Gaining the cooperation of the localities

The higher competitive pressure make domestic enterprises have more experience and motivation to improve their business capacity, product quality, service quality, and ability to capture the market. Vietnam is a high potential retail market with a size likely to grow to 350 billion USD by 2025. Retail trade will contribute 59% of the total domestic product sales. When foreign enterprises invest in Vietnam, they will improve in their distribution networks in the country and for export. Major retail channels such as AEON, Big C, and MM Mega Market have not only sold Vietnamese goods in their supermarkets but also exported them. As Vietnam has a population of 100 million people with a young population making up about 50%, retailers see big opportunities when investing in both conventional commerce and e-commerce. According to trade experts, not only Thailand but also many other foreign retail businesses and domestic ones such as Saigon Co.op and Wincommerce have expanded their … [Read more...] about Retail businesses improve quality to gain competitive advantage

According to trade experts, not only Thailand but also many other foreign retail businesses and domestic ones have expanded their business in the Vietnamese market. As a result, the competitiveness of Vietnam's retail market and local businesses has improved. Over the years, Vietnam has issued a fairly comprehensive system of policies on attracting and managing foreign investment capital as well as developing orientations for the domestic retail market. To create favourable conditions for retail businesses, experts said that besides attracting foreign investment, it is also important to build Vietnamese retail channels by Vietnam ese people. Vietnamese retail businesses should both compete and cooperate with foreign entities to learn experience and advanced retail technology. It is necessary to promote the link between domestic production and distribution system, and create a strong association to Vietnamese enterprises./. VNA … [Read more...] about Retailers improve quality to gain competitive advantage

Checking quality of coffee before it is exported (Photo: VNA) Hanoi (VNA) - The conclusion of negotiations towards the signing of the Vietnam - Israel Free Trade Agreement (VIFTA) has opened up new and potential opportunities for Vietnam's exports, and now is time for businesses to understand Israeli people’s needs and tastes to promptly enter this new market, according to insiders. After seven years with 12 negotiation sessions, recently the Ministry of Industry and Trade (MoIT) announced that it had officially concluded VIFTA negotiations with the Israeli Ministry of Economy and Industry to reach agreements in accordance with both countries’ aspirations and interests. In the coming time, Vietnam and Israel will promote the final internal and legal works towards the signing of the agreement, which is expected to take place in 2023 in celebration of the 30th anniversary of the establishment of the two countries’ diplomatic relations, they said. Director of the MoIT’s … [Read more...] about FTA to offer big opportunities for Vietnamese exports to Israel: Insiders

The two ministries sign a memorandum of understanding on cooperation in the 2023-2026 period. (Photo: VNA) Hanoi (VNA) – Minister of Home Affairs Pham Thi Thanh Tra held a working session in Hanoi on May 23 with her Lao counterpart Thongchanh Manixay, during which both sides expressed delight at the close cooperation between the two ministries and the fruitful outcomes of joint activities. The two ministries have enjoyed effective partnership in high-level delegation exchange , personnel training for the Lao side, experience sharing in administrative reform and religious affairs, and the building of a national archive centre of Laos, said Tra. She said that the Ministry of Home Affairs of Vietnam is focusing on reshuffling, speeding up administrative reform, decentralization and power delegation, and renovating the local administration operations. It is working on two draft laws and many resolutions as well as other legal documents. The ministry has streamlined the … [Read more...] about Vietnam, Laos foster collaboration in home affairs

The anniversary was celebrated at a gala ceremony in Hanoi on May 19, with executives from Vietnam’s business community and senior government officials from both Vietnam and Japan in attendance. The partnership officially began in May 2013, when MUFG, the banking entity of one of the world’s largest financial groups, invested in a 19.73 per cent stake in VietinBank , one of Vietnam’s top banks. This strategic investment and comprehensive cooperation agreement was regarded as an unprecedented merger and acquisition investment in the history of the Vietnamese banking industry. Since then, both organisations have leveraged their respective strengths to better serve clients and connect them to opportunities both within Vietnam and across Asia. VietinBank's chairman and MUFG Bank’s CEO at the ceremony Ten years of progress together Over the past 10 years, the synergy of VietinBank and MUFG’s combined network and expertise has allowed both banks to not only expand … [Read more...] about VietinBank and MUFG Bank celebrate 10 years of strategic alliance

VietinBank and MUFG Bank, Ltd. (MUFG) commemorate 10 years of their strategic alliance that has enabled both organizations to support the growth of Vietnam’s banking sector and foster deeper Vietnam-Japan business and knowledge exchanges. The anniversary was celebrated in a gala ceremony in Hanoi on May 19, with senior executives from Vietnam’s business community and the senior government officials of Vietnam and Japan in attendance. The partnership officially began in May 2013, when MUFG, the banking entity of one of the world’s largest financial groups, invested in a 19.73 percent stake in VietinBank, one of Vietnam’s top banks. This strategic investment and comprehensive cooperation agreement was regarded then as an unprecedented M&A investment in the history of the Vietnamese banking industry. Since then, both organizations have leveraged their respective strengths to better serve clients and connect them to opportunities both within Vietnam and across Asia. 10 … [Read more...] about VietinBank, MUFG Bank celebrate 10 years of strategic alliance

Le Huu Quang Huy Former Investment counsellor, Embassy of Vietnam to Japan Previously, personal income in this country was low, so Vietnamese people paid little attention to services such as finance, insurance, healthcare, and education. Lately, living standards have improved a great deal, leading to more demand for such services. Vietnam has signed and implemented many commitments to open its market and offer protection to investors, regulated in both bilateral and multilateral free trade agreements. If investors have not kept up to date on this information, they may be losing out on opportunities to increase their market share. A number of foreign-invested enterprises (FIEs) face problems while trading or manufacturing in Vietnam. In such cases, they should work together to raise their voices for local authorities to hear. FIEs need to strengthen relations with domestic partners and the local labour force by increasing training opportunities, with some 80 per cent of … [Read more...] about Vietnam needs to improve investment promotion

At a conference on multichannel networks in Ho Chi Minh City, Nguyen Thanh Lam, Deputy Minister of Information and Communications, said that "for every 100 coins made from illegal acts on YouTube, 55 belong to Vietnamese users." He said violations include copyright infringement and even selling pornographic content. It has showcased the fact that several content creators still depend on illegal acts to make profit, and part of the responsibility lies in platforms like YouTube, TikTok, and Facebook for not managing the content and users. Advertisers are also responsible for spending money on "dirty" content. "The state does not make it difficult for businesses to advertise online, but there's no way businesses can feel fine knowing their money is spent on toxic content," Lam said. Certain business representatives said it is difficult to determine which channels are allowed to run advertisements, and which are not. Therefore, a "white list" of verified channels allowed to advertise … [Read more...] about Vietnam among top countries with illegal Internet exploitation: official

Read what is in the news in Vietnam today: Politics -- Australian Prime Minister Anthony Albanese will pay an official visit to Vietnam from this weekend at the invitation of Vietnamese Prime Minister Pham Minh Chinh, according to the Ministry of Foreign Affairs. -- The Indian government will cooperate with the Vietnam Yoga Federation in organizing the 2023 International Yoga Day across 22 provinces and cities in the Southeast Asian country at the end of June, as part of a range of cultural exchange, tourism, trade, and investment promotion events marking 50 years of diplomatic ties between the two nations, Dr. Madan Mohan Sethi, Consul General of India in Ho Chi Minh City, announced at a press conference on Tuesday. Society -- A court in Thanh Hoa Province, north-central Vietnam sentenced a 44-year-old local woman to 13 months’ imprisonment on Tuesday for “resisting officers on duty” by various actions, including threatening to kiss a traffic policeman to death. -- … [Read more...] about Breakfast @ Tuoi Tre News — May 31