Two major state-owned confectionery firms, Huu Nghi and Hai Ha, recently transferring to private ownership is expected to pave the way to becoming market leaders. In late March, four individual investors spent tens of millions of dollars acquiring major stakes Huu Nghi and Hai Ha. This comes after their parent company, the state-owned Vietnam Tobacco Corporation (Vinataba), registered to exit from the firms. Two individual investors, Vu Hai and Nguyen Thi Duyen, became the new major shareholders of Hai Ha Confectionery JSC, with respective ownership stakes of 23.7% and 50.9%. Meanwhile two others, Nguyen Van Dung and Luu Thanh Tam, acquired a 20% and 10% stake in Huu Nghi Food JSC. The participation of individual shareholders could now create favourable conditions for the two firms. Sweeping changes on the horizon In 2014, Kinh Do JSC, a major player in the domestic food scene, was acquired by US-based Mondelez International. The duration of the power transfer process was … [Read more...] about Vietnam’s candy market experiences shakeup
Vietnam tobacco import export company
Vietnam wrestles with contraband cigarettes
The tug-of-war between tobacco smugglers and anti-smuggling forces in border localities in Vietnam remains tough despite local authorities’ ceaseless efforts. While cigarette smuggling remains rife in provinces bordering Cambodia to the detriment of the state budget as well as people’s health, local cigarette producers are concerned that contraband tobacco may get officially circulated in a controversial move proposed by the government. Despite heavier traffic in Chau Doc City in the Mekong Delta of An Giang as the locality has entered its peak tourism season, tobacco smugglers are often spotted carrying their illicit goods and driving their motorcycles with no license plates at high speed on several streets. They typically speed off in small groups every 10 minutes. The 389 National Steering Committee, tasked with combating smuggling, commercial fraud and counterfeiting, disclosed the opposite periphery is currently home to 26 warehouses storing contraband tobacco which … [Read more...] about Vietnam wrestles with contraband cigarettes
Vietnam, Brazil Boosting Trade Ties
On the occasion of the establishment anniversary of the Brazilian Honorary Consulate General in Ho Chi Minh City, the Vietnam Chamber of Commerce and Industry (VCCI) jointly with the Brazilian Embassy in Hanoi held the seminar "Trade and investment relations between Vietnam and Brazil". The seminar is aimed at providing information on investment, trade and incentive policies on trade and investment of the Brazilian government, as well as responding to inquiries of Vietnam's enterprises that have business cooperation with Brazilian counterparts. Delivering his speech at the seminar, Mr Tran Ngoc Liem, Vice Director of VCCI-HCM, stated that for many years, the trade relations between Vietnam and Brazil have seen strong development. Despite the severe impact of the global economic recession in 2007 and the period after that, bilateral trade between the two countries still maintains growth of 40-50 percent a year. That positive result is attributed to the two countries' efforts in … [Read more...] about Vietnam, Brazil Boosting Trade Ties
Hong Kong bullish on long-term Vietnam prospects
The long term potentials of Vietnam are still a big draw among Hong Kong investors, a trade development official has affirmed. Johnny Wan, Senior Exhibitions Manager of the Hong Kong Trade Development Council (HKTDC), was in Ho Chi Minh City yesterday for a four-day visit to gain a better understanding of recent economic developments in the country. He will meet with several officials from key industry associations including Vietnam Chamber of Commerce and Industry (VCCI), Vietnam Food Association (VFA) and Ministry of Industry and Trade. … [Read more...] about Hong Kong bullish on long-term Vietnam prospects
Cambodia wants increased trade with Vietnam
Trade between Vietnam and Cambodia is expected to grow by 27 percent annually to reach US$2.45 billion by 2010, a Cambodian official said Wednesday. "There will be a significant rise from the $940 million in 2006," Kith Meng, president of the Cambodia Chamber of Commerce, told the one-day Cambodia-Vietnam Business Forum. Vietnamese President Nguyen Minh Triet, left, and Cambodian Prime Minister Hun Sen … [Read more...] about Cambodia wants increased trade with Vietnam