SOEs Need Strategic Vision in Management, Says PM
Addressing the 10th founding anniversary of the Party Committee of the Central Businesses Bloc (CBB) in Hanoi on April 11, Prime Minister Nguyen Xuan Phuc
has asked state-run enterprises (SOEs) to further improve administration capacity and have a strategic vision for stronger development.
He acknowledged the committee’s significant contributions to the national development over the past decade, saying State companies contributes 26-30 percent of the gross domestic product (GDP) and serve as an important tool of the State to stabilize the macro economy and boost growth.
Businesses More Aware of CSR: Vietnam Report
A survey by Vietnam Report JSC revealed today that leading firms in Vietnam are more aware of the importance of corporate social responsibility (CSR) for their growth and prosperity, the Vietnam News Agency (VNA) reported.
Five CSR issues which received significant attention from firms were business transparency, local community aid, reducing unemployment, environmental protection and career orientation for the youth, according to the survey’s findings.
Forum Looks into Revolution 4.0’s Impacts on Vietnam
The Ministry of Industry and Trade held a forum in Hanoi on April 11 to evaluate the impacts of the fourth industrial revolution (4IR) on Vietnam’s socio-economic affairs as well as organizations and businesses.
Deputy Minister Ho Thi Kim Thoa said the 4IR is forecast to change the entire system of production and administration around the globe.
Businesses Urged to Promote Incorruptible Operations
Promoting anti-corruption and creating a healthy and transparent business environment will improve productivity as well as enhance competitive capacity, prestige and position of enterprises, according to VNA.
Deputy Secretary General of the Vietnam Chamber of Commerce and Industry (VCCI) Nguyen Quang Vinh said at the conference themed “Fostering a better business environment through collective actions in business integrity in Vietnam” held in Hanoi on April 12.
PetroVietnam Wants To Expand Cooperation with Japanese Partners
Vietnam National Oil and Gas Group (PetroVietnam) hopes to expand ties with Japanese partners, the group’s leaders made the assertion during their working sessions with Tokyo Gas, Sumitomo, Jogmec, and Eni. from April 6 to 7 while attending the Gastech Exhibition & Conference held in Tokyo, Japan.
The event allowed the PVN to boost cooperation in the field of oil and gas as well as exchange experience with foreign partners and update information on Liquefied Natural Gas (LNG), advanced science and technology and new trends in the global gas industry.
China Invest $11.2 Billion in Vietnam So Far
China’s foreign direct investment (FDI) commitments in Vietnam have totaled $11.2 billion to date, ranking eighth among 116 countries and territories investing in the country, according to the Foreign Investment Agency under Vietnam’s Ministry of Planning and Investment.
Up to 61.4% of the amount, or $6.87 billion, has been funneled into the manufacturing and processing sector while $2.04 billion has been invested in the electricity and water sector.
Philippine Ban Worries Vietnamese Rice Exporters
The recent suspension of rice importation by the Philippines, a major market, has sparked concern among Vietnamese rice exporters.
Last week, Philippine Agriculture Secretary Emmanuel Pinol said President Rodrigo Duterte had ordered a temporary halt to imports since local farmers had achieved a large rice harvest.
Japan's Teijin Plans $18 Million Air Bag Fabric Plant in Vietnam
Teijin will build a Vietnamese factory for air bag fabric worth $18 million as soon as late 2018 as more emerging economies mandate the safety feature in automobiles. This will mark the company's second for air bag fabrics, after one in China. It will make fabric using nylon fibers.
The Japanese materials company also seeks to capture replacement demand created by the massive recalls of vehicles using defective air bags from Takata.
Vietstar Airlines Waits for Take-Off
The granting of an aviation transportation business license to newly-established Vietstar Airlines will be considered after Tan Son Nhat International Airport in Ho Chi Minh City
is expanded, Prime Minister Nguyen Xuan Phuc said in an instruction given to the Ministry of Transport.
This means the airline will have to wait at least three years before providing passenger and cargo services, as the upgrade of the Tan Son Nhat International Airport, including the construction of an additional terminal and aprons, is underway.
Domestic Businesses Eye Rural Retail Market
Domestic businesses are seeking to develop the rural retail market given fierce competition from foreign rivals who have increased their engagement in the race to dominate retail in Vietnam, according to Cong Thuong (Industry & Trade) newspaper.
Statistics from the Ministry of Industry and Trade showed that foreign-invested companies make up about 17% of retail market share via trade centers and supermarkets and 70% via convenience stores.
U.S. Authorizes Import of Fresh Star Apple Fruit from Vietnam
The Animal and Plant Health Inspection Service (APHIS) of the U.S. Department of Agriculture authorized imports of fresh star apple fruit from Vietnam into the country from January 19, 2017.
Based on the findings of a pest risk analysis published in the July 19, 2016 Federal Register, the APHIS determined that if treated properly, Vietnamese star apples can be shipped safely to the continental U.S.
VinaCapital’s Funds Dispose of Property for $65.3 Million
VinaCapital Vietnam Opportunity Fund Limited (VOF) and VinaLand Limited (VNL) have disposed of their entire holdings in the Dai Phuoc Lotus direct real estate project located in the southern province of Dong Nai, adjacent to Ho Chi Minh City, for a combined $65.3 million.
VNL disposed of its entire stake in the project to a company in the China Fortune Land Development Co., Ltd group for net cash proceeds of approximately $48.8million, resulting of an IRR of -3.0% to the fund, it said in a statement.
Michael Kokalari Joins Vinacapital as Chief Economist
VinaCapital has announced that Michael Kokalari has joined the company as Chief Economist where he will be responsible for working with the company’s in-house research team to conduct economic, market and corporate analysis and to provide investment advice and ideas to all current and future VinaCapital managed funds.
The company also announced the retirement of Alan Pham, who has served as VinaCapital’s Chief Economist since 2011. Pham will continue to serve in an emeritus role and consult for the company.
Foreign Banks See 2016 Profits Jump, Post Low Bad Debt Ratios
Two leading wholly foreign-owned in Vietnam, HSBC and ANZ, have posted marked increases in their earnings in 2016 as foreign investment inflows remain strong.
HSBC Vietnam, the largest foreign-run lender in the Southeast Asian country, posted a pre-tax profit of 1.8 trillion dong ($79 million) last year, representing a rise of 46% year-on-year, according to the bank’s audited financial statement, seen by the Investment Bridge news wire.
The slowdown in Vietnam’s GDP growth in the first quarter (Q1) this year is only a “minor setback” and the manufacturing sector has the potential to lift growth in the coming quarters, HSBC has said in a report.
The country’s Q1 economic growth slowed to a three-year low of 5.1% year-on-year. The slowdown was attributed to weather disruptions that curtailed agricultural output, and a deceleration in construction growth.