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Vietnamese Ambassador Le Linh Lan in Switzerland speaks at the launching event. — VNA/VNS Photo The Vietnamese Embassy in Switzerland recently held a ceremony to launch the non-profit Switzerland-Vietnam business group (SVBG), which aims to promote exchanges and investment and trade co-operation between enterprises of the two nations. Based in Lausanne, the SVBG, the first of its kind founded by Vietnamese expatriates in Switzerland, will focus on offering trade information via workshops, forums, and internal bulletins; providing legal consultations and guidance; developing links for technological transfers and improvement; and introducing quality human resources. It will also make recommendations for a more favourable business climate to agencies of both nations while organising socio-cultural activities serving its goals. Speaking at the debut ceremony, Vietnamese Ambassador Le Linh Lan said the group came into being at a special time as Viet Nam has placed the COVID-19 pandemic under control and prepared the best conditions possible to welcome Swiss investors. Lan said the would embassy support the operation of the SVBG. According to the diplomat, Switzerland is the sixth-largest European investor in Viet Nam, with its investment totalling US$2 billion, mostly in manufacturing – processing and electricity. Currently, close to 100 Swiss firms are operating in Viet Nam. Meanwhile, Viet Nam is the fourth-biggest trade partner of Switzerland in ASEAN, with bilateral trade exceeding $3.6 billion in 2019. Since 2012, Viet Nam and the European Free Trade Association (EFTA) – the intergovernmental organisation of Iceland, Liechtenstein, Norway and Switzerland – began negotiations for a trade deal which is expected to be signed this year. — VNS …

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In June last year, Ngo Dinh Vuong halted the operation of his garment factory in Quang Minh Industrial Park in Hanoi’s Dong Anh District due to the health crisis. The factory was opened in late 2018 and is the third to have been opened by Vuong in the northern region of the country since 2016. Then in July, the second factory, based in Hung Yen Province, faced the same plight, leaving the first factory operating moderately also in Hung Yen. The three factories are managed by Hoang Yen Garment and Trading JSC, established in 2016, where Vuong is the director. However, in early January, the two factories with halted operations began resuming operations as some big contracts have been landed with local and foreign experts. This would allow 800 workers to have incomes. “We are happy that all of our three factories are in full operations now,” Vuong told Nhan dan Online. Hoang Yen Company’s case is among more than 11,000 enterprises resuming operation in the first two months of this year nationwide. According to the General Statistics Office (GSO), also in the first two months of 2021, the economy saw 18,100 newly-established enterprises with total registered capital of VND334.8 trillion (US$14.55 billion), employing 172,800 new labourers – up 4% in the number of enterprises, 52.2% in capital, and 9.7% in the number of labourers as compared to those in the same period of last year. In particular, the average registered capital of each newly-established business in the two months of the year is VND18.5 billion (US$804,347), up 46.4% year-on-year. If an additional VND385.6 trillion (US$16.76 billion) registered by 6,500 operational enterprises is included, the total registered capital inserted into the economy in the first two months is VND720.4 trillion ($31.32 billion). In February, despite the Lunar New Year, the number of newly-established firms hit more than 8,000 registered at VND179.7 trillion (US$7.81 billion), down 20.3% in the number of enterprises …

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The next-generation of billionaires’ families own trillions of dong worth of stocks and run large businesses. Do Huu Duy Anh of Duc Giang Chemicals (left) The successor of Duc Giang Chemicals Do Huu Duy Anh works for his family-run company, Duc Giang Chemicals Group JSC. Before studying abroad, Anh was sent by his father to the factory in Long Bien district in Hanoi to work as a construction worker. Returning to Vietnam, he became the assistant to the CEO and two years later became deputy CEO of the company at the age of 25. He took the office as CEO of Duc Giang six years later. Now Anh, 33, holds VND300 billion worth of shares. Anh said it is unreasonable to consider Duc Giang a family-run company, because it lists shares on the bourse. Only the president and CEO are family members, while factory directors are not. The son of US dollar female billionaire In 2019, Tommy Nguyen, the son of Nguyen Thi Phuong Thao, the only female billionaire in Vietnam, became the co-founder of Swift 247, a technology startup operating in the field of logistics and forwarding. When he was at school, he decided to ‘do something different’ regarding the mode of transport in the Vietnamese market. He found that Prime Amazon could ship goods in 29 states in the US within two days, while there were many problems in logistics services in Vietnam and Asia in the context of the e-commerce boom. That was why his startup was established. In September 2020, Vietjet announced the restructuring and development of cargo transport by air using digital technology and e-commerce via an M&A between Vietjetair Cargo and Swift247. In November 2020, Swift247 changed its business registration with charter capital of VND47 billion. The company shifted from a limited company into a joint stock company. Vietjet is the shareholder with controlling stake (67 percent of capital). Young banker owns trillions of dong ACB shares have seen prices increase by VND4,300 per …

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