, mass testing and lengthy quarantines. Despite sparking business closures and roiling global supply chains, President Xi Jinping has declared the approach China's most "economic and effective" path forward, and officials have not indicated when the rules might be eased. The European Chamber -- a group of more than 1,800 European companies in China -- … [Read more...] about Zero-Covid harming 75% of European firms in China: business group

Illustrative image (Source: VNA) Hanoi (VNA) – A recent strong influx of foreign direct investment (FDI) to Vietnam has prompted the government to design long-term policies and create a favourable and transparent environment for foreign investors to operate in a long term in the country, according to experts. Statistics from the Ministry of Planning and Investment showed that 35-40% of the total FDI capital injected to underway projects in Vietnam are poured to those in industrial parks (IP) and economic zones (EZ). The rate in the manufacturing-processing sector is up to 80%. Deputy Minister of Planning and Investment Tran Quoc Vuong said that Vietnam is eying a “golden chance” to attract a new FDI wave, especially to IPs and EZs. To date, 61 out of the 63 cities and provinces have had IPs and EZs, with a total 403 IPs, 18 coastal EZ s and 26 border EZs. The IPs and EZs are destinations for large-scale firms such as Samsung, Panasonic, Boeing, Canon, LG, Sumitomo, … [Read more...] about FDI influx prompts Vietnam to improve business environment: experts

Part of the Diem Thuy Industrial Park in Thai Nguyen province (Illustrative photo: VNA) Hanoi (VNA) – The Vietnam Business Integrity Index ( VBII ), the first of its kind in the country to assess enterprises in this regard, was launched on September 21. The index, introduced by the Vietnam Chamber of Commerce and Industry (VCCI) and UNDP Vietnam, has been designed for enterprises of all sizes, forms of ownership, sectors, and structures, regardless of whether they are a listed company, a domestic private company, a foreign invested firm, or a State-owned one. It was built with support from FairBiz, a UNDP regional initiative funded by the British Government within the framework of the ASEAN Economic Reform Programme, which aims at promoting a fair business environment in Indonesia, Malaysia, Myanmar, Philippines, Thailand, and Vietnam. Vietnam is one of the few countries with a higher position in the Corruption Perceptions Index released by Transparency International, … [Read more...] about Vietnam Business Integrity Index launched

Many Japanese enterprises have plans to expand their investment activities in Vietnam, which is considered by the Japanese business circle as the second most attractive investment destination after the US, according to Nakajima Takeo, chief representative from the Japan External Trade Organization (JETRO). Numerous Japanese enterprises have plans to expand their investment activities in Vietnam. Speaking at a recent conference held with foreign investment enterprises with the theme 'Overcome challenges, seize opportunities, cooperate for development', Takeo said that despite direct investment from Japan dropping in the first half of the year, Vietnam recorded an impressive growth rate of more than 59% in 2021 and more than 45% this year. This represents the highest figure ASEAN states. The survey conducted by the JETRO in 2021 indicates that 55% of Japanese enterprises in Vietnam are set to expand their business and are becoming increasingly interested in … [Read more...] about Japanese businesses poised to increase investment in Vietnam