In recent years, Vietnamese farmers have applied new technologies to produce mangos throughout the year. China was Viet Nam’s major mango importer, accounting for more than 84.6% of total mango export value. The southern region boasts the largest area of mangos, with more than 80,000ha. The value increased from US$ 46 million in 2015, US$ 68 million in 2016 and US$ 156 million in 2017. Dong Thap province alone has more than 9,200 ha. Last year, the locality shipped some 2,500 tons of mango, including 1,550 tons to China and 850 tons to Japan. Mango has become the sixth Vietnamese fruit allowed to enter the U.S. market, following dragon fruit, rambutan, lychee, longan, and star apple. To clear way to sell its mangoes in the world’s biggest economy, the PPD applied for a licence in 2009. The country has exported mangoes to 40 countries over the world. Its main importers are China, European countries, … [Read more...] about Vietnamese mango exports increase
Vietnamese dong value increase
Yuan fall worries Vietnamese firms
The decline of Chinese yuan (CNY) against the U.S. dollar over the last two weeks as a result of trade tensions between the world’s two largest economies has sparked fears among Vietnamese businesses that they will not be able to compete with their Chinese counterparts. Although the yuan rose sharply to 6.6242 against the U.S. dollar on Wednesday, this was just a recovery from a bigger tumble that had begun in mid-June and hit the lowest in 11 months at 6.7294 per dollar on Tuesday, according to Reuters. The fall in yuan’s value against the dollar will open the door for Chinese exporters to up sales of products to increase profits, economist Vu Dinh Anh told the Thanh Nien newspaper. The effect won’t be immediate, but eventually Vietnamese main lines of export will be affected as they would have to face strong Chinese exporters, he added. For Vietnamese textile businesses, the E.U. is currently the second largest export market, after the U.S. If the yuan continues to … [Read more...] about Yuan fall worries Vietnamese firms
E wallet services in fierce competition for Vietnamese consumers
(VEN) - Electronic wallet (e-wallet) services are becoming more popular in Vietnam, with around 20 e-wallet apps on the market currently, such as Vi Viet, ZaloPay, 123pay, Baokim, Nganluong, Bankplus, VTCPay, Timo, MoMo, Payoo, MobiVi, and Wepay. Flourishing According to the State Bank of Vietnam, the value of e-wallet transactions in 2017 reached more than VND53.1 trillion, an increase of 64 percent compared to the previous year. As of date, the State Bank of Vietnam has licensed more than 20 e-wallet apps. By May 2018, the Vi Viet app had 2.2 million users and over 19,000 points accepting payments nationwide. The ZaloPay e-wallet, developed by VNG Corporation, aims to open about 1,000 new points of sale in 2018. ZaloPay enables electronic payment of bills such as electricity, water, internet and TV as well as money transfer via QR code and connection with bank accounts for cash withdrawals or recharge. E-wallets have provided services that compete with banks’ internet and … [Read more...] about E wallet services in fierce competition for Vietnamese consumers
Liquidation of a Vietnamese entity—critical tax exposures
The liquidation of a Vietnamese legal entity is a lengthy and complicated process in which the final tax audit involves a lot of effort from the dissolving entity. This article is to provide a list of key and common issues, which are frequently challenged by the tax authorities during a tax audit upon dissolution for the enterprises’ perception and compliance in order to mitigate the risks of additional tax liabilities, penalties, and interest on late tax payment. There is a lot to consider when liquidating a company, with tax issues a major issue General procedures of liquidating a company The voluntary dissolution procedures of a company include the following steps with relevant parties and regulatory authorities: Resolution on dissolution to be passed by investors, disclosed to relevant stakeholders and announced publicly in the newspaper; Terminating contracts (with customers, suppliers, landlord, etc.) and liquidating assets; Settling liabilities in accordance … [Read more...] about Liquidation of a Vietnamese entity—critical tax exposures
Scroll Corporation joins Vietnamese e commerce through Cat Dong
Receiving the support of Scroll Corporation from Japan may help Cat Dong to increase its e-commerce market share in an e-commerce market that has great potential but is a difficult market to crack open with many players running losses and being forced to withdraw. Japanese e-commerce company Scroll Corporation joins Vietnamese market According to information published on Cat Dong’s website, on April 2 e-commerce firm Scroll completed the purchase of a 26.9 per cent stake in the company. The deal value was not disclosed. Besides, on April 16 the two parties signed a business partnership agreement to co-operate with each other. According to the agreement, they will take utilise all their management resources and strengths in various fields ranging from sales to e-commerce solutions and travel operations to increase their market share in Vietnam. Notably, Cat Dong will sell Japanese products provided by Scroll on its websites like CungMua.com, NhomMua.com, and Shipto.vn. … [Read more...] about Scroll Corporation joins Vietnamese e commerce through Cat Dong