Middle East, Africa untapped Vietnamese firms have failed to fully exploit the promising Middle Eastern and African markets, despite encouraging export turnovers they have earned from these countries in recent years, a seminar heard in Ha Noi yesterday. Countries in these regions had high import demand for food, agricultural, seafood and consumer products that Vietnamese enterprises were capable of providing, said Ngo Khai Hoan, deputy head of the Ministry of Industry and Trade's Africa, West and South Asia Markets Department. As well as these reviewed items, the Middle Eastern nations alone had rising demand for construction materials, electronic cables, home decor, milk and milk products as well as office machinery and equipment. Also goods that would be to Viet Nam's advantage, Hoan said. In order to foster exports to these lucrative markets, domestic enterprises had to revise their business strategies with focus on improving their distribution channels while developing new ones, … [Read more...] about BUSINESS IN BRIEF 21/8
Trees planted in israel
Vietnam emerges top export market of ROK Vietnam has emerged as one of the top three export destinations for the Republic of Korea (ROK), according to statistics from the Korea International Trade Association (KITA). The ratio of exports to Vietnam as a percentage of the East Asian country’s total exports for the seven months leading up to August jumped to 6.4%, nearly half (46%) of the 14% ratio for exports to the US. During the seven months, exports out of the ROK to Vietnam totalled US$18.0215 billion, up 10.1% on-year, while concurrently overall total exports out of the ROK declined by the same 10.1%. Of the top four export markets for the ROK, only exports to Vietnam showed growth with exports to China, the US and Japan (the first, second and fourth largest export markets) having fallen 13.5%, 5.4% and 12%, respectively. Last year, Vietnam became the fourth-largest export destination for the ROK by surpassing Japan. Such a rapid rise in the significance of Vietnam to the ROK … [Read more...] about BUSINESS IN BRIEF 20/9
HDBank, Senshu Ikeda ink deal The Housing Development Commercial Joint Stock Bank (HDBank) has signed a memorandum of understanding with Japan's Senshu Ikeda Bank to provide investment advice and financial services to its customers seeking to enter Viet Nam. Senshu Ikeda will offer similar services to HDBank's customers seeking to set up business in Japan. They will also organise seminars on investment and other events for each other's customers and exchange personnel. In 2014 HDBank and Japan's Hyakugo Bank established a Japan desk to support Japanese companies in Viet Nam. This month the Vietnamese lender together with Banrai Trading Company organised a business-matching seminar for the Vietnamese and Japanese food industries. Zhejiang Export Fair 2016 in Ha Noi China's Zhejiang Export Fair 2016 will be held from August 4-6 at the International Exhibition Centre in Ha Noi. The 5th Zhejiang trade fair in Ha Noi will see the participation of nearly 100 businesses with 150 booths, … [Read more...] about BUSINESS IN BRIEF 1/8
Farmers trapped by Chinese traders: an old story The fact that many local farmers in the southwestern provinces have suffered from a sharp decline in purple sweet potato prices as Chinese traders have suddenly stopped buying is just the latest episode in a long story containing myriad similar cases reported over the last few years. While local farmers have been repeatedly trapped by Chinese traders under the same trick, no intervention or support from authorities and relevant agencies has ever been offered to protect them from the trap. So far this year, three cases have been added to the story, in which Chinese traders left local farmers with a huge unsold stock of sweet potatoes, defaulted on crab purchases, and encouraged locals to hunt leeches for them. In mid-2010, as many Chinese traders came to Vietnam to buy Japanese purple sweet potatoes at high prices, a number of farmers in the Mekong Delta province of Vinh Long began scrambling to grow the vegetable. Things were going … [Read more...] about BUSINESS IN BRIEF 19/5
Israel's lesson was learned by a province in Vietnam: they paid several million USD to import two glasshouses, which were unused, and planted fruits and vegetable in outdoor gardens. Technical import Israel's policy on giving priority to agricultural development was issued in 1948. Thanks to the policy, one million Israeli people who live on the desert were sufficiently supplied with food, even in the wartime. Ten years later, in 1958, Israel exported agricultural products to Europe and even Africa. Israel's success was learned by a the authorities of a province in Vietnam. They spent several million US dollars to import two modern glasshouses from Israel. These glasshouses have automatic doors, automatic watering system, air conditioners, blowers, rain spraying machines, etc. In 2009, some experts paid a visit to this province and asked managers of the glasshouses there: "The outdoor vegetable garden is very green, with natural wet atmosphere, why do you have to plant … [Read more...] about Will Vietnam become the second Israel?