The MoU to jointly launch a digital lending platform to benefit SMEs in Việt Nam was signed in HCM City. -- VNS Photo Viet Nam News HCM City – At the 48th World Chief Financial Officers Congress in HCM City yesterday, the AsiaInvest Group and MoolahSense signed a memorandum of understanding to jointly launch a digital lending platform to benefit small and medium-sized enterprises in Việt Nam. “This is an opportunity for SMEs and start-ups in Việt Nam to have a transparent and effective funding source when loans from local banks are limited and hard to access,” Nguyễn Ngọc Bách, chairman and CEO of AsiaInvest, said. The MOU puts in place a roadmap to establish a joint venture that taps into their respective strengths to provide tech-driven financing solutions to address the financing gap plaguing small business in the country. According to the 2017 economic census by the General Statistics Office of Việt Nam, there were … [Read more...] about New digital lending platform for small businesses
Small business investors
Vietnam’s rice exports hit 5.2 million tonnes in ten months Vietnam shipped abroad 264,000 tonnes of rice in October this year for 136 million USD, pushing the total figures so far this year to 5.2 million tonnes worth 2.6 billion USD, up 1.7 and 14.1 percent year-on-year. China remained the leading importer of Vietnamese rice with a growth rate of 24 percent. Strong rises were also seen in many other markets, such as Indonesia, Iraq, the Philippines, and Malaysia. Average rice prices in the first nine months of 2018 reached 503 USD per tonne, up 13.7 percent year-on-year. The highest price was recorded for Jasmine rice with 575 USD per tonne, followed by Japonica with 526 USD per tonne. The export of medium- and high-quality rice increased, while that of low quality types reduced, now accounting for just 2 percent of the total export volume. [Video: Vietnamese rice now top quality on the international market] On October 18 this year, the Philippines closed its bidding and … [Read more...] about BUSINESS NEWS IN BRIEF 11/11
According to a 2018 report by the World Bank, Vietnam's credit access index ranks 29th out of 190 economies surveyed, higher than the average of the Organization for Economic Co-operation and Development (OECD) and East Asia & Pacific. But Vietnamese small and medium-sized enterprises (SMEs) said it is a big challenge for them to access credit. According to the Vietnam Chamber of Commerce and Industry (VCCI), only 30 percent of SMEs in Vietnam have access to loans from the formal sector, with the rest having to use their own funds or depend on unregulated loans. This makes it hard for them to find business opportunities and solve other problems with respect to cash flow, working capital, and debts. The VCCI has drawn up a list of loans types and the challenges each segment faces. Bank loans Many banks have made it possible for SMEs to get access to credit. In the past few years most joint stock banks have earmarked tens of trillions of dong ($1=VND23,381) for priority sectors. … [Read more...] about Who do Vietnam’s small and medium-sized enterprises turn to for funds?
VietNamNet Bridge - The heavier environmental tax on petrol is expected to seriously affect businesses and burden the poor. The heavy environmental tax on petrol will affect businesses The National Assembly’s Standing Committee has approved the plan on raising the environment tax on petrol to the ceiling level of VND4,000 per liter. The move is expected to trigger a new price increase wave. The tax hike would impact transportation first. Nguyen Van Thanh, chair of the Vietnam Automobiles Transport Association (VATA) said fuel makes up 40 percent of transportation costs, which means that service fees will increase once the tax rises. The National Assembly’s Standing Committee has approved the plan on raising the environment tax on petrol to the ceiling level of VND4,000 per liter. The move is expected to trigger a new price increase wave. “I am sure that if the petrol price rises, transportation firms will either raise the service fee or run overloaded … [Read more...] about Environmental tax hike to put heavy burden on businesses, consumers
The Hanoitimes - More investors have planned to take part in the country’s medicine retail system through merger and acquisition (M&A), expecting to gain higher value from owning completed chains from production to distribution. Vietnam’s drug market turnover is expected to reach US$7.7 billion by 2021 Brad Silcox, chief representative of multi-national pharmaceutical group Pfizer, told the media that American investors in general and Pfizer in particular have planned to boost investments in Vietnam in the near future as they see the country’s health care sector has been very positive recently. Vietnam’s drug market is attractive given by its large population, high demand for health care and rising middle-income population, Brad said. Notably, he said, the pharmaceutical distribution system is growing, which helps to increase the accessibility of pharmaceutical users. According to analysts, the nationwide distribution network of Hau Giang Pharma JSC … [Read more...] about Investors set ambition in Vietnam’s drug distribution system