BUSINESS IN BRIEF 18/10Vietnam’s economy develops fast leading to huge demand of consumption; subsequently, packaging and printing industries have become one of the most developed sector in the country. Recently, Vietnam has been more active in improving business and investment climate, and raising the confidence of international businesses, the minister added. The government and private businesses are working closely together to achieve the goal of 1 million operating business by 2020. More than 800 delegates and representatives from state agencies and local and foreign business associations participated in the ceremony to celebrate the 13th Vietnam Entrepreneurs Day, organised by the HCM City Business Association. The HCM City Business Association had worked with agencies to provide timely assistance to businesses to ensure their smooth business operations, Dung said.
October 18, 2017 02:37 UTC
Labor exports: concern about Vietnam’s human resourcesVietNamNet Bridge - Japan and South Korea are tightening control over illegal residential workers, while Vietnam plans to export 105,000 workers. The number of workers sent to Japan and South Korea, the two key markets, were 39,938 and 8,442, respectively. A lack of workers is a common problem for developed countries in East Asian countries, but is a great opportunity for Vietnamese workers. The high number of illegal Vietnamese residents in the country is also a heady problem for both Japan and Vietnam. MOLISA (Ministry of Labor, War Invalids and Social Affairs) has asked labor export companies to send officers to Japan to implement strict measures to control Vietnamese workers overseas.
Bank earnings to rise as credit growth gains momentumCredit institutions in Vietnam reported a combined profit of VND47 trillion ($2.07 billion) in the first three quarters this year, soaring 39 per cent from a year earlier, the government’s financial watchdog noted in its monthly report. Notably, credit in foreign currency rose 12.9 per cent year-on-year, compared to a 5.4 per cent increase a year earlier. “If we start assuming credit growth of 18-20 per cent for this year, this should make a significant difference to year-end earnings,” the report stated. Hence, if credit growth were instead to expand by 20 per cent and all other variables remained the same, aggregate pre-tax profit could overshoot its forecasts by 12 per cent or so, yielding growth of 32 per cent year-on-year. 42, which took effect on August 15 and grants VAMC a special regime to cope with bad debts.
Mobile phone market: Samsung gets even strongerVietNamNet Bridge - The Vietnamese mobile phone market in the third quarter saw an unexpected breakthrough from Samsung, which now holds the largest market share among smartphone makers. The third quarter was never a lucky period for mobile phone manufacturers in particular and businesses in general. In May 2017, Samsung led the market with 47.6 percent of market share, followed by Oppo with 23.15 percent of market share, according to GfK. The Vietnamese mobile phone market witnessed a string of surprises. RELATED NEWSMobile phone market saturated, phone distributor sells perfumeOne mobile phone giant slays the rest, almostBuu Dien
HCM City’s Metro Line No.1 project in dire need of capitalThe HCMC Management Authority for Urban Railways (MAUR) has asked the HCMC government for an additional advance of VND1,173 billion to pay the contractors of the Metro Line No. 1 project in October and November, otherwise the crucial project may grind to a halt. An elevated section of the Metro Line No.1 is complete. On August 29, the Prime Minister issued Decision No.1292 on the third State budget allocation plan in 2017, but capital disbursement for the Metro Line No. At a meeting of the National Assembly Standing Committee on October 12, Minister of Planning and Investment Nguyen Chi Dung said the Metro Line No.1 project was initially approved at an estimated investment of VND17 trillion.
Ministry to save mining companies by allowing adjustment of reservesVietNamNet Bridge - Mining companies are complaining that the amount of money they have to pay to get mining rights is unreasonable. Under the 2010 Mineral Law and guiding documents released three years later, mining companies have to pay a mining right granting fee. This is one of 15 kinds of taxes and fees miners pay to local budgets. However, enterprises have been asked to pay the mining right granting fee. And now they want to report lower reserves to be able to reduce the amount of money they have to pay.
Online education booms in VietnamVietNamNet Bridge - E-learning or online education appeared in Vietnam 10 years ago, but has only been flourishing in the last three years. The potential of online training in Vietnam is great. Le Dang Khuong, the founder of Dodaihoc.com, also commented that the potential of online training in Vietnam is great. The online training market is poised for a growth rate of 17 percent in 2017. Pham Minh Tuan, managing director of Topica, an online education complex, predicted in the next 10 years, 50 percent of Vietnamese students would follow some online training courses at school.
Many hospitals ready to provide medical services to foreignersAs many as 11 hospitals in HCMC are ready to provide medical services to foreign visitors to the city under a joint cooperation scheme signed between the city’s Departments of Health and Tourism last week. A doctor offers medical examination service for a foreigner at the University Medical Center HCMCThe two departments signed a memorandum of understanding on launching medical tourism products, targeting international tourists to the city. The two sides in the rest of this year will publish a handbook on medical services for tourists with the involvement of 11 local hospitals. The health department has set out criteria for facilities, manpower, and medical examination and treatment procedures for public and private hospitals in a bid to satisfy the healthcare demand of tourists. Other healthcare services which will be included later are also in line with the city’s goal of becoming an extensive healthcare center in Vietnam and the region.
October 17, 2017 11:26 UTC
Vietnam hopes to elevate comprehensive partnership with AustraliaVietnam always attaches importance to the position of Australia in its foreign policies and hopes for the strong growth of bilateral comprehensive partnership in the coming time to create a firm foundation for the elevation of their relations. Head of the Communist Party of Vietnam (CPV) Central Committee’s Mass Mobilisation Commission Truong Thi Mai (R) meets with Australian Minister of Foreign Affairs Julie BishopHead of the Communist Party of Vietnam (CPV) Central Committee’s Mass Mobilisation Commission Truong Thi Mai made the statement at a recent meeting with Australian Minister of Foreign Affairs Julie Bishop. She noted that the regular exchanges of high-level delegations create a firm foundation for the two countries to reinforce their ties and political trust. She told the guest that she will accompany Australian Prime Minister Malcolm Turnbull to attend the APEC Economic Leaders’ Week 2017 in Vietnam in November. During her visit to Australia from October 14-17, the Vietnamese official visited the Vietnamese Embassy in Canberra, the Vietnamese Consulate General in Sydney, and representatives from the Vietnamese community in Australia.
October 17, 2017 11:03 UTC
Vietnam-Japan cultural space to open in Hoi An in NovemberThe space will cover the entirety of Nguyen Thi Minh Khai Street and the area surrounding the Japanese covered bridge. Visitors to the space will be able to experience Japanese and Vietnam culture through traditional attire, music, calligraphy, lanterns, books and handicrafts. According to the organisers of the event, the house at 6 Nguyen Thi Minh Khai Street will become a Japanese cultural house from 2019, where exhibitions, film screenings and other cultural exchange activities will be held by the Japanese side. Hoi An Chairman Dinh Van Thu said that the Vietnamese-Japanese cultural space will promote cultural exchange between the two countries, helping to honour the fine bilateral relationship and diversify the tourism products of Quang Nam province. The space is scheduled to open on November 10 or 12.
October 17, 2017 10:30 UTC
VN diplomat introduces APEC 2017 at Asian Architecture ConferenceVietnamese Ambassador to the US Pham Quang Vinh introduced the Asia-Pacific Economic Cooperation (APEC) 2017 hosted by Vietnam at the fifth annual Asian Architecture Conference recently held in the US. The meetings’ outcomes are important preparations for the APEC Economic Leaders’ Week and related meetings in November in the central city of Da Nang, which is expected to map out development orientations for APEC in the coming time, especially how to maintain economic cooperation, expand trade and investment, and increase regional connectivity. Over the past time, Vietnam has coordinated with other APEC member economies and businesses in putting forth important proposals and initiatives to bring new momentum to APEC and regional cooperation. Vietnam welcomes and highly values the participation of top leaders from APEC member economies, Vinh said, adding that the success of the APEC Economic Leaders’ Week will contribute to peace, stability, development and prosperity in the region. The APEC Economic Leaders’ Week 2017 is scheduled to take place in Vietnam’s central city of Da Nang from November 6-11 with the participation of leaders from the 21 member economies.
October 17, 2017 10:18 UTC
Vietnam highlights UN’s central role: PMVietnam always attaches importance to the United Nations’ central role in building international legal systems, maintaining peace, preventing conflicts and addressing global challenges, said Prime Minister Nguyen Xuan Phuc on October 17. Vietnam makes relations with the UN the top priority in its foreign policy and always sees it as a key partner, PM Phuc affirmed. Vietnam will continue to play an active role in the UN’s efforts in promoting peace, development and human rights. Malhotra affirmed that the UN is committed to endorsing Vietnam in implementing the 2030 Agenda and backing the country in participating in High-level Political Forum on Sustainable Development next year. The UN will continue to support Vietnam’s integrated approaches to Sustainable Development Goals through national review and development of the private economic sector, he added.
October 17, 2017 10:18 UTC
Sponsors for APEC Year 2017 announcedThe sponsors for the Viet Nam APEC Year 2017 were announced at a ceremony, held by the sponsorship mobilization board, under the APEC 2017 National Committee in Ha Noi on October 17. Addressing the event, Deputy Prime Minister Pham Binh Minh, who heads the National Committee on APEC 2017, warmly welcomed and spoke highly the significant contributions of 31 sponsors for the activities of the APEC Year 2017 in Viet Nam. He hailed the APEC 2017 as an occasion to make the Vietnamese businesses and sponsors known to APEC member economies. The sponsorship for APEC 2017 conferences is at a record high, concerning the sponsorship for conferences held in Viet Nam so far, which has demonstrated businesses’ trust in the Party and State’s policies, Politburo member Minh stated. The remainders are eight major sponsors with a value of from VND5 billion to below VND10 billion each, two co-sponsors with a value of from VND3 billion to below VND5 billion each, and 13 sponsors with a value of below VND3 billion each.
October 17, 2017 09:56 UTC
Petroleum worth $1.3 billion imported from South KoreaVietnam spent US$1.3 billion on importing 2.14 million tonnes of petroleum from South Korea over the past nine months of this year. — Photo otofun.netThis accounted for 22.5 per cent of the country’s total petroleum imports and surpassed the $940 million value recorded in the whole of 2016. Some petroleum distributors attributed a sharp increase in the country’s petroleum import from South Korea, with the free trade agreement between the two countries coming into force and tax being pegged at 10 per cent on imported fuel from South Korea. The one-month maintenance of Dung Quat oil refinery in June had also made petrol importers foster their imports, and South Korea, which had an abundant fuel source, was their first choice. Viet Nam is expected to continue importing petroleum products for the next five years, as the production of major oil refineries is unable to meet the increasing local demand.
October 17, 2017 09:56 UTC
Biggest Vietnamese newborn weighs 7.1kgThe 7.1kg baby“I was astonished when doctors said my boy was 7.1kg because fetal ultrasound results estimated that he was about five kilos,” said the father, Tran Van Quan. The father said that the boy was his second child and his wife did not eat any special diet during her pregnancy. On average, Vietnamese newborns weigh three kilos and reach about seven kilos at the age of six months. Before Quan’s son, Viet Nam’s biggest newborn was a girl born in 2008, weighing nearly 7 kilos in the Central Highland province of Gia Lai. In 2006, a girl in the central city of Da Nang was born weighing 6.5 kilos.
October 17, 2017 09:33 UTC