[Round-up] Vietnam Inflation Remains Low, Japan IT Firms Seek Biz Opportunities in Vietnam

Tuan Minh

17:34 24/11/2015

BizLIVE - Vietnam’s consumer prices edged up 0.07% month-on-month in November. Japan IT Firms Seek Biz Opportunities in Vietnam.

[Round-up] Vietnam Inflation Remains Low, Japan IT Firms Seek Biz Opportunities in Vietnam

Foreign firms including Microsoft want to strengthen ICT cooperation with Vietnamese partners.

Vietnam to Hold Economic Forum in Israel
Vietnam’s Ministry of Foreign Affairs will hold an economic forum in Israel early next month on occasion of Deputy Prime Minister Hoang Trung Hai’s visit to that country.
The forum, which is expected to host representatives from 200 enterprises, will focus on key sectors such as hi-tech agriculture, energy, telecommunications, supporting industries, health, and real estate.
The two countries are preparing to start negotiations on a bilateral free trade agreement, lending support to businesses of the two countries, the Dau Tu (Investment) newspaper reported.
Vietnam, Taiwan Economic Forum Held in Taipei
Bank for Investment and Development of Vietnam (BIDV) and the Vietnam Economic and Cultural Office in Taipei on November held a forum to match businesses from Vietnam and Taiwan.
The forum drew the participation of over 500 policymakers, economists, businesspeople and Taiwanese investors. At the event, participants showed interest in business opportunities when Vietnam joins the Trans-Pacific Partnership, the ASEAN Economic Community and a free trade deal with the EU.
The Vietnamese bank also opened a representative branch in Taipei to serve rising demand of businesses from Vietnam and Taiwan.
Japan IT Firms Seek Biz Opportunities in Vietnam
Twelve large Japanese companies, which handle advanced technology from the Kansai region, are on a visit to Hanoi to seek trade opportunities at the business forum organized by the Trade Promotion Agency under the Ministry of Industry and Trade and the Vietnam-Japan IT Cooperation Club (VJC) under the Vietnam Software and IT Services Association (Vinasa).
Vietnam has a huge opportunity to expand its market and strengthen its scale of information technology (IT) cooperation with Japan, VJC Chairman Nguyen Doan Hung said at a business forum in Hanoi on Monday.
Vietnam Airlines’ Local Market Share Dwindles
National carrier Vietnam Airlines held a 47.6% share of the domestic air transport market in the first 10 months of the year, down nine percentage points year-on-year, according to the Tuoi Tre (Youth) newspaper.
Two local budget carriers Vietjet Air and Jetstar Pacific have seen their respective market shares up 6.9 and 1.9 percentage points over to 35.7% and 14.9%.
Vietnam Steel Imports from China Surge to $4.6 Billion
Vietnam spent a total of $4.6 billion on importing steel, iron and steel-made products in the first 10 months of this year, according to the General Department of Vietnam Customs.
Vietnam imported 7.7 million tons worth $3.49 billion of steel from the neighboring country in the 10-month period, up 62% year-on-year in volume. It also spent $1.13 billion on import of steel-made products in the period, up 40% year-on-year.
In the period, Vietnam imported 12.62 million tons of steel worth $6.28 billion, up 34% in volume and 0.3% in value year-on-year.
The consumer price index (CPI) in Vietnam is estimated to have advanced 0.07% in November from October and 0.34% from the same period of 2014, the General Statistics Office has said in a report.
Vietnam’s consumer prices could increase less than 1% this year, far below the government’s target of 5%.
The consumer price index or CPI, a gauge of inflation, in Ho Chi Minh City is estimated to have edged up 0.1% in November from October.
Three out of the 11 commodity and goods groups used to calculate the CPI have witnessed their prices down and seven groups up slightly, the municipal Statistics Office said in a report.
Vietnam will strengthen its position in the third wave of globalization, set to run from 2015 to 2050, becoming the world’s tenth-biggest exporter by 2050 with its exports reaching $1,437 billion, HSBC said in its latest “Trade Winds” report.
Bank loans for the real estate sector in Vietnam has outpaced the credit growth of the whole banking system, triggering concerns that property prices in Vietnam could be overinflated.
Total outstanding loans for the Vietnamese realty industry increased 14.59% in the first nine months of this year, 2.5 percentage points higher than the overall credit growth in the country, data of the Credit Department under the State Bank of Vietnam showed.
Consumer loans totaled some 357 trillion dong ($15.87 billion) in the Vietnamese banking system at the end of September, representing a 31.49% expansion from the end of 2014, data of the State Bank of Vietnam showed.
On breaking down, total loans for living needs leaped 32.41% in the nine months through September and make up 96.27% of total consumer lending, and those made via credit cards grew 11.41% and accounted for 3.73%.