RoK airline to launch route to Nha Trang in December An aircraft of Air Seoul (Photo: Yonhap news agency) Air Seoul is wholly owned by the Republic of Korea (RoK)’s Asiana Airlines Inc. Starting December 18, Air Seoul plans to offer seven flights a week to Nha Trang as it strives to strengthen services on routes to Southeast Asia to offset declining demand on Japanese routes, the company said in a statement. Since early July, RoK airlines have halted or reduced services on their Japanese routes, while expanding flights on non-Japanese ones after the neighbouring country implemented export restrictions of key materials to the RoK./. Banks forecast strong performance despite credit slowdown Most domestic credit institutions and foreign banks’ branches in Vietnam expect their business performance in 2019 to be better than last year despite the predicted slowdown in credit growth, according to the State Bank of Vietnam's latest survey released late last week. In the … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 15
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Rice export volume up but value falls The ministry said the total rice export volume and value in the first nine months of this year reached 5.2 million tonnes and $2.24 billion, respectively. The figures represented a rise of 5.9 per cent in volume and a drop of 9.8 per cent in value compared to the same period in 2018. Of which, Viet Nam shipped abroad 586,000 tonnes of rice in September for $251 million. The Philippines was the top market for Vietnamese rice in the first eight months of this year, consuming 1.76 million tonnes worth $720 million, 2.9 times higher in volume and 2.6 times in value over the same period last year. Strong growth was also seen in other markets, including Australia (75 per cent), Ivory Coast (nearly 35 per cent) and Hong Kong (nearly 35 per cent). The average rice price in the first eight months fell 13.8 per cent year on year to $435 per tonne. White rice led the way in the period, accounting for 47 per cent of total revenue, followed by Jasmine rice … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 14
Businesses complain they find it difficult to access loans, while banks say many businesses don’t have feasible business plans and cannot use capital effectively. As many as 97 percent of Vietnam’s businesses are small and medium sized. Many of these businesses die after several years of development, a report says. SMEs that meet difficulties are mostly in the production sector. The lack of capital, management skills, and problems in business environment and policy have been cited as reasons why SMEs cannot develop strongly. Tran Ngoc Liem, deputy director of the Vietnam Chamber of Commerce and Industry (VCCI) HCM City Branch, also cited a report on provincial competitiveness index (PCI) as showing that accessing bank loans is a big problem for SMEs. Linh Ha Vietnam’s businesses urged to gear up for digital transformation Nine out of 10 businesses are involved in digital transformation and three of 10 say the transformation has brought big benefits, … [Read more...] about In Vietnam, many businesses close after several years of development
Since the enactment of the Law on Foreign Investment in December 1987, one of the first achievements of ‘Doi Moi’, Vietnam has attracted FDI to its economy for over 30 years. Hence, FDI is becoming an important economic sector of Vietnam. A long road To date, more than $182 billion in FDI has been invested in almost all industries and sectors of the economy, significantly contributing to the development and restructuring of the economy. The FDI sector accounts for about 25% of total investment nationwide, and generates over 70% of total export turnover of the country. However, many experts believe that FDI is dominating too many fields and occupations, taking opportunity away from home-grown businesses, and above all, making the economy dependent on foreign investment. To adequately analyse the effect of FDI, Dr. Nguyen Dinh Cung, Director of the Central Institute for Economic Management, explains that one cannot only focus on FDI enterprises alone, but must make a … [Read more...] about Will FDI adversely affect Vietnamese businesses?
A petrol station owner in Hà Nội turned to the online community to look for a driver who owed him VNĐ300,000 (US$13) after buying petrol and leaving his registration licence which was about to expire as collateral. The incident happened a month ago, but the driver seems to have vanished. The story was posted on a car forum in the hope the online community would help him find the driver. The information was complete: registration number BKS 30E-26 …, and gas station Phủ Lỗ, Sóc Sơn, Hà Nội. Posted on the forum was also a picture of the salesman and the licence with an expiry date of May 14, 2019. Netizens have offered their sympathies for the salesman, but some have also laughed at the situation. “Maybe the driver was too busy and forgot to pay his bill, but a whole month is too long,” a Facebook user commented. “Hurry up and pay your … [Read more...] about Petrol station con explodes online