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Plastics industry confident of achieving 3.2 billion USD export target The local plastic industry, with solid growth in shipments, will surely meet its yearly export target of 3.2 billion USD, according to the Vietnam Plastics Association. According to Ho Duc Lam, its chairman, said exports saw impressive growth last year to 3 billion USD while overall revenues jumped to 12 billion USD. “Exports in the first nine months of the year increased by 5 percent and will continue to enjoy good growth in the rest months of the year. “The US-China trade war has offered opportunities to Vietnamese plastics firms to boost exports.” According to the association, exports go to more than 150 countries and territories, with the US and Japan being key markets. In the domestic market, some industries, even those such as aerospace which use high-grade materials, are shifting to plastic products, and as a result sales have grown rapidly, Lam said. Locally-made plastic products are … [Read more...] about VIETNAM BUSINESS NEWS HEADLINES OCTOBER 16

Companies issue $7.7b worth of bonds in nine months The nine-month value is equal to nearly 80 per cent of the total bond issuance value in 2018. The figure is also lower than the total registered value of nearly VND276.9 trillion (nearly $12 billion), which means nearly VND98 trillion bonds were unsold. In September, 28 companies made 60 issuances with total capital raised of VND19.4 trillion (excluding international bond issues). Most bonds were three-year term with total value of VND13.5 trillion. Interest rates of bonds issued in September ranged between 6 per cent and 11 per cent per annum. Banks were the main player in the bond market with total issuance value of VND14.1 trillion in September, accounting for 72.78 per cent of total market value. Real estate companies followed with VND965 billion (4.97 per cent) and securities firm with VND413 billion (2.13 per cent). Bonds issued by banks also had the lowest interest rate, averaging only 6.71 per cent per year. Some companies … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 18

Vietnamese supporting industries lag far behind Thailand Compared with Thailand, Vietnamese supporting industries are still in a nascent stage. The localization ratio of the Thai automotive industry is roughly 60-70% compared with 7-10% in Vietnam, stated Vu Trong Tai, general manager of Reed Tradex Vietnam. Tai told the Saigon Times that the supporting industries in Vietnam have made impressive progress over the last few years. The country has seen more small and medium enterprises (SMEs) participating in the global supply chain, and the localization ratio has increased. Many local companies can now supply high-quality products to Samsung, Intel and other giants. However, there is still much room for development to fill existing gaps. The number of SMEs qualified to serve the global supply chain is limited, modest in scale and lacks collaboration, resulting in low supply capability. In addition, the lack of proper investment in the latest technology hinders competitiveness in terms … [Read more...] about VIETNAM BUSINESS NEWS HEADLINES OCTOBER 20

Other News AmCham Supplier Day draws over 100 businesses By Hung Le Thursday,  Oct 17, 2019,16:47 (GMT+7) AmCham Supplier Day draws over 100 businesses By Hung Le Company representatives chat at AmCham Supplier Day 2019, taking place on October 16 in HCMC – PHOTO: HUNG LE HCMC – More than 100 companies, including large multinational corporations and Vietnamese small and medium enterprises (SMEs), joined AmCham Supplier Day 2019 to explore, establish and expand supply chain business partnerships, given the increased global focus on Vietnam. The event was organized on October 16 by the American Chamber of Commerce Vietnam in HCMC, in partnership with the Ministry of Planning and Investment and the U.S. Agency for International Development (USAID) through the USAID Linkages for SMEs (LinkSME) Project. It is an initiative of AmCham Vietnam’s Manufacturing Committee to improve relationships between local … [Read more...] about AmCham Supplier Day draws over 100 businesses

Asia News China to scrap business curbs on foreign banks, brokerages The Saigon Times Daily Thursday,  Oct 17, 2019,17:20 (GMT+7) China to scrap business curbs on foreign banks, brokeragesThe Saigon Times Daily China's Premier Li Keqiang makes a speech during the closing ceremony of the 2019 International Horticultural Exhibition in Beijing, China October 9, 2019 – PHOTO: REUTERS BEIJING (REUTERS) - China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported. But the move, which comes nearly 18 years after China joined the World Trade Organization (WTO), could have limited impact on the competitive landscape of an industry dominated by China's state firms. China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to … [Read more...] about China to scrap business curbs on foreign banks, brokerages