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BUSINESS IN BRIEF 22/12
Vietnamese products must improve quality to gain foothold Essential consumer goods are believed to be the strong point of Vietnamese companies, but in reality they are overwhelmed by imported goods because of their better quality, which Vietnamese-made products lack. The Ministry of Industry and Trade has reported that import turnover of milk, vegetables, fruits, confectionery and medicines touched US$1.38 billion in November, a slight drop compared to the previous month but an increase of 12.5 percent year-on-year. In the first 11 months of this year, total imports of these commodities hit $13.3 billion, up 11.7 percent over last year, accounting for 12.6 percent of total imports from Vietnam. Of these, vegetables and fruits rose by 16.8 percent; confectionery and cereal products by 66.4 percent; medicines by 20.2 percent; and plastic goods by 24.1 percent. At first glance, these figures seem irrational as Vietnamese companies can produce these products easily. However, they are … [Read more...] about BUSINESS IN BRIEF 22/12
Worries about Malaysia’s ‘Arabisation’ grow as Saudi ties strengthen: analysis
Malaysia's growing ties to Saudi Arabia - and its puritan Salafi-Wahhabi Islamic doctrines - are coming under new scrutiny as concerns grow over an erosion of traditional religious practices and culture in the multi-ethnic nation. A string of recent events has fuelled the concern. Hostility toward atheists, non-believers and the gay community has risen. Two annual beer festivals were cancelled after Islamic leaders objected. A hardline preacher, accused of spreading hatred in India, has received official patronage. The government has backed a parliamentary bill that would allow the shariah court wider criminal jurisdiction over Muslims in the state of Kelantan. And after religious officials supported a Muslim-only laundromat, Malaysia's mostly ceremonial royalty made a rare public intervention, calling for religious harmony. Marina Mahathir, the daughter of Malaysia's longest serving prime minister, Mahathir Mohamad, publicly lashed out at the government for allowing the "Arabization" … [Read more...] about Worries about Malaysia’s ‘Arabisation’ grow as Saudi ties strengthen: analysis
BUSINESS IN BRIEF 4/12
Copycat products remain unbeatable Copycat products are still a headache for local manufacturers, while authorities have yet to figure out any effective solution to curb the issue, a conference heard last week. Voicing their opinions at a conference on the fight against fake products and trade fraud, many businesses said that whenever certain products enjoy strong sales and high consumption, they are immediately duplicated, with the copycat sporting more eye-catching packaging and designs, and sometimes even labeled with anti-counterfeit stamps. Nguyen Huu Vinh, head of administration and personnel at LG Vina Cosmetic Co Ltd, the company which owns brand names such as Essance, Ohui, and Whoo, was quoted by Saigon Times Online as saying that fake products had damaged not only the company’s sales but also its reputation. Vinh said LG Vina had recently managed to achieve only 70 to 75 percent of its full-year sales targets thanks to competition from the fake products. He said … [Read more...] about BUSINESS IN BRIEF 4/12
BUSINESS IN BRIEF 21/2
Restructuring of State-run firms faces challenges Restructuring of a number of State-owned enterprises has been delayed due to problems of redundant workers, collecting past-due debts and writing down losses, said deputy head of the Government Office and vice chairman of the Steering Committee on Business Renovation and Development, Pham Viet Muon. Muon told a meeting held here Wednesday by the Government Office and the World Bank that the process of equitising State-owned enterprises (SOEs) has slowed in the past five years. He said the Government has requested economic groups to submit restructuring plans by March of this year which would be focused on key lines business and plan for divestment from non-core business fields such as banking, real estate development, insurance and securities before 2015. Equitisation of companies was expected to be completed before 2020. Once operations were totally focused on key lines of business, with improved corporate governance, … [Read more...] about BUSINESS IN BRIEF 21/2