Illustrative image (Source: VNA) Hanoi (VNA) – Foreign-invested enterprises have become an important driving force for Vietnam’s economic development and international integration after 30 years since the country began attracting foreign direct investment (FDI). Statistics from the Import-Export Department under the Ministry of Industry and Trade, from only 10 billion USD in 1988 when Vietnam started absorbing FDI, the country’s total export revenue is expected to hit 225 billion USD in 2018. Notably, an annual average rise of 17.6 percent has been recorded in exports in the 2011-2015 period, much higher than the target set in the import-export strategy to 2020 with a vision to 2030 as well as the goal of 12 percent set out at the 11th Party National Congress. The FDI sector has played a key role in maintaining export growth of the country. Tran Thanh Hai, Deputy Director of the Import-Export Department, said that six years ago, export value of domestic firms was … [Read more...] about FDI firms play important role in Vietnam’s economic growth
Samsung in vietnam
Samsung helps Vietnam train experts in support industry
At the launching ceremony (Source: VNA) Hanoi (VNA) – The Ministry of Industry and Trade and the Republic of Korea (RoK)’s Samsung Vietnam on April 17 jointly launched a programme to train 200 Vietnamese experts serving training and re-coaching demand of supply firms in support industry of Vietnam. Addressing the launching ceremony, Deputy Prime Minister Trinh Dinh Dung affirmed that the RoK is one of the top economic partners of Vietnam, while Vietnam is also one of the major partners of RoK firms. More and more Korean businesses are operating in Vietnam, making important contributions to the country’s economic development, he said. He added that currently, about 150,000 Vietnamese people are living in the RoK, a strong force that helps foster the Vietnam-RoK partnership. Vietnam is on the way to industrialisation and modernisation, he said, stressing that the country is focusing on three strategic breakthroughs of completing the socialist-oriented market … [Read more...] about Samsung helps Vietnam train experts in support industry
US firms interested in expansion in Vietnam
Although US President Donald Trump wants US firms to focus on domestic business, they still pay attention to investment in Vietnam and want to further expand and develop their projects, especially in the energy sector. USABC delegation meeting with Prime Minister Nguyen Xuan Phuc yesterday In addition to successful co-operation in Vietnam in power generation and aviation, General Electric (GE)’s president and CEO of the Asia-Pacific region (APAC) Wouter Van Wersch expressed the firm’s attention to Industry 4.0 and digitalising the economy. Wersch emphasised: “We hope Vietnam will soon move to digital invoices as when we do big projects, we need to work with hundreds of suppliers who request paper invoices. This may cause mistakes. Moving to digital invoices is a great opportunity.” Earlier in last May, Vietnamese firms and GE signed business deals worth $8 billion. The majority of the deals were for aircraft engines and the development of power … [Read more...] about US firms interested in expansion in Vietnam
Shop & Store Vietnam to popularise franchising in Vietnam
Shop & Store Vietnam 2018 was officially kicked off today to deliver enriched content and business opportunities in retail and franchise. Defining the new business concept for retail and franchise at Shop & Store 2018 Vietnam is considered a fertile land to develop the retail market, Kantar Worldpanel’s study has revealed incredible growth in Vietnam, with the market share of mini-stores growing by 32 per cent from 2015 to 2016, while online shopping grew by a remarkable 61 per cent. At the same time, Vietnam ranked 9th among the top 12 markets identified by the members of the International Franchise Association as the markets most valuable for international expansion. Additionally, Vietnam was profiled in the Top Markets Report. Suttisak Wilanan, deputy managing director of Reed Tradex, pointed out that Vietnam has all the necessary elements to rise, such as a large consumer base, rapidly rising incomes, and a generation of educated, young, and growing … [Read more...] about Shop & Store Vietnam to popularise franchising in Vietnam
Boom years for mobile payments and e-commerce in Vietnam
Strong developmentAccording to a survey, the number of business and individual customers using online payment services in Ho Chi Minh City’s credit institutions increased by 47 percent and 37 percent compared to the end of 2016, respectively. In addition, transactions through internet banking for business and individual customers increased by 13 percent and 30 percent. The number of individual customers registering use of online payment services through mobile banking also increased by 36 percent, and transactions through mobile banking surged 96 percent.Ngo Trung Linh, general director of VietUnion, said the Payoo e-wallet saw significant growth in 2017, enabling customers to pay more than 200 different utility bills. Its payment services are available at over 6,000 points of sale all over the country, and are linked with more than 30 banks. According to estimates, the total transaction value through Payoo has reached about US$2 billion a year.Sean Preston, Visa Country Manager … [Read more...] about Boom years for mobile payments and e-commerce in Vietnam