Competitiveness Key for Local Retailers
Several domestic retailers have been actively changing their business strategies to improve their distribution channels after big foreign supermarkets such as Big C and Metro increased discount rates to 20%-25%, the Vietnam News Agency (VNA) reported.
Vu Vinh Phu, chairman of the Hanoi Supermarket Association said Vingroup for example has been continuously expanding their retail system to around 600 Vinmart mini markets and convenience stores nationwide after acquiring the supermarket systems of Oceanmart, Vinatexmart and Maximark.
Nation Needs Proper Policies for Startups
Vietnam is paying special attention to business development, with the government promoting startup movements so that nationwide businesses will double to a million within the next five years.
“Fulfilling this target is not as important as some of the following issues: assuring the existence of enterprises in post-registration phases, how to increase the size of enterprises, and how to have more and more startups with efficient operations, Pham Thi Thu Hang, general secretary of the Vietnam Chamber of Commerce and Industry (VCCI), told VNA.
Vietnam’s Central Bank Seeks to Accelerate Banking Revamp
The State Bank of Vietnam
(SBV) plans to submit to the government a project to restructure credit institutions between 2016 and 2020 next month, aiming to clean up bad debts and resolve ailing lenders.
Supervisory measures and support policies on commercial banks, which the central bank acquired, would also be mentioned in the project, said Deputy Chief Inspector of the SBV’s Inspection and Supervision Agency Nguyen Van Hung.
FDI Keeps Running to Hai Phong
The northern port city of Hai Phong has so far this year attracted more than $2 billion in foreign direct investment (FDI), according to the municipal Department of Investment and Planning.
Among the biggest projects was LG Displays Co. Ltd.’s $1.5-billion plant that produces organic light emitting diodes (OLED) for smart phones, watches and notepads.
Vietnam Starts North-south Sky Highway
The Vietnam Air Traffic Management launched two so-called highways on the sky on the north-south route to shorten travel time on August 18, VNA reported.
Accordingly, flights will be separated into two one-way paths from the previous two-way route, thus doubling the throughput on the north-south route while reducing traffic conflicts.
Real Estate Sales Lackluster during Ghost Month
The property market tends to stagnate in August, a normal thing for this time of the year as August coincides with the seventh lunar month, traditionally called the Ghost Month, according to VNA.
The folk belief makes many people keep off making “big” business this month such as real estate sales and purchases. Meanwhile, some people take advantage of this time to make deals at better prices as property sellers also want their business affairs to remain smooth during the Ghost Month.
Australia Launches Anti-Dumping Investigation into Vietnam’s Aluminium
The Australian Department of Industry, Innovation and Science has officially launched an investigation into the alleged dumping and subsidization of aluminium extrusions imported from Malaysia and Vietnam.
Earlier on June 27, Australian aluminium extrusion manufacturer Capral Limited lodged an application to the commission asking for the investigation, reported the Vietnamese Ministry of Industry and Trade’s Competition Authority.
Strong Consumption Set to Push up Steel Prices
Domestic steel prices are expected to rise in the near future, thanks to increasing construction demand, the real estate market’s recovery, said Nguyen Van Sua, vice chairman of the Vietnam Steel Association (VSA).
Steel prices could rise further as the prices of steel billets have been rising, while the property market was expected to develop in the last few months of the year, he added.
CJ Group Seeks Investment in Binh Dinh
South Korea’s CJ Group wants to invest in several sectors in the central province of Binh Dinh, the company's Chairman Chang Bok Sang has said at a meeting with provincial authorities on August 16.
The group hopes to develop an animal feed processing plant at Nhon Hoa Industrial Zone in An Nhon Town, a pig breeding farm, and a seafood processing plant, the chairman said, adding that it also studied the possibility of building cinemas to meet the entertainment demands of local people and tourists in Quy Nhon City.
National flag carrier Vietnam Airlines is preparing to open a non-stop flight route to the U.S. in 2018, said CEO Duong Tri Thanh.
To do so, the carrier must meet CAT1 requirements set by the U.S. Federal Aviation Administration, which are specifically for non-stop flights to the U.S.
PM Hopes Hong Kong Will Build Ties with Vietnam’s Localities
Prime Minister Nguyen Xuan Phuc
has said he hopes China’s Hong Kong will establish friendly cooperative ties with Vietnamese localities and promote affiliation in investment and trade.
He made the remark while receiving Chief Secretary of the Hong Kong Special Administrative Region Carrie Lam Cheng Yuet-ngor in Hanoi on August 17, according to VNA.