Super business

Vietnamese Ambassador to Germany Vu Quang Minh (front row) at Schaeffler headquarters where the seminar takes place (Photo: VNA) Berlin (VNA) – The German Asia-Pacific Business Association (OAV) has held a seminar on business and investment in Vietnam, attracting the participation of many German firms. Addressing the May 25 event in Bayern state, Ambassador Vu Quang Minh introduced the countries’ cooperation and its growth potential. According to the diplomat, Vietnam and Germany have all necessary collaboration frameworks, including the EU-Vietnam Free Trade Agreement which took effect in August 2021. Meanwhile, Vietnam is among the countries with the most favourable FDI laws in the region and the world, and also one of the fastest recovering economies from the COVID-19 pandemic. The Vietnamese and German economies are perfectly complementary to each other, Minh said, calling upon German investors in Vietnam to spread their knowledge and experience on the market to the … [Read more...] about Seminar promotes German business, investment in Vietnam

The two-day event featured over 40 Vietnamese and Korean producers. — Photo courtesy of KOCCA Vietnam The Korea Creative Content Agency Vietnam Office (KOCCA Vietnam) has launched an online business matching forum to help South Korean content producers enter Viet Nam and deliver their products in the country more effectively. The two-day event, which ended on Thursday, saw the participation of over 40 Vietnamese and Korean producers in the fields of television, fictional characters, AR/VR, games and cartoons. Kim Tae Hyeong, CEO of Korean T2N Media, described the event as a good opportunity for his company to meet with Vietnamese businesses in over-the-top media services and enhance its understanding of the Vietnamese market. Director of KOCCA Vietnam Hong Jeong Yong said his agency would help Korean content companies access Viet Nam after the COVID-19 pandemic by ensuring its network with domestic enterprises, connecting content producers from the two countries in the … [Read more...] about KOCCA Vietnam hosts online business matching forum

Facebook ads in Vietnam will be subject to a 5 per cent value-added tax beginning from June 1. (Photo vtv.vn) Hanoi (VNS/VNA) - Facebook ads in Vietnam will be subject to a 5 percent value added tax (VAT) beginning from June 1. This affects advertisers who have set Vietnam as their “Sold To” country on their business or personal address. In addition to Vietnam, starting from April and September, Meta, Facebook's parent company, will also add VAT to advertising costs in Cambodia and Thailand, respectively. Not long ago, Facebook also charged a foreign currency conversion fee of 1-3 percent for transactions in Vietnamese dong. Within the framework of Prime Minister Pham Minh Chinh's working visit to the US on May 20, representatives of the Public Policy Department of Meta had a meeting and discussed with the Prime Minister and the Ministry of Planning and Investment. Meta said that it would register, declare and pay foreign contractor tax in Vietnam. Previously, … [Read more...] about Facebook ads in Vietnam to be charged 5 percent VAT from June 1

Secretary of the provincial Party Committee Nguyen Xuan Ky speaks at the event. (Photo: VNA) Quang Ninh (VNA) – Authorities of the north-eastern province of Quang Ninh held a conference on May 25 on the implementation of tasks and solutions to improve the local business climate and competitiveness. It was also to analysed Quang Ninh’s provincial competitiveness index (PCI) in 2021 and discussed orientations and solutions to sustain good results this year. According to the PCI 2021 report released by the Vietnam Chamber of Commerce and Industry (VCCI), the province gained the highest score of 70.02 percent. This is the fifth year in a row Quang Ninh has topped the charts, and the ninth year it has been in the top five. Addressing the event, Secretary of the provincial Party Committee Nguyen Xuan Ky said Quang Ninh has viewed raising its competitiveness as an important political task, and urged local authorities to step up the settlement of administrative procedures in the … [Read more...] about Conference looks to improve Quang Ninh PCI rankings

An overview of the conference. (Photo: VNA) Hai Phong (VNA) – A conference was held in the northern port city of Hai Phong on May 25 to promote French investment in the locality. investors and enterprises. Kien said the city expects to attract investment from the European Union ’s enterprises in the fields of electronics manufacturing, high technology, automobile industry, agriculture, renewable energy, education and training, among others. Nicolas Warnery, French ambassador expressed his wish for a stronger partnership between the city and French businesses. By the end of April, the city had been home to 64 foreign direct investment businesses from EU member countries with a total capital of 932.1 million USD. Their revenue neared 50 million USD and they contributed 190 billion VND (8.1 million USD) to the state budget./. VNA … [Read more...] about Hai Phong promotes investment from French enterprises

The launch of the Corporate Sustainability Index Programme 2022 in Hanoi on May 26. (Photo: VNA) Hanoi (VNA) – The Corporate Sustainability Index (CSI) Programme 2022, the 7th of its kind so far, was launched on May 26, aiming to not only assess enterprises’ sustainability but also encourage them to adopt sustainable practices. Vietnamese consumers now have higher awareness of selecting “green” products and services, so by adopting sustainable practices, enterprises will meet consumers’ demand and also generate long-term benefits for themselves, Nguyen Quang Vinh, Vice Chairman of the Vietnam Chamber of Commerce and Industry ( VCCI ) and Chairman of the Vietnam Business Council for Sustainable Development (VBCSD), told the ceremony in Hanoi. VCCI and its VBCSD have been striving to promote responsible business practices in enterprises, he said, noting that the CSI Programme and the CSI criteria are among those efforts. The set of CSI criteria is not only an … [Read more...] about 7th Corporate Sustainability Index programme launched

The northern province of Bac Giang is Vietnam's lychee growing hub. (Photo: VNA) Hanoi (VNA) – Competent agencies and localities of Vietnam, including Bac Giang – the country’s lychee growing hub – always create favourable conditions for Chinese businesses and traders to buy the fruit in Bac Giang, Foreign Ministry spokeswoman Le Thi Thu Hang said at a routine press conference on May 26. Answering a question on the purchase of lychee in Bac Giang by Chinese businesses and traders, Hang said over the past time, Vietnamese and Chinese agencies and localities have closely coordinated in creating favourable conditions for their businesses, traders and supermarket chains to research the market and conduct trade promotion for agricultural products, reaping positive results. They have also joined hands in organising activities in both countries to promote lychee sale, attracting the attention of many Chinese firms, and regularly exchanged information about export-import … [Read more...] about Vietnam facilitates lychee purchase by Chinese traders in Bac Giang: Spokeswoman

Shrimp processing for export (Photo: VNA) Hanoi (VNA) – Taking advantage of free trade agreements and flexibly adapting to world unstable development, Vietnam’s spearhead economies such as fisheries, garment and textiles and wood production are accelerating exports to increase turnover. According to statistics of the Vietnam Customs, as of May 15, export turnover reached 135 billion USD, up 15.5 percent year-on-year. Full of orders The Vietnam Textile and Apparel Association ( VITAS ) forecasts that the sector could enjoy an export turnover of 42-43.5 billion USD this year. Than Duc Viet, General Director of Garment 10 Corporation, said that the corporation has received enough orders for its traditional products throughout the third quarter of 2022 and its customers are confident in the flexibility and adaptability of Vietnamese enterprises. The wood processing sector is also full of orders till the fourth quarter of 2022. Vice President of the Ho Chi Minh … [Read more...] about Vietnamese export increases in both quantity, quality

Illustrative image. (Photo: SGGP) According to Mr. Nguyen Ngoc Dung, Chairman of Vietnam E-commerce Association (Vecom), in 2021, despite being heavily affected by the Covid-19 pandemic, Vietnam's e-commerce still maintained a good growth momentum with an increase of about 20 percent and a scale of $16 billion. Keeping the growth momentum, Vietnam is now one of the countries with the largest e-commerce market size in the region, besides Indonesia, Thailand, and Malaysia. Vietnam's internet economy in 2021 grew by 31 percent compared to 2020 and reached a scale of $21 billion. Of which, the online retail sector enlarged by 53 percent and touched a scale of $13 billion. There are two waves that have contributed to the steady development of e-commerce in Vietnam in 2020 and 2021 and will be the driving force for the next period. The first wave took place during the early stages of the Covid-19 pandemic in 2020, and the second one from June to September 2021, during the fourth … [Read more...] about Opportunities for e-commerce in Vietnam to boom

Illustrative photo:SGGP/ Viet Chung The Office of the Ministry of Industry and Trade this morning informed that gasoline, an essential goods, directly affecting the production activities of enterprises as well as people’s livelihoods.  The gasoline price hugely affects the Consumer Price Index (CPI) which impacts the whole country’s macroeconomy. From the beginning of the year up to now, the local and international gasoline markets have been uncertain affecting the fuel supply and prices in the local market. Currently, the whole country has 38 wholesalers of gasoline, 329 gasoline distributors and nearly 17,000 retail gas stations. In order to strengthen state management in the field of gasoline business , prevent violations in petroleum business activities, and support the authorities in regulating the supply and demand of gasoline, it is necessary to apply information technology in updating data for petroleum trading enterprises across the country related to gasoline … [Read more...] about Vietnam puts gasoline database system into operation to avoid violations