Vietnam Business News

Business Briefs 09 December 2019
Mon, 09 Dec 2019 01:37:05 +0000

Intellasia East Asia News

* Hanwha Investment and Securities, a subsidiary of South Korean Hanwha Group, on December 4 held a brand launching ceremony in Hanoi. At the event, Hanwha Investment and Securities Vietnam was renamed Pinetree Securities. From December 5, the brokerage8217;s customers trading securities online will not be charged for both normal and margin accounts. * Vietnam [8230;]

Shrimp exports slip further in 2019, better outlook expected next year
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Vietnam8217;s shrimp exports continued to shrink over the last 11 months in the face of fierce competition from other major exporters. But it is expected to make its way back next year with the EU-Vietnam trade deal coming into force. The country exported about 3.1 billion USD worth of shrimp products in the firsth 11 [8230;]

CAR improvement becomes the key to banks
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

The roadmap to reduce the ratio of short-term capital used for medium and long-term loans under Circular 22/2019/TT-NHNN was considered to be a barrier for banks in credit activities. However, in a more important aspect, this helped banks improve capital adequacy ratio (CAR) when the pressure to complete Basel II regulations was imminent. In 2020, [8230;]

Hung Thinh Corporation on mission for a prosperous society
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

For the sake of success and sustainable development, Hung Thinh Corporation, a Vietnamese real estate developer based in HCM City, has for the past 18 years followed a code of professional ethics in which the company strives to provide high-quality products to ensure the interests of its clients and partners, as well as the local [8230;]

Expert decries rare-earth exploration using Chinese technology, workers
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

An expert has raised concerns over the exploitation of rare-earth minerals in the northern mountainous province of Lao Cai as the Vietnamese firm is using unfamiliar technology with a high risk of environmental pollution. Professor of Science Le Huy Ba, former head of the Institute for Science, Technology and Environmental Management, told Dat Viet news [8230;]

Hanoi8217;s export revenue hits 15 billion USD in 11 months
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Hanoi8217;s export turnover exceeded 15 billion USD in the first 11 months of 2019, a year-on-year surge of 18.4 percent. Foreign shipments of computers and peripheral devices contributed 2.28 billion USD to the capital city8217;s exports, increasing 4.4 percent against the same period last year. Garment-textile raked in nearly 2 billion USD, up 16.8 percent, [8230;]

Reference exchange rate down 3 VND on December 6
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

The State Bank of Vietnam set the daily reference exchange rate at 23,164 VND/USD on December 6, down 3 VND from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is 23,858 VND/USD and the floor rate 22,469 VND/USD. The opening hour rates [8230;]

Housing list may not match demand
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Hanoi8217;s recently-released list of housing ventures for foreign homebuyers may draw in less interest than expected as reputable developers are not involved, and complex legal barriers tower on the horizon. Kim Thy reports. Working at a tech firm for several years in Vietnam, South Korean man Jung Jae Yun is looking for an apartment to [8230;]

German firms see positive outlook
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

In alignment with global investment changes, an increasing amount of German firms are turning their heads towards Vietnam, seeking to venture into partnerships with local conglomerates in order to tap into the country8217;s growth potential. Wolfgang Schmitz-Heinen, CEO of Witte Holding GmbH, visited Vietnam for the first time last week to look for opportunities to [8230;]

VN wants private electricity grid investment
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

A lack of electricity transmission grids is preventing renewable energy projects from generating at maximum capacity. According to statistics from the Ministry of Industry and Trade (MoIT), there are 120 renewable energy power projects in operation and more than 200 pending-for-approval projects. As of June 30, about 4,900 MW of renewable energy was generated but [8230;]

Competition authority warns of online loan scams
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

The Vietnam Competition Authority, under the Ministry of Industry and Trade, has advised local consumers to be cautious in taking out online loans amid rampant online loan scams. The authority has received multiple complaints about these scams. Online loans are easily available in Vietnam, while the legal framework for this kind of lending remains unclear, [8230;]

Masan MeatLife8217;s value buoyed by Vinmart and VinEco acquisition
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Maybe due to acquiring Vinmart and VinEco from local conglomerate Vingroup, the value of Masan MeatLife of Masan Group could exceed $1 billion. Masan MeatLife (code: MML) has just announced plans of listing on the UpCoM on December 9. Accordingly, the company will offer about 324.33 million stocks with the unit price of VND80,000 ($3.48). [8230;]

Meeting talks sustainable development of agricultural material areas
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

The Ministry of Agriculture and Rural Development (MARD) held a meeting in Hanoi on December 5 to discuss ways to sustainably develop raw material areas and improve processing capacity and market access for agri-products of Vietnam. MARD minister Nguyen Xuan Cuong said though the agricultural sector of Vietnam has obtained major achievements, it cannot rest [8230;]

Coal export quota for the year not reached
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Coal miners are allowed to export 2 million tonnes of coal, but they have not used up the yearly quota. According to the Vietnam Coal and Mineral Industries Group (Vinacomin), the miner has a quota for exporting 2 million tonnes of coal in 2019. However, it estimates that only 1.2 million tonnes would be exported [8230;]

Singapore fund manager to acquire VAM Vietnam Fund Management for $4.9m
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

UOB Asset Management, a wholly owned subsidiary of Singapore-based United Overseas Bank, will acquire VAM Vietnam Fund Management JSC for a cash consideration of VND113.68 billion (US$4.9 million). UOB Asset Management has entered into an agreement with Nguyen Xuan Minh, co-founder and chair of the HCM City-based firm, for the initial acquisition of 1.13 million [8230;]

Chaotic condotel business
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

All are in a mess for State agencies, localities, businesses, and property buyers after the owner of the property project Cocobay in Danang City announced that it could no longer live up to its promise of paying an annuity of 12 percent for buyers of its condotel units. The shockwave is felt, not only because [8230;]

Business Briefs06 December 2019
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Hung Vuong Joint Stock Corporation (HVG) has approved the ale of five million treasury hare between December 11 and January 9 via order-matching and put-through deals, with each share priced at not lower than VND4,000. In related news, the firm8217;s vice chair Ha Viet Thang sold over 259,000 HVG shares from November 1 to 30 [8230;]

Pork prices to make huge impact on Vietnam8217;s CPI in 2020
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Vietnam8217;s inflation in 2020 is forecast to hit 3.5%, higher than the government8217;s estimated 3.17 3.41 percent in 2019, while the pressure will build up right at the beginning of next year. Pork prices are forecast to play a decisive role in Vietnam8217;s inflation performance in 2020, according to Viet Dragon Securities Company (VDSC). Since [8230;]

Plucking up courage to enter foreign exchanges
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

The increasing demand for finance has prompted a clutch of Vietnamese corporations, such as FLC Group, to seek out overseas initial public offerings, but after previous failures, few want to be the first to try their luck. Luu Huong reports. Last week, FLC Group chair Trinh Van Quyet, announced that his group is ramping up [8230;]

Every craft village in Hanoi to receive $8,600 for environmental impact assessment
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Currently, Hanoi has 308 craft villages and traditional trade villages, including 233 villages practicing industries which need assessing environmental impacts. The Hanoi government will spend VND200 million (US$8,600) on environmental impact assessment in each craft village. This is one of the city8217;s policies to encourage development of rural industries and craft villages, which was approved [8230;]

HK firm eyes 80 million-USD wind power project in Thanh Hoa
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Representatives of the Hong Kong-based Envision Energy recently paid a visit to Thanh Hoa to discuss a wind power energy project in the central province. The firm voiced its hope to build a wind power plant on an area of about 8.7 ha in Hoang Hoa district. The plant, which is expected to be built [8230;]

Rice exports reach 5.91 million tonnes in last 11 months
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

It is forecast that export of rice of Vietnamese enterprises as well as other countries will face difficulties due to politic crisis in Hong Kong and high rice inventory in Indonesia. The Department of Agricultural Product Processing and Market Development under the Ministry of Agriculture and Rural Development released a report about prices of agricultural [8230;]

VN stocks step down as confidence fades on lack of news
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Vietnamese shares retreated on Thursday as investors were still cautious about the market8217;s short-term outlook amid a lack of supportive information. The benchmark VN Index on the Ho Chi Minh Stock Exchange fell0.27 per cent to close at 963.27 points. The market had gained 1.31 per cent on Wednesday. The VN Index was up as [8230;]

Second phase of Trung Nam wind power plant inaugurated in Ninh Thuan
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Trung Nam Construction Investment Corporation, or Trung Nam Group, has put into operation the first turbine of the second phase of Trung Nam wind power plant in Thuan Bac District, Ninh Thuan Province. The second phase of the facility, which is expected to generate 182 million kilowatt hours of electricity per year, has a total [8230;]

High-speed boat service launched on Can Tho-Tran De route
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Tourists and residents in the Mekong Delta city of Can Tho can travel between Tran De in Soc Trang Province and Con Dao Island off Ba Ria-Vung Tau Province by high-speed catamaran, aside from travelling by air, sources said. Phu Quoc Express JSC today, December 5, announced the launch of the service on the Can [8230;]

Plans lodged for thorny BT schemes
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Problems in the parity-price principle have emerged in the latest decree on payment for build-transfer projects, with solutions to the matter remaining in wait. The Ministry of Planning and Investment (MPI) this month announced that a solution to the complex issue of the principle that appeared in Decree No.69/2019/ND-CP enacted in August, governing the use [8230;]

Stock market briefs
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Hanwha Investment and Securities, a subsidiary of South Korean Hanwha Group, on December 4 held a brand launching ceremony in Hanoi. At the event, Hanwha Investment and Securities Vietnam was renamed Pinetree Securities. From December 5, the brokerage8217;s customers trading securities online will not be charged for both normal and margin accounts. HCM CityVietnam Investment [8230;]

Vietjet provides 2.5 million tickets for upcoming Tet holiday
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Vietjet will add nearly 1,200 flights to meet the increasing demand during the Lunar New Year (Tet) holiday and the 2020 festive season. The airline expects to provide nearly 2.5 million tickets in all international and domestic flights from January 11 to February 9, 2020 (December 17 to January 9 of the Year of the [8230;]

The hard lot of Vietnam8217;s rice
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Vietnam8217;s rice export price is always low compared with other countries because consumer confidence in Vietnam8217;s rice quality is not high, experts say. Branding According to Le Van Banh, former head of the Mekong Delta Rice Institute, Vietnam has many good rice varieties and some of them are even better than the high-quality rice of [8230;]

VN exporters can only take advantage of CPTPP with preparation
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

With preferential tariffs provided under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam has the opportunity to increase exports of garments, footwear, timber products, and beverages to other member countries. But Vietnamese enterprises8217; ability to take advantage depends on their preparation, Nguyen Thi Thu Trang, director of the Vietnam Chamber of Commerce and [8230;]

Vietnam stocks tumble
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

The local market lost steam today, December 5, with the VN Index falling nearly0.3 percent from the session earlier. The benchmark index reversed course after bouncing back in the previous session. That rattled investors as they turned clueless about the upcoming market movements. According to Bao Viet Securities Company, the market is expected to move [8230;]

A new standard for seafront apartment buildings
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Tourism growth has led to the development of the Danang real estate market with a variety of products. In particular, high-end apartments with high liquidity and stable legal framework show the strongest appeal. 8220;Golden8221; co-ordinates talking of potential Currently in Danang, the supply of accommodation facilities is increasing continuously to meet the rapid growth of [8230;]

Shopee amp; Lazada still fighting for top spot in Southeast Asian e-commerce
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Latest Map of Southeast Asia E-commerce released on December 3. Shopee and Lazada are still fighting for the number one spot in Southeast Asia, according to the latest Map of Southeast Asian E-commerce jointly conducted by the iPrice Group, App Annie, and SimilarWeb. Both the Shopee and Lazada e-commerce platforms had strong mobile apps with [8230;]

Consumer finance firms urged to invest in technology
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Consumer finance companies should invest more in technology to avoid lagging behind in the digital era as technology has dramatically changed consumer behavior, said experts at a seminar in HCM City. At the seminar 8220;Movements of financial services in the digital era,8221; held by the Saigon Times Group today, December 5, Pham Minh Tung, head [8230;]

Seafood processor Hung Vuong to sell 5 million treasury shares
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Hung Vuong Corporation (HVG), one of the biggest seafood processors in Vietnam, plans to sell five million treasury shares to raise capital to supplement business activities and enhance operational efficiency. Transactions will be conducted via order matching or an agreement method from December 11 this year to January 9 next year. The selling price will [8230;]

Amazon unveils Vietnam business strategy for 2020
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Global e-commerce company Amazon Global Selling announced on Wednesday that it would further enhance awareness of online exports and expand to more regions in Vietnam next year. At the company8217;s first Cross-border E-commerce Summit in HCM City on Wednesday, which attracted over 2,000 sellers, Amazon said it would organise more offline educational workshops and work [8230;]

TAC to increase yield by up to 15 per cent for Lunar New Year
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Cooking oil producer Tuong An Vegetable Oil Joint-Stock Co (TAC) will increase production yield for the upcoming Tet (Lunar New Year) holiday by 12-15 per cent compared to the previous Tet to meet increasing demand. For the holiday, the company is focusing on premium cooking oil products, one of many products that Vietnamese give as [8230;]

Many banks confident of completing 2019 goals
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

With high profits in the first three quarters of the year, many banks have nearly reached the profit targets for the whole year 2019. The good news is that many banks continue to forecast that the fourth quarter (Q4) of 2019 profit may increase compared to the other quarters of the year. Q4 is the [8230;]

Foreign investors unable to get Vietnamese stocks despite value at lowest level: Bloomberg
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Tight liquidity is considered the main reason for difficulty that any investor who would like to take advantage of the country8217;s economic growth is facing. A recent retreat in Vietnamese stocks has brought the market8217;s valuation back below its five-year average. While that8217;s the cheapest level in a year, tapping this opportunity is easier said [8230;]

ASF crisis strikes down CJ ambitions
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

South Korean conglomerate CJ Group has suffered a huge setback due to the African swine fever crisis as the corporation has been forced to cancel all deals across its entire feed and farm operations in Southeast Asia, including in Vietnam, ruining the progress of long negotiations. In the opinion of a VIR source, Seoul-based CJ [8230;]

Canada should consider Vietnam a prioritised partner: expert
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

The Canadian government and businesses should place the Vietnamese market in a prioritised position in its partnership development, stated Douglas Kennedy, the Royal Bank of Canada8217;s Managing director at the centre for Global Enterprises. Kennedy was addressing a forum on December 4 to connect trade representatives from member countries of the Comprehensive and Progressive Agreement [8230;]

Added value supports system liquidity
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

In the session on December 4th, the auctions on Open Market Operation (OMO) continued to record a prolonged support from the State Bank of Vietnam (SBV) with a fairly high offer volume of eight trillion dong. This is the second consecutive week that the operator has increased the size of capital support to balance the [8230;]

Trade deals trigger foreign investments in Vietnam8217;s food sector
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

According to forecasts of BMI Research, Vietnam8217;s food industry is expected to achieve annual growth of 10.9 percent in 2015-2020. Numerous international players, especially those from countries that Vietnam signed free trade agreements with, have been seizing the opportunity to enter the Vietnamese food market to take advantage of the deals. Keith Colwell, Canadian Nova [8230;]

Apple, local firms should work closely: MIC
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

The leader of the Ministry of Information and Communications (MIC) has proposed that Apple help local firms participate in its supply chain and become supporting industry enterprises within its ecosystem. Some 30 local firms supply accessories to Apple, which cooperates with 1,200 suppliers in Asia, heard attendees at a meeting between minister of Information and [8230;]

Nearly 200 exhibitors join Vietnam Medipharm Expo 2019 the capital
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

The 2019 Vietnam International Medical, Hospital and Pharmaceutical Exhibition (Vietnam Medipharm Expo) is taking place from Thursday until Saturday in the capital city, attracting 180 foreign and domestic exhibitors. Firms taking part are from India, Poland, Belarus, Taiwan, South Korea, Indonesia, mainland China and Japan, as well as the US, Russia, Spain, Turkey and Ukraine, [8230;]

Majority of bonds issued by banks
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

As reported by MB Securities, most of the successfully issued corporate bonds come from real estate and banking businesses. Specifically, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) mobilised 3.318 trillion dong of bonds with terms of six to seven years, interest rates for the first period of 8.1-8.2 percent per annum, [8230;]

THACO sets up major auto parts industrial park
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

Developing supporting industries to increase the use of locally produced parts is an urgent requirement if Vietnam8217;s automobile industry is to be developed, and this will also help grow other industries. In the context of the country8217;s increasingly deeper integration and facing fierce competition from car imports from Asean member countries and elsewhere in the [8230;]

JETRO opens agro business meeting
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

The Japan External Trade Organisation (JETRO) opened the Japan-Vietnam Agricultural Business Meeting 2019 in Hanoion Wednesday. The meeting drew 23 Japanese enterprises trading agricultural materials and equipment to seek opportunities in agriculture in Vietnam. According to JETRO, 150 Vietnamese enterprises also registered for the event. Tomofumi Abe, JETRO8217;s project director, told Vietnam News that the [8230;]

17th Saigon Autotech amp; Accessories slated for next May
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

The Saigon International Autotech 38; Accessories Show (Saigon Autotech 38; Accessories) will return for the 17th edition in HCM City from May 21 to 24 next year. The event will be organised at the Saigon Exhibition and Convention Centre by the Ministry of Industry and Trade8217;s Department of Industry, the Asia Trade Fair and Business [8230;]

An enterprise law fit for the next 20 years
Fri, 06 Dec 2019 23:02:01 +0000

Intellasia East Asia News

The Law on Enterprises is seeking to open up business prospects for companies wishing to get involved in Vietnam8217;s future growth, ironing out limitations along the way. Pham Duy Khuong, managing director of ASL LAW, talks about the influence of the law on the Vietnamese economy after 20 years, and how it can be improved [8230;]

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