Discuss reasons why the business needs funding

After every 10 years, the country’s GDP growth speed has reduced 1% compared to the previous period, said Thien, former head of the Vietnam Institute of Economics, at the "Raising strength, clearing resources and helping businesses" conference. The event was part of the Vietnam Socio-Economic Forum 2023 on Tuesday. The economist told the conference that one major cause of business sluggishness was that Vietnamese businesses have to pay interest rates two or three times higher than other countries. Another reason was firms’ limited access to bank loans, he said. Thien noted that by the end of August, credit growth was only 5.5%, less than half of this year’s goal (14%). On the matter of slow growth, director of the legal department of the Vietnam Confederation of Commerce and Industry Dau Anh Tuan said low quality infrastructure in Vietnam is still not able to meet the demands of economic growth. Moreover, he said high production costs have lowered competitiveness. This was … [Read more...] about Businesses resilient but grow too slowly

Speaking at the Vietnam Socio-Economic Forum 2023 on Tuesday, the female leader said she hoped that the National Assembly and the government pay attention and soon issue policies for HCMC to deploy a financial center to ease capital flows, strengthen businesses' resources, and mark a step forward in Vietnam's development in the world financial market. Le Hong Thuy Tien, CEO of IPPG. Photo courtesy of Le Hong Thuy Tien Since 2016, IPP Group has hired the Sheerman Company (UK) to develop a project to establish financial centers in HCMC and Da Nang. Resolution No. 31 of the Politburo on the direction and tasks of developing HCMC with a vision to 2045 also sets the target to turn the city into an economic and financial center of Asia. Tien said through a financial center, Vietnamese businesses can access capital at reasonable costs, improve competitiveness, and receive training and transfers of high-quality financial human resources. The center also promotes the … [Read more...] about IPPG CEO emphasizes the need for financial center in HCMC

Tra fish exports fetch 558 million USD in the first four months, a decline of 40% year-on-year. (Photo: VietnamPlus) Hanoi (VNA) – Export enterprises must make reasonable adjustments and diversify their export products based on the specific demands of each market, and seek to take advantage of free trade agreements and explore new markets in order to compensate for drops in farm product exports to existing markets, said Minister of Agriculture and Rural Development Le Minh Hoan. Although the export of agro-forestry-aquaculture products experienced steady growth in 2022, the overall export picture in the first four months of 2023 has shown contrasting developments. While the export of aquatic and forestry products has continuously declined, the shipment of rice and fruits has seen robust growth. Key export sectors see sharp plummet According to the Global Commodity Markets Outlook 2023 released recently by the World Bank (WB), commodity prices in 2023 are … [Read more...] about Exploring new markets needed to boost export of agricultural products: Minister

Prime Minister Pham Minh Chinh has a seminar and a working dinner with leaders of multinational businesses and leading US investment funds in New York on September 21 (local time) (Photo: VNA) Hanoi – Prime Minister Pham Minh Chinh, who is in the US for the high-level week of the UN General Assembly’s 78th session, had a seminar and a working dinner with leaders of multinational businesses and leading US investment funds in New York on September 21 (local time). At the seminar, leaders of businesses and investment funds as well as Vietnamese State management agencies discussed measures and orientations to attract more financial resources for socio-economic development, especially the building and development of financial centres in Vietnam. Leaders of US investment funds held that amid fluctuations in the world geo-political and economic situation, Vietnam has been evaluated by international organisations as a bright spot in investment attraction with many favourable factors … [Read more...] about US investment funds appreciate potential of Vietnam

The selection of stocks based on strict criteria and risk management for the investment portfolio becomes particularly important. Currently, assessing the valuation and growth potential of individual companies and stocks is much more important than looking at the overall market valuation. — VNA/VNS Photo Multiple open-end funds have reported significant profits since the beginning of 2023, although last year many suffered losses or low profits due to market declines. Good Profitability Rates Many open-end funds have recorded higher rates of return compared to the market average. Among them, the VinaCapital-VESAF Fund recorded the highest rate with a 37% increase in profits, followed by SSISCA with a nearly 36 per cent increase, VCBF-MGF with 35 per cent, DCDS 34.8 per cent, DCBC 28.7 per cent, while the benchmark VN-Index only 20 per cent. Nguyễn Hoài Phương, the Investment Director and Fund Manager of VinaCapital-VESAF, stated that in the early months of 2023, the portfolio … [Read more...] about Multiple open-end funds record positive performance in 9 months

In January 2000, we established our first branch in San Jose, California, the heart of Silicon Valley. The director of that branch was a patriotic diasporic Vietnamese. But the American Dream did not come true for us. After merely one year of operations, FPT USA had to temporarily stop operating due to a lack of customers. We tried everything, with different people attempting to take the reigns of business development. From a Vietnamese expat to a graduate from prestigious MBA programs. What we received were critics, portraying our managers as "delusional about our corporate capability" and our programmers "weak in both expertise and language skills." It was a total failure. No one cared about a nameless company from Vietnam, a country only known then for the prolonged war. One of our then-potential customers was surprised to learn that it only took one hour to fly from Hanoi to Bangkok. He could not imagine the locations were so close, despite his own flying to Bangkok quite … [Read more...] about Working with American business partners requires understanding their way of thinking

The European Union is slated to pilot the Carbon Border Adjustment Mechanism (CBAM) from October, aligned with its vision of achieving carbon neutrality by 2050. How do you anticipate the CBAM to impact Vietnam? Melissa MacEwen, sustainability and circular economy director for PwC in Asia-Pacific There are five key sectors under which products are going to be affected, and when products from those areas are imported into the EU, there will be checks based on emissions intensity. This will require independent verification, something which Vietnamese enterprises must prepare for. There are regulations in Vietnam regarding reduction of greenhouse gas emissions and protection of the ozone layer, but they do not yet include independent verification. The CBAM is also an opportunity to keep money within the country. Taking Thailand as an example, this country actually already responded to the potential impact of the CBAM on its sectors and is applying a tax on the same … [Read more...] about Businesses becoming active in the circular economy

At the seminar, leaders of businesses and investment funds as well as Vietnamese State management agencies discussed measures and orientations to attract more financial resources for socio-economic development, especially the building and development of financial centers in Vietnam. Leaders of U.S. investment funds held that amid fluctuations in the world geo-political and economic situation, Vietnam has been evaluated by international organizations as a bright spot in investment attraction with many favorable factors for the development of a modern financial market towards the formation of a financial center capable of linking with financial centers in the region and around the world. They pointed to Vietnam’s advantages in stable macro-economy and political situation, favorable location, improved investment and business environment, extensive international economic integration, fast digital economic development and innovation, and expanding economic scale and financial market. … [Read more...] about U.S. investment funds appreciate potential of Vietnam

Hanoi should be empowered to stipulate regulations about its development. Dinh Tien Dung, Secretary of the Hanoi Party Committee, proposed that the revised Capital Law give Hanoi the power to set standards in line with practice in certain areas to ensure long-term security and safety. Secretary of the Hanoi Party Committee Dinh Tien Dung at the session. Photo: Quochoi Dung made the statement on September 20 at the session of the National Assembly Standing Committee in response to last week's tenement fire in Hanoi's Thanh Xuan District that claimed dozens of lives. Hanoi needs to be empowered At the session, Chairman of the National Assembly Vuong Dinh Hue said that the law is particularly important for the development of Hanoi . Therefore, it is necessary to continue to review and research to fully institutionalize policies for Hanoi's development as set out in the resolutions of the Politburo. Emphasizing that this is a law on decentralization of … [Read more...] about Amended Capital Law: Hanoi needs more power

At the working session (Photo: VNA) Hanoi (VNA) – Minister of Industry and Trade Nguyen Hong Dien held a working session with US Secretary of Commerce Gina Raimondo in New York recently, on the occasion of a working trip to attend the 78th session of the United Nations General Assembly and bilateral activities. Both sides underscored the need for broader and deeper cooperation between the management agencies of both countries, and between the Vietnamese Ministry of Industry and Trade (MoIT) and the US Department of Commerce (DOC) in particular, in order to actualise the vision of the two countries' leaders and to set development goals that match the bilateral comprehensive strategic partnership. Reiterating the importance of the recognition of Vietnam's market economy status, Dien suggested the DOC make drastic directions to expedite and complete the Changed Circumstances Review (CCR) process this year, in line with the spirit of the Joint Statement on September 11 and … [Read more...] about Industry-trade minister holds working session with US Secretary of Commerce