Fdi in banking sector

As Vietnam steps into the post-pandemic era, experiences and learnings from the pandemic serve as a reminder of the importance of digital transformation and its crucial technology component. Eunjung Han, consultant at Rouse Legal Vietnam and vice chair of the Digital Sector Committee of the European Chamber of Commerce in Vietnam Despite COVID-19’s negative economic and social impact, Vietnam remains an attractive destination to European investors. According to the European Chamber of Commerce (EuroCham) 2021 White Book, Vietnam’s stable macro-economic climate, with inflation in the single digits, continues to increase investor confidence in the country’s trade and investment environment. Only adding to that, the EU-Vietnam Free Trade Agreement (EVFTA) is paving the way for continued foreign direct investment (FDI) from the EU and is viewed as a means for shared recovery and economic rebound. As the first comprehensive FTA between the EU and a developing country in … [Read more...] about EVFTA underpinning growth in Vietnamese tech market

At a meeting with the leader of the southern province of Binh Duong last week, chairman of Sharp Corporation Yoshihiro Hashimoto revealed an expansion plan in the locality. Investors already with factories in the country are demonstrating that they trust the business climate here, Photo: Le Toan Sharp Group is exploring opportunities in the southern provinces of Vietnam, including Binh Duong, to move the supply chain away from the Chinese market, promoting market diversification and distribution, according to Hashimoto. “In the coming time, Sharp will continue to expand and build one more large-scale factory, oriented to develop high-tech and advanced products,” he said. Binh Duong is assessed as a locality with an attractive investment environment, in line with Sharp’s criteria. The group has two production factories located in Vietnam, at Singapore Industrial Park (VSIP) I and an extended VSIP II. Sharp hopes to be supported in construction land, labour, and … [Read more...] about New foreign capital stutters despite overall deal boost

Scores of businesses have already unveiled their second-quarter business results, with many showing healthy figures. In the first half of this year, Hang Xanh Motors Service JSC (Haxaco) reaped $7.5 million in pre-tax profit, soaring 134 per cent on-year. This year, the company aims to reach $9.2 million in its profit-before-tax target, meaning it has completed 81 per cent after just six months. Haxaco’s board chairman Do Tien Dung unveiled that the company is committed to fulfilling its profit target in only nine months. However, Dung is cautious saying that the auto trade relies heavily on macro factors like fuel price, inflation, and interest rates. Haxaco is confident in reaching its full-year business targets early The auto industry is facing many challenges as customers find it harder to borrow after the central bank declined to loosen credit limits for banks and the scarcity of auto components continues. “Haxaco avoids heavy reliance on bank capital … [Read more...] about Businesses remain optimistic for remainder of the year

The Q&A session of the NA Standing Committee's 14th session will focus on public security, culture, sports and tourism matters (Photo: VNA) Hanoi (VNA) – Issues in the areas of public security and culture, sports and tourism will be the focus of the question-and-answer session of the 15th National Assembly (NA) Standing Committee’s 14th session on August 10, according to a freshly-released plan of the NA Standing Committee. In the field of public security, the questions will focus on State management over cybersecurity, the safety of national cybersecurity system in the current period, and measures to prevent and strictly handle high-tech crimes. The implementation of resolutions of the NA and NA Standing Committee of the National Assembly related to crime prevention and control, especially drug-related crimes, credit shark, and usury will also be included in the agenda of the session, along with the implementation of the issuance of citizen identification cards, the … [Read more...] about NA’s Q&A session to focus on public security, culture-sports-tourism matters

The Government Office last week issued Dispatch No.4648/VPCP-KTTH to the Ministry of Finance (MoF) requiring it to continue proposing a reduction of taxes and fees related to fuel and consumption, especially those that can cause an increase in input costs for production and business. Rough waters remain in fuel price pressure “This aims to help reduce costs and selling prices of products in service of exports, production, and business, contributing to controlling inflation and supporting the government’s monetary policy in the short and medium term,” the dispatch stated. The MoF has also proposed to the government a plan to halve the preferential import tax for petrol and oil from the existing 20 to 10 per cent, in order to help reduce the prices of these items in the local market. Meanwhile, the Vietnamese government has also submitted to the National Assembly a plan on reducing the special consumption tax and VAT for October. According to the General Statistics … [Read more...] about Rough waters remain in fuel price pressure