HCM CITY — A trade expert has suggested the path Viet Nam should take to develop its economy and the problems it needs to overcome as it integrates globally at a seminar held in HCM City yesterday. "Viet Nam should continue to strengthen laws related to various sectors like finance, labour, investment, and agriculture to develop the economy," Dr Pham Van Chat of the Viet Nam Arbitration Centre told the meeting held to review four years of the nation's membership of the World Trade Organisation. "It should intensify administrative reforms, improving transparency in declarations, simplifying procedures, and penalising offenders to reduce red tape and fight corruption." Strong development of e-commerce and its widespread application in management and business was an immediate need. The Government had to develop support industries to enable value addition, make domestic businesses competitive, and create an attractive environment for investors. In a report on evaluating the impacts … [Read more...] about Expert charts growth path for Viet Nam’s economy
World bank organisation chart
Local shopping website signs deal with Sumitomo E-commerce website Tiki.vn inked early this week a strategic partnership with Japanese corporation Sumitomo. A strategic partner of Tiki, the Japanese corporation will own a 30 per cent stake in the Vietnamese e-commerce website, which started by selling books, but now trades in a great variety of products from fashion to electronics. The deal is a series B round of funding for Tiki, which secured series A funding from the Japanese investment fund CyberAgent Ventures in 2012. The funding from Sumitomo will help Tiki.vn, in a bid to better serve its customers countrywide, boost investment in their warehouses, delivery network, as well as research and development on new products, the company said in a press release. Viettel expands mobile market in Cameroon Vietnamese telecommunications operator Viettel has announced an exciting new tie-up with Bestinver Cameroon S.A.R.L to build mobile network Viettel Cameroon S.A.R.L and provide … [Read more...] about BUSINESS IN BRIEF 3/9
The word on the street is that Vietnam's stock market is hot, overpriced, a bubble, and all the related naysayer tones. As usual, it is all a question of perspective. If you are an investor with a long-term view - 10 years or more - Vietnam remains a great investment opportunity. Taken in relative terms, you have not missed the boat in seeking investment opportunities in the country, whether through the stock market or otherwise. … [Read more...] about You haven’t missed the boat!
Govt inspectorate: Violations found at PVC's projects PetroVietnam Construction Joint Stock Corporation (PVC) committed many violations in the projects which it carried out as a contractor, the Government Inspectorate told a press briefing late last week. Local media quoted Ngo Van Khanh, deputy head of the Government Inspectorate, as saying that the agency had inspected Vietnam National Oil and Gas Group but the large number of units under its umbrella made it impossible to do a thourough inspection. Violations of PVC during the time Trinh Xuan Thanh, who has recently been disqualified as National Assembly deputy, was serving as chairman, took place at abandoned projects like a biofuel plant in Phu Tho Province and Dinh Vu yarn plant in Haiphong City. "This is an extraordinary inspection, but the final conclusion is not available yet," Khanh said. Therefore, violations at PVC are not only related to losses of over VND3.3 trillion. Khanh added the Government Inspectorate will report … [Read more...] about BUSINESS IN BRIEF 30/7
President attends Vietnam-India Business Forum The Government of Vietnam will create favourable conditions for foreign investors including those from India, State President Truong Tan Sang emphasised at Vietnam-India Business Forum held in New Delhi on October 12. At the gathering, representatives of Indian businesses said that since Vietnam and India established strategic partnership in July 2007, bilateral economic cooperation has increased dramatically. Two-way import-export revenue between the two countries reached US$2.7 billion last year and was estimated at US$1.8 billion in the first six months of 2011. Businesses highlighted the signing of cooperative documents by both governments during President Sang's visit to India. Especially, both countries agreed to increase trade turnover to US$7 billion by 2015. India is keen to import steel, coal, rubber and chemicals from Vietnam and export cattle feed, pharmaceuticals, fabric cotton, machines and metals to … [Read more...] about BUSINESS IN BRIEF 14/10