[Round-up] Tourism Contributes More to Vietnam's Economy, Schneider Electric Opens $45 Million Factory

Tuan Minh

09:18 20/04/2017

BizLIVE - The tourism industry has contributed more and more to the Vietnamese economy as the number of foreign arrivals continued to soar sharply in Q1/2017. Schneider Electric, the global specialist in energy management and automation, inaugurated its $45 million manufacturing plant in HCM City.

[Round-up] Tourism Contributes More to Vietnam's Economy, Schneider Electric Opens $45 Million Factory

A foreign tourist at Ha Long Bay, Vietnam. Photo: vietnam-travel.org

EVFTA Vital to Vietnam’s Trade Integration: Eurocham Chairman
The EU-Vietnam Free Trade Agreement (EVFTA) will play a vital role in Vietnam’s global trade integration, helping the country become a promising business and investment market in ASEAN for European firms, the Vietnam News Agency (VNA) reported.
The comment was made by Chairman of the European Chamber of Commerce (Eurocham) in Vietnam Jens Ruebbert while meeting Head of the Party Central Committee’s Commission for Economic Affairs Nguyen Van Binh in Hanoi on April 19.
China Consumes 73% of Vietnam's Exported Fruits, Vegetables in Q1: Ministry
China was the key market for Vietnamese fruits and vegetables in the first quarter of 2017 while consuming over 73% of the country's exported item, according to Vietnam's Ministry of Agriculture and Rural Development (MARD) on Tuesday.
In the first quarter, Vietnam's vegetable and fruit exports experienced a year-on-year increase of 29.8% to hit $700.6 million.
Evolable Asia Acquires Punch Entertainment
Japanese IT services provider Evolable Asia has entered an agreement to take over Hanoi-headquartered mobile games developer Punch Entertainment of Vietnam from Tokyo-listed DeNA Company, DealStreetAsia reported.
Financial details of the deal were not disclosed. Post acquisition, which is expected to complete by May 16, Punch Entertainment Vietnam will become a subsidiary of Evolable Asia.
Tourism Contributes More to Vietnam's Economy: EIU
The tourism industry has contributed more and more to the Vietnamese economy as the number of foreign arrivals continued to soar sharply in the first quarter of 2017, according to the Economist Intelligence Unit (EIU) under the UK-based Economist Group.
According to the EIU, the application of electronic visa system from February 1 this year also contributed to promoting the number of international visitors to Vietnam. This measure has helped simplify entry procedures for tourists from more than 40 countries.
Vietnam Reviews Operation of Uber and Grab
Vietnamese Deputy Transport Minister Nguyen Hong Truong has asked the authorities in provinces where Uber and Grab are providing services to develop a comprehensive evaluation of the operation of the car-hailing services firms.
The number of vehicles providing passenger services on the Uber and Grab internet platforms was increasing rapidly while the legal framework was outdated, causing confusion in its management.
Iranians Exploring Trade Opportunities in Vietnam
An Iranian delegation consisting of 20 Iranian businessmen, including President of Iran Chamber of Commerce, Industries, Mines and Agriculture Gholamhossein Shafei, is in Vietnam on a five-day visit to seek ways of improving business relations with the southeastern Asian country.
This is a follow-up to Iranian President Hassan Rouhani’s visit to Hanoi in October last year, during which the two sides reached an agreement to expand bilateral trade from the current $390 million to $2 billion a year ago.
Schneider Electric Inaugurates $45 Million Factory in HCM City
Schneider Electric, the global specialist in energy management and automation, inaugurated its $45 million manufacturing plant in HCM City’s Saigon Hi-tech Park on Tuesday, according to VNA.
The plant is one of the largest factories in Schneider Electric’s network of 200 production units globally. The plant will produce high-tech electronic products for smart homes and traditional wiring products.
Vietnamese People Spent Billions of Dollars on Imported Cosmetics
The value of imported cosmetics coming into the Vietnam market has increased from less than $500 million in 2011 to over $1.1 billion in 2016. This figure is forecasted to double, to about $2.2 billion in 2020, according to data from Trade Map of the International Trade Center (ITC) and the World Bank (WB).
These figures were confirmed as Euromonitor International, a market research company, also reported that the market size of Vietnam's cosmetic industry has surpassed $1 billion in two years, 90% of which are imports, and with annual growth rates often reaching two figures.
Tech Innovation Must Drive SMEs: Experts
Domestic small and medium-sized enterprises (SMEs) should regard tech-driven innovations and digitization as a guiding development trend when integrating into the global production and value chain, VNA reported.
Nguyen Hoa Cuong, deputy director of the Enterprise Development Department under the Ministry of Planning and Investment, made this remark at a seminar recently held in Hanoi.
Vietnam Motorcycle Show 2017 Slated for Early May in HCM City
The second Vietnam Motorcycle Show 2017 (VMCS 2017) will take place in Ho Chi Minh City from May 4-7, President of the Vietnam Association of Motorcycle Manufacturers (VAMM) Yano Takeshi said at a press conference on April 19.
This year, the event will draw large brand names including Honda, Piaggio, Suzuki, SYM and Yamaha, as well as major importers such as Benelli, Ducati, Kawasaki, Peugeot and Harley Davidson.

TUAN MINH

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