Multinational corporations are investing a vast amount in Vietnam in line with its new-generation FDI attraction strategy, Photo: Le Toan A number of leading multinational corporations (MNCs) in the automotive, electronics, energy, and household appliance sectors are paying more attention to the acceleration of the linkage process by helping local companies become their suppliers, while enabling existing suppliers to expand their business and share of added value. Such major names include Samsung, Bosch, Canon, Ford, GE, Panasonic, and Toyota. For example, the high-tech manufacturing base of the US’ GE in the northern port city of Haiphong is planning to increase the localisation rate to 20 per cent, thus bringing in more opportunities for Vietnamese suppliers. Similarly, Panasonic Vietnam is also among the Japanese enterprises who previously found it hard to choose Vietnamese businesses as suppliers. The firm is trying to improve the situation. “We are happy to work … [Read more...] about FIEs open doors to global supply chain
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Vietnam Sustainability Forum 2019 takes place in Hanoi At the forum (Source: VOV) The Vietnam Sustainability Forum 2019 took place in Hanoi on January 18 following the successful organisation of the first event last year. The forum creates a platform for policymakers, non-governmental organisations, businesspeople, and experts at home and abroad to exchange ideas to promote economic growth and sustainable society. Deputy Minister of Planning and Investment Le Quang Manh said Vietnam needs more effective solutions to address sustainable issues in the fields of human resources, climate change adaptation, smart agriculture, environment, and the Fourth Industrial Revolution. “Promoting sustainable development is not only about economic development, but also the settlement of social issues and environmental protection,” he said. In 2018, Vietnam recorded the region’s highest GDP growth at 7.08 percent as well as a trade surplus of 7.21 billion USD, tripling that of … [Read more...] about BUSINESS NEWS IN BRIEF 20/1
Vietnamese food introduced in Hong Kong Visitors to the seventh Hong Kong Food Carnival, which is underway in Kwai Tsing district, Hong Kong (China), have shown interest in Vietnamese food. Products such as dried rice vermicelli, fish sauce, cashew nuts, dried longan and coffee have been introduced by Hanoi Trade Corporation (Hapro) and Hello-5 JSC. Of note, King Cashew Nut Ltd., Co. which represents Hapro in Hong Kong, has worked with the Vietnamese association in Hong Kong to open a booth featuring Vietnamese dishes at the event. Apart from Vietnam, the Southeast Asia section within the carnival also includes booths set up by Thailand and Malaysia. During the carnival, from October 27 to November 4, participating countries and territories are also putting on traditional art performances. Previously a biennially event, from this year on the Hong Kong Food Carnival will be held annually due to its increasing popularity. SCG's Q3 revenue in Vietnam up 18% … [Read more...] about BUSINESS NEWS IN BRIEF 31/10
Encouragement from VIR’s partners Pereric Hogberg - Swedish Ambassador to Vietnam I met with so many impressive journalists in Vietnam. I think the best thing journalists can do is to try to listen to the real stories, to be open-minded and curious. It is about transparency, openness, curiosity, and being willing to write and discuss failures and challenges, because they are not the same as mistakes. My country, Sweden, has gone through so many failures, but we learned from them. I am most interested in real knowledge. Sometimes, I want to understand more about the fundamentals of the Vietnamese economy, what is really pushing and driving the value of the currency, inflation, and taxes. In Vietnam, it is a bit hard to know who is paying, who is paying what, and what the services are. Phyllis Tan - Senior manager, Investment List Sotheby’s Investment International Realty, Singapore As a foreign company looking to enter Vietnam, we are happy to have access to regular and … [Read more...] about Encouragement from VIR’s partners
Vietnam has very good achievements in foreign direct investment attraction, however, it needs to change its strategy and orientation to focus on the necessary sectors to improve efficiency. For sustainable future development, it is important to set the country's priorities right (Illustration photo: GE's factory in Haiphong) Sectors of current focus Numerous foreign groups have been doing business successfully in Vietnam, such as Samsung, LG, Intel, GE, Mitsubishi, and Panasonic. However, the draft of FDI attraction orientation and strategy for 2018-2030 built by the Ministry of Planning and Investment in collaboration with the World Bank noted that Vietnam needs to carefully review the priority sectors to attract FDI in the time to come. According to Simon Bell, the World Bank’s senior advisor on investment policy, experts mentioned high-added value in FDI attraction but have not pointed out sectors and what to do, and that in the new orientation, Vietnam needs to identify … [Read more...] about Vietnam’s FDI attraction: which sectors to prioritise?