Vietnam Business Association Calls for Tight Rein on Foreign Retailers
The Ho Chi Minh City Union of Business Associations has sent letters to the government, raising legality questions on some business activities of foreign retailers, local media reported.
Under Vietnam's existing legislation, foreign businesses are not allowed to distribute products such as rice, cane sugar and cigarette but they are still available at the supermarkets and convenience stores of most foreign retailers, including South Korea's Lotte and Big C.
Expara Vietnam Accelerator to Come in as First Investor in Graduating Startups
CLAS – Expara Vietnam Accelerator, the partnership between Singapore venture capital and entrepreneurship consultancy firm Expara and Microsoft, is open to come in as the very first investor in its graduating startups, Deal Street Asia reported.
While most accelerators help companies raise money, Expara has its own fund and accelerator, so startups who finish the program do not have to chase after investors.
PM Hopes for More U.S. Investment in Vietnam
Prime Minister has reaffirmed the Vietnamese government’s commitment to create favorable conditions for all investors in Vietnam, including those from the U.S., and hoped there would be more enterprises from the U.S. investing in the country.
On behalf of the U.S. delegation, William Weidner, chairman and CEO of Global Gaming Asset Management, LLC and Principal of Weidner Holdings, noted that U.S. senators fully supported enterprises investing in Vietnam.
Casino Group to Pay $205 Million in Tax following Big C Vietnam Sale
The Vietnamese Ministry of Finance will collect some 4.6 trillion dong ($205 million) from Casino Group, which has sold its Big C operations in Vietnam for $1.14 billion, said Nguyen Dau, deputy chief inspector of the General Department of Taxation under the ministry.
Big C Vietnam is incorporated in Hong Kong while Central Group in Thailand. Though the two companies are headquartered outside of Vietnam, the Big C chain draws its income from Vietnam, bringing it within the scope of a regulation which came effective in January 2016.
Vietnam Govt Sets Target of 1 Million Firms by 2020
Vietnam targets to have at least one million companies by 2020, according to a recent government resolution following a meeting between the prime minister and the business community on April 29.
Government agencies are resolved to take concrete actions to support companies, especially those that are directly affected by the new free trade agreements to which Vietnam is a party so that they can win the looming domestic competition, and to encourage people to create more small and medium-sized enterprises.
Over 170 Firms Attend Top Thai Brands Trade Fair
More than 170 Thai enterprises have brought along their internationally recognized products to the Top Thai Brands 2016, which opened at the Saigon Exhibition and Convention Centre in Ho Chi Minh City on May 5, according to the Vietnam News Agency.
The event, formerly known as the annual “Thailand Week” trade fair, is jointly held by the Department of International Trade Promotion under the Thai Ministry of Commerce and Thai Consulate-General in Ho Chi Minh City.
On display at 250 stands are food and beverages, home appliances, cosmetics, healthcare and automobile and motor spare parts. The exhibition also covers other service sectors such as education, tourism, business franchising and catering services.
Private low-cost carrier VietJet Air took almost 40% of the domestic aviation market share in the first quarter of 2016 and grew by six percentage points from a year earlier.
The airlines operates nearly 250 flights every day on about 50 domestic and foreign routes. It has provided services for more than 20 million passengers since its inception in 2007.
Competition Authority Requests Explanation of Metro Vietnam Acquisition
The Vietnam Competition Authority (VCA) has ordered the Thai owner of the MM Mega Market Vietnam Co. Ltd to explain the acquisition of Metro Cash & Carry Co. Ltd, a big wholesaler in Vietnam, by May 30.
The authority will review economic concentration cases conducted in 2014 and 2015 to give the business association feedback on the targeted retailers’ compliance with the law.
With new factories commencing operations this year, foreign direct investment (FDI) is expected to help Vietnam’s export turnover grow 10.1% year-on-year in 2016, HSBC has said in its latest report.
“The resilience of Vietnam's manufacturing reflects the country's success in expanding global market share amidst weak global trade. This is largely thanks to FDI, which has continued to surge in 2016,” says the report.
Prime Minister Nguyen Xuan Phuc
has encouraged South Korea’s Samsung
Group to further invest in Vietnam in other fields outside of electronics, in such industries as energy, infrastructure, seaport, health care, and science-technology, according to the government’s website.
During a reception for Samsung President and CEO Shin Jong Kyun in Hanoi on Wednesday, the government chief noted that Samsung is the biggest single foreign investor in Vietnam with six projects worth $14.86 billion.
Thailand-based Hemaraj Land and Development PLC (Hemaraj) plans to partner with a Vietnamese firm to develop two industrial parks (IPs) in the central province of Nghe An as more foreign firms are looking to the country, according to local media.
The Thai infrastructure developer and Hanoi-based Civil Engineering Construction Corp. No 4 (Cienco 4) will build two IPs namely WHA Hemaraj 1 and WHA Hemaraj 2 in the province’s Dong Nam Economic Zone, with a combined area of 3,200 hectares.