Vietnam’s agricultural sector records progress Over the past years, Vietnam’s agricultural sector has reaped marked achievements, helping ensure national food security. Vietnamese staples such as coffee, rice, rubber, cashew nuts, pepper, fruit, seafood, wood and timber products have gained firm foothold in the global market. Statistics show that the sector’s gross domestic product (GDP) grows about 2.5 percent while its production value expands by 2.73 percent each year. During the 2013-2017 period, the sector’s total export turnover reached 153 billion USD, with 36.2 billion USD earned in 2017. Seven out of the 10 major products saw export turnover exceeding 1 billion USD. To create impressive changes in agricultural production, the Vietnam Farmers’ Union (VFU) has signed a cooperation programme with the Ministry of Science and Technology, under which the two sides join hands in implementing scientific and technological tasks … [Read more...] about BUSINESS NEWS IN BRIEF 12/12
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BUSINESS NEWS IN BRIEF 21/11
Price Waterhouse Cooper’s (PwC) 2018 Global Economic Crime and Fraud Survey in Vietnam finds that 52% of Vietnamese enterprises had experienced economic crime in the past two years. This is the first PwC survey in Vietnam. According to the survey, this crime rate is higher than the average in Asia-Pacific's 46% and the global rate of 49%. Even though 40% of the asked people said they hadn't encountered any criminals, it's highly likely that the crimes just haven't been exposed yet. The most common crime in Vietnam is embezzlement with 40% votes and bribes and corruption with 36%. 11% of the asked people don't know or don't want to say. About 53% of the criminals in major cases are insiders with 61% of them are low-level or middle-level managers. 32% of the surveyed said they suffered more than USD100,000 in damage not to mention damage to reputation and business relations. Marcus Paciocco from PwC Vietnam said some measurable financial losses included legal costs or actual loss … [Read more...] about BUSINESS NEWS IN BRIEF 21/11
Tax collection from tech-based business activities faces difficulties
Tax collection from tech-based business activities faces difficultiesThe Saigon Times Daily GrabBike service is popular in HCMC. National Assembly deputies said tax collection from tech-based business operations such as ride-hailing service and online sale is tough due to the lack of regulations governing these new types of business - PHOTO: THANH HOA HCMC – National Assembly deputies at a discussion on the draft amendment of the law on tax administration said tax collection from technology-based business operations such as ride-hailing service and online sale is tough due to the lack of regulations governing these new types of business, Dan Tri news site reported. Speaking at the discussion, deputy Huynh Thanh Chung, chairman of the Young Entrepreneurs Association of Binh Duong Province, mentioned tax collection from ride-hailing firms like Grab, stressing the need for a formula for tax calculation to minimize losses for tax collection and at the same time facilitate the … [Read more...] about Tax collection from tech-based business activities faces difficulties
BUSINESS NEWS IN BRIEF 6/9
SSI upgrades stock board and order services for Web Trading SSI Web Trading, an online trading service from Saigon Securities, has upgraded its online stock board and updated two more conditional orders for derivative trading. The two new orders, namely OCO and Bull & Bear, are the two most useful orders in derivative trading. With this upgrade, all market data displayed on the board and order screen will be updated consecutively and immediately, helping investors track stock prices and follow transactions quickly and accurately. In June, SSI also upgraded its Web Trading by adding four more types of conditional orders. The continuous upgrades to the platform demonstrates SSI’s efforts in providing diversified, efficient trading tools for profit maximisation and risk prevention for clients when practicing derivative trading. With two new conditional orders, OCO and Bull & Bear, SSI has six types of conditional orders, including Up, Down, Trance Up, … [Read more...] about BUSINESS NEWS IN BRIEF 6/9
BUSINESS NEWS IN BRIEF 30/8
E-commerce key for farm exportersVietnamese enterprises should take advantage of e-commerce development to boost exports of farm produce to China, experts said at a meeting on Sunday in HCM City.Wen Xi Chen, economic counselor at the Chinese Consulate General in the city, said Vietnamese enterprises should cooperate with well-known Chinese e-commerce enterprises to open online stores of high-quality farm produce for export to China.While e-commerce has narrowed the production and consumption gap, and extended consumer markets, traditional sale channels have not updated market information regularly, he said.To develop e-commerce for agricultural products, logistics service, traceability and human resources should ensure product quality, he added.Nguyen Hoang Anh, member of the Advisory Council for Reform, who is also vice president of the Digital Agriculture Association (DAA) Viet Nam, said China remained a major market for agricultural products exported from Viet Nam due to similarity … [Read more...] about BUSINESS NEWS IN BRIEF 30/8