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The Military Commercial Joint Stock Bank (MB) and Shinsei Bank on December 2, 2021 signed an agreement on the establishment of a commercial joint venture bank in Cambodia. Under this agreement, after obtaining the approval by the relevant state agency for establishing a commercial bank in Cambodia with a minimum charter capital of US$75 million, MB will transfer up to 49% of its shares in this bank to a strategic partner and launch Vietnam's first joint venture bank abroad. MB is known for its rich experiences in successfully developing digital banking in Vietnam, as well as its solid business foundation and remarkable market understanding during 10 years of operating banking activities in Cambodia as a branch. Shinsei Bank, Ltd. (Shinsei Bank), which has more than 50 years of banking experience in Japan, has gained outstanding achievements in retail banking and consumer finance. Hence, the joint venture bank that is built on the collaboration of these two financial …

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Da Nang calls for RoK’s investment in ICT A forum to promote investment in information and communications technology (ICT) in the central city of Da Nang from the Republic of Korea (RoK) was held virtually on November 30, bringing together representatives from over 200 enterprises and investors from the two countries. The event aims to introduce potential, advantages, preferential and investment support policies of Da Nang to RoK businesses and investors, especially in ICT, and high technology. Addressing the event, Deputy Minister of Information and Communications Phan Tam said the RoK is the largest foreign investor in Vietnam with over 9,000 valid projects worth over 71.5 billion USD, including nearly 500 investment projects in the ICT field with the presence of the world's leading technology corporations such as Samsung and LG. To welcome more investments from the RoK, the Vietnamese Government has been perfecting models, mechanisms and policies to create breakthrough …

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Workers loading products onto containers at Duc Thanh Wood's warehouse. — Photo nhipcauthuonghieu.vn Duc Thanh Wood Processing JSC (GDT) has just approved an adjustment of its 2021's targets due to the impact of the COVID-19 pandemic on its business activities. Previously, the 2021 Annual General Meeting of Shareholders that took place in May approved the revenue growth plan of 15 per cent over the last year to VND460 billion (US$20.2 million), while profit after tax is expected to reach VND86.4 billion, up 8 per cent. However, due to the strong impact of the pandemic, the company decided to reduce its revenue target to VND327 billion, equivalent to a decrease of 29 per cent compared to the previous plan. Profit after tax also decreased to VND51.7 billion. Duc Thanh Wood's board said that the reduction is due to the suspension in business operating for nearly three months of social distancing as directed by the authorities. But during that period, the company still had to pay …

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The event through December 25, organized by the Tourism Department and the Tourism Association of the city, takes place both in person and virtually on the festival’s website (https://ngayhoidulich.visithcmc.vn), the website on local tourism (www.visithcmc.vn), the Shopee e-commerce platform, and the online travel agent Traveloka. It attracts the participation of nearly 40 provinces and cities nationwide and 80 businesses running tourism establishments, hotels, places of interest, and entertainment centers, with hundreds of tourism products and services offered. Nguyen Thi Anh Hoa, Director of the municipal Tourism Department, said the this is a demonstration of authorities and enterprises’ resolve to revive the tourism industry of the city, as well as the whole country, in a time all economic, cultural, and social activities have to flexibly adapt to the COVID-19 pandemic. To the city, the event is also meant to help local enterprises get ready for fully resuming tourism …

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According to Spotify's annual year-end report, "Wrapped," which lists the year’s most streamed artists and tracks in various countries, this is the second consecutive year that BTS has become the most-streamed artist in Vietnam. The seven-member boy band has three of the top five most-streamed albums in Vietnam. V-pop singer AMEE's dreAMEE and Canadian singer Justin Bieber's Justice also made the list. Son Tung M-TP came in second on the list. His hit "Chung Ta Cua Hien Tai" (We of the Present) was also the most-streamed song on the platform in Vietnam this year. The song was followed by BTS's "Butter" and Tung's "Muon Roi Sao Ma Con" (It’s Late, But...). Rapper Den Vau was the third most streamed artist in Vietnam, followed in fourth and fifth places by pop singers Justin Bieber and Taylor Swift. The list of top Vietnamese artists also included boy band Chillies, indie singers Vu and Hoang Dung, and AMEE. Spotify, in Vietnam since 2018, is currently available in 95 markets. …

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Domestically manufactured and assembled cars will benefit from the new policy. — Photo nld.com.vn The registration fee for domestically produced vehicles will be officially reduced by 50 per cent from December 1. Deputy Prime Minister Le Minh Khai signed Decree No 103/2021/ND-CP of the Government stipulating the registration fee rate for cars, trailers or semi-trailers pulled by cars and similar vehicles manufactured and assembled domestically on Friday. Accordingly, the Decree clearly states that the registration fee rate for domestically manufactured and assembled cars will be 50 per cent compared to the previous one, applicable from December 1 to the end of May 31 next year. After this time, the registration fee rate will return to the previous level, according to the provisions of Decree No 20/2019/ND-CP of the Government, equivalent to 10 per cent - 12 per cent of the car price depending on the vehicle price in different localities. This is a policy to stimulate …

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It is urgent for Vietnam to innovate growth model at the time of COVID-19 as it will help the country boost recovery after the pandemic crisis, one of the country’s major goals in short term prioritized by the Party and Government in 2022 and the 2022 – 2025 period. Vietnam’s growth model has revealed multiple weaknesses over the last decade, with the country’s labor productivity only equal to 62 percent of other countries in the same income group, and domestic sector outperformed by foreign-invested sector. In the past 10 years, total factor productivity and capital contributed 40 percent and 53 percent, respectively, to Vietnam’s Gross Domestic Products (GDP), while labor represented only 7 percent, development economist Dr. Dang Kim Son told the dialogue. Building Vietnam’s new growth model requires the mobilization of all resources, from land, workforce, capital to science and technology and digitalization, according to experts at the event. Dr. Tran Van Tho from Wasade …

[Read more...] about Innovating growth model urged for post-pandemic recovery

The previous edition of the Vietnam Value Programme honoured a batch of businesses that have expanded their brands to other shores The eighth selection of national brands for the Vietnam Value Programme is coming up next year, following up on the previous itineration in 2020. Back then, one of the popular contenders was TH Group, which received the honour of the national brand classification for several of its products, such as TH fresh milk, TH school, and TH true yoghurt. “The recognition from the government and ministries not only helps TH Group to assert its brand among domestic consumers but also helps us to reach the international community,” said Ngo Minh Hai, president of the group. Ensuring the domestic production chain during the pandemic has been a priority of the corporation. “However, we continue to expand production and business both at home and abroad,” Hai said. Currently, TH Group is building dairy farms and processing facilities in many provinces and …

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Vietnamese famers have average income of 3.4 million VND/month The Ministry of Agriculture and Rural Development reported that the average income for farmers in 2020 was 43 million VND/year, which is equivalent to under 3.4 million VND/month. In the Draft Strategy for Sustainable Agriculture and Rural Development for the 2021-2030 period (with a vision towards 2050), the Ministry set the goal of raising farmers’ average income and reducing poverty in a sustainable manner. By 2030, the rural population’s income would have to be 3 times higher than in 2020, and poverty rate would fall by 1-1.5 %. Vietnam targets 100,000 IT enterprises, digital economy to contribute 30% GDP At a recent event in Da Nang, Deputy Minister of Information and Communications Phan Tam said that Vietnam has had 58,000 ICT enterprises and has set a target for that number to reach 100,000 by 2025. "The goal is that by 2030, Vietnam will be in the top 50 countries in terms of digital governing, and its …

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A project of Toong in HCM City. — Photo courtesy of Toong Co-working space provider Toong has recently introduced two new co-working projects in HCM City. Located at 18E Cong Hoa Street in Tan Binh District and 186 Vo Thi Sau Street in District 3, the two new offices have increased the company's market share in the flexible office segment in total office space for lease in the city to about 4.9 per cent, an increase of about 1.5 per cent over the same period in 2019. “Thanks to the positive impact of wide vaccination coverage, businesses are accelerating back to the office. Only six weeks since the easing of social distancing in HCM City, our revenue has reached the same level as before the critical COVID-19 wave in June 2021. "We continue to receive many requests from large-scale companies needing to shift to serviced offices, an option that provides both proven experience quality and financial flexibility," said Duong Do, CEO of Toong. Construction of our two new …

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