Dow Chemical Company (NYSE:DOW) deploys resources to Vietnam through the 2017 Leadership in Action (LIA) programme, reconfirming the company’s long-term commitment to the country as a primary sustainable development partner. Dow's Leadership in Action programme forms an organic part of the company's efforts to promote sustainability and social inclusion Dow is collaborating with six strategic non-governmental organisations (NGOs) and universities in Hanoi and Haiphong in an effort to enhance the Vietnamese market’s competitive advantages and address pressing local challenges for the betterment of the Vietnamese people. These partnerships provide Dow a unique ability to further develop relationships with key stakeholders as the company progresses its growth strategy in the Asia-Pacific … [Read more...]

Most foreign fast food chains in Vietnam have failed to realise their initial expansion plans made upon entering the market. Recently, some have suggested that international brands have failed to defeat local Vietnamese food stalls. RELATED CONTENTS: Subway Vietnam frantically looks for franchise partners Foreign coffee, fast food retreat from Việt Nam Lotteria fined VND146 million for mass food safety violations Experts say there are several challenges: intense competition from the increasing number of domestic and foreign food companies, high prices (a burger goes for "four times a bowl of Pho"), and the fact that hamburgers and French fries are just not for Vietnamese people. Below are some major chains and their progress … [Read more...]

According to the resolution of the annual shareholders’ meeting of major Vietnamese information technology company VNG Corporation passed last week, it has set a target revenue of VND3.96 trillion ($174 million), up 31 per cent over the previous year, and profit before tax of VND908 billion ($40 million), up 34.7 per cent.   Representatives of VNG and Nasdaq at the signing ceremony of the listing agreement in May RELATED CONTENTS: PM supports Nasdaq’s cooperation with Vietnamese firms VN's games revenue expected at $1 billion by 2027 In 2017 and in the coming years, VNG continues its "go global" strategy, developing its core businesses, extending and … [Read more...]

Vietnamese property conglomerate Vingroup will pour around VND100 trillion ($4.55 billion) into metro line projects in Hanoi, becoming the first private domestic firm to join the field. The Hanoi 2017 – Investment and Development Co-operation conference brought the domestic private sector onto Hanoi's public transportation scene At the “Hanoi 2017 – Investment and Development Co-operation” conference held on June 25, 2017, Vingroup signed a Memorandum of Understanding (MoU) with Hanoi authorities to develop metro lines in the city in the coming time to meet the growing local demand for transportation. This was one among the 15 MoUs signed at the event between Hanoi and domestic and foreign investors. Vingroup proposed to invest in a number of metro routes. For Line 2 (South Thang … [Read more...]

Dac Loc Seafood Company, the leading seafood supplier in the central province of Phu Yen, has made a lasting contribution to the development of the aquaculture sector in the region. Despite its modest size, Dac Loc Seafood Company is an organisation making big waves Each year, Dac Loc produces and sells to the market around 2.5 billion high-quality, disease-free white leg baby shrimps, as well as over eight million Asian sea bass and other fish breeds. The company also provides an annual output of 3,000 tonnes of food, minerals, microorganisms, and veterinary drugs for aquaculture farming. The company not only supplies farmers, but also buys their produce. Dac Loc has collected and supplied more than 10,000 tonnes of shrimps per year to seafood processing factories both inside and outside the province. Dac Loc has … [Read more...]

Leading international financial services group Manulife Financial Corporation has held its first ever Global Investor Day based in Asia, with Ho Chi Minh City being one of two cities in Asia to host the event. The event, which brought key investors and partners together with the company’s regional and global leadership, was held on June 22, at the Park Hyatt Hotel. The Investor Day featured keynote speeches from Manulife’s global newly appointed global president Roy Gori, as well as interim Asia CEO Philip Witherington. Paul Nguyen, CEO of Manulife Vietnam, said that Vietnam’s role as host to Investor Day was testament to the importance of the growing Vietnamese economy. “Manulife has one of the most diverse and rapidly growing footprints of any financial services company in Asia, and we are proud of Vietnam’s contribution to that growth. Manulife’s agency … [Read more...]

With its great economic and geographic potential, Hanoi has increasingly become more critical to the investment strategy of foreign investors, many of whom are planning large-scale operations in the city. Shigenobu Nagamori, chairman and CEO of Japan’s industrial group Nidec, recently announced that his firm is planning to build factories in Hanoi in mid-2018. The factories will lay a firm groundwork for Nidec to turn Vietnam into an export hub like China and Thailand. It is expected that Nidec will invest about $500 million into Vietnam by 2022. After becoming operational, the factories will have a monthly capacity of 10 million electric motors, used for air conditioners and home appliances, and 100,000 reducers for use in robotics. Nidec also aims to triple its sales in Vietnam to about US$2.72 billion. Meanwhile, in Tokyo in early June, another Japanese firm, Aeon, officially received an investment … [Read more...]

Viet Duc Hospital's Centre for Neurosurgery, in collaboration with Hitachi and Japan-Vietnam Medical Instrument Company (JVC), have organised the workshop on “Updating Intraoperative MRI applications in neurosurgery.” Hitachi's new iMRI scanner offers an untold number of advantages for Vietnamese neurosurgeons RELATED CONTENTS: Minister of Health grilled on health care and medicine price control Anaesthesiology seminar shows way forward Major Hà Nội hospital projects dropped 18 hospitals qualified for organ transplantation in VN GE Healthcare and partners extend BME training to South … [Read more...]

On June 25. 2017, the Hanoi People’s Committee hosted the conference titled “Hanoi 2017: Investment Cooperation and Development” with the attendance of Prime Minister Nguyen Xuan Phuc, Secretary of the Hanoi Party Committee Hoang Trung Hai, and Chairman of the Hanoi People’s Committee Nguyen Duc Chung. The Hanoi People's Committee and KinderWorld signed the MoU at the ceremony This year, the conference brought together around 1,000 representatives from state agencies, foreign embassies, international organisations, as well as foreign and domestic companies, with the aim to foster business and investment opportunities in the capital. At the event, the Memorandum of Understanding (MoU) for investment in international educational projects between KinderWorld Education Group and the Hanoi People’s … [Read more...]

Electronic wallet (e-wallet) services are becoming more popular in Viet Nam, with a number of new e-wallet services officially licensed in the last year and a half. A person uses the MoMo e-wallet. E-wallet services are becoming popular in Viet Nam.- Photo momo.vn Over the next five years, 24 per cent of banks’ market share in remittances and payments are expected to belong to financial technology companies (fintech), according to a global survey by PricewaterhouseCoopers (PwC). E-wallets are electronic accounts that allow users to pay online bills and service fees, and transfer money and receive money quickly. As an online payment form, through a mobile device, e-wallets help users make payments anywhere at anytime, saving money and time compared to other forms of payments. In remote areas, … [Read more...]

Vietnam's Ministry of Industry and Trade has asked the government to cut taxes on all automobile parts manufactured domestically in an effort to help local auto firms remain competitive when tariffs on vehicles imported from Southeast Asian countries are scrapped next year. Buyers currently have to pay a special consumption tax of 50 percent on new automobiles. If the new proposal is approved, buyers will only have to pay that rate on components that are manufactured overseas, providing at least half of the vehicle has been manufactured in Vietnam. This could be bad news for car importers, but local auto assemblers in Vietnam such as Truong Hai Auto Corporation and Hyundai Thanh Cong Viet Nam Joint Stock Company stand to benefit. By cutting the special consumption tax, VAT and other production costs will also fall, giving local auto assemblers a fighting chance when the import tax on vehicles is scrapped as part of the ASEAN FTA next year. Official customs data shows … [Read more...]

Vietnam's Ministry of Industry and Trade has asked the government to cut taxes on all automobile parts manufactured domestically in an effort to help local auto firms remain competitive when tariffs on vehicles imported from Southeast Asian countries are scrapped next year. Buyers currently have to pay a special consumption tax of 50 percent on new automobiles. If the new proposal is approved, buyers will only have to pay that rate on components that are manufactured overseas, providing at least half of the vehicle has been manufactured in Vietnam. This could be bad news for car importers, but local auto assemblers in Vietnam such as Truong Hai Auto Corporation and Hyundai Thanh Cong Viet Nam Joint Stock Company stand to benefit. By cutting the special consumption tax, VAT and other production costs will also fall, giving local auto assemblers a fighting chance when the import tax on vehicles is scrapped as part of the ASEAN FTA next year. Official customs data shows … [Read more...]

The District 5 People’s Committee plans to transform more than 1,200 household businesses into companies every year from now until 2020, a local official said. The District 5 People’s Committee plans to transform more than 1,200 household businesses into companies every year from now until 2020. - Photo ndh.vn This is part of the city’s effort to develop 500,000 enterprises by 2020, Le Thi Loan, head of the committee’s economic office, said. With its long-standing culture of trading and services, the district is home to 9,018 business households and 7,000 enterprises. Of them, more than 2,000 have great potential to expand into enterprises, she told a dialogue held on Friday to disseminate the benefits of the transition to enterprises. More than 140 household businesses … [Read more...]

BRATISLAVA: Unions at Volkswagen Slovakia said on Sunday (Jun 25) they were ending a six-day strike after agreeing a 14.1 per cent wage hike with management at the eurozone country's largest private employer. Workers at Volkswagen Slovakia attend a rally at the start of a strike over unmet demands for a 16-per cent pay raise on Jun 20, 2017. (AFP/VLADIMIR SIMICEK) "We are ending our strike," trade union chief Zoroslav Smolinsky told journalists after marathon negotiations with the bosses at the Bratislava plant. VW spokeswoman Lucia Kovarovic Makayova told AFP that the agreed 14.1 per cent pay rise will be made in three instalments and completed by November 2018. Workers will also get a one-off bonus of €500 and an extra day off, according to the spokeswoman. Currently, the average salary in the … [Read more...]

SYDNEY: An AirAsia flight to Malaysia was forced back to Australia Sunday (Jun 25) due to a technical problem, with one passenger saying the plane was "shaking like a washing machine". An AirAsia X Airbus A330-300 plane. (File photo: AFP) The Airbus A330 from Perth to Kuala Lumpur experienced problems about 90 minutes into the journey. It landed safely, with Perth Airport reporting a "technical issue". "The pilot identified technical issues, turned around and returned," an airport spokesman told AFP, adding that emergency crews were put on standby but not needed. The Malaysian low-cost carrier said only that "flight crew are taking precautionary measures to check the aircraft". It was the second scare involving an Airbus A330 in Australia this month, with a China Eastern plane making an … [Read more...]

“Vietnam continues to strive for more – for higher growth, more advanced industrialisation, and a better quality of life for all of its citizens. Vietnam’s growth trajectory is proof of the country’s commitment to excellence, but meeting these ambitions will require a fine-tuning of both approach and implementation." This is an opinion of Mr Ousmane Dione, Country Director of the World Bank in Vietnam, when announcing World Bank Group’s (WBG) new Country Partnership Framework (CPF) with Vietnam which was recently endorsed by the Board of Executive Directors. The CPF will propose the following directions to strongly support Vietnam - accompanying Vietnam in the process of trying to develop and implement its own development and growth goals. At the same time, CPF will support the implementation of the headings in Vietnam's five-year Socio-economic Development … [Read more...]

(CPV) - Vietnam Medical Equipment Corporation (VINAMED) received certificate of investment decision acceptance for high-quality medical services center at Thanh Hoa General Hospital during the Thanh Hoa Investment Promotion Conference 2017. The VND739 billion-project will be executed under a socialization investment method with the joint venture between Thanh Hoa General Hospital and VINAMED as the investor. It is among the most important contents in the scheme of restructure and development of Thanh Hoa province service by 2020 with a orientation to 2025, and matches up with the comprehensive planning for healthcare sector adjustment by 2020 with a vision to 2030. According to Mr. Pham Quang Huy, Chairman of the Board of Director of VINAMED, investment in hospital and clinic infrastructure is one of meaningful social activities VINAMED always nurtures, and is committed to doing its best for public healthcare with most practical activities. That is the second healthcare unit where … [Read more...]

The Hanoitimes - A conference on innovative business models in the context of the fourth industrial revolution was yesterday held in Ho Chi Minh City, with experts from Vietnam and the Republic of Korea (RoK) attending. Topics discussed included the role of innovation in small and medium-sized enterprises and start-ups, funds for sci-tech development and firms collaborating with research institutes and universities. Kim Eung Jin, an adviser at Nemo Partners Innovation Consulting Group, said the RoK firms had focused on technology advancement to welcome the fourth industrial revolution since 2010. He said the country will have 4,000 smart manufacturing plants this year and 10,000 in 2020, adding that the Korean Government has built 18 innovative centres to support start-ups. Nguyen Tuan Thanh, who oversees the fund for sci-tech development of the Saigon Transportation Mechanical Corporation, noted innovation relies on businesses, but requires State assistance. Firms discussed … [Read more...]

HCM City (VNA) –The Hoa Binh Construction & Real Estate Corporation (HBC) signed a cooperation agreement with HOT Engineering & Construction Company of Kuwait in Hanoi on May 19, as part of its strategy to expand into the Middle East. Accordingly, HOT Engineering & Construction will exclusively sponsor HBC in civil construction and infrastructure in Kuwait. The two companies will join biddings for the government and private sector’s projects in Kuwait as well as others that HOT won contracts. Following the signing ceremony, they will continue with detailed plans on procedures for concrete projects between now and the next five years and join the Kuwait government’s construction projects to materialise the 2035 Vision “Turning Kuwait into a financial and commercial centre in the region”. The Kuwait firm also stands ready to help HBC become a major bidder for its construction works. HOT Engineering & Construction is currently one of the … [Read more...]

Workers attend the Excellent Skills Competition held by Gia Định Textile & Garment Corporation. -VNA/VNS Photo Thanh Vũ Viet Nam News Gia Lộc HCM CITY - Nguyễn Thị Lương, 34, of Cầu Tre Export Goods Processing Joint-Stock Company has shown creative skills in her work to help raise labour productivity for her company. Lương, a graduate of Food Industry College's two-year training course in chemistry, has helped improve molds for compressed tea and knives for cutting bitter melons. The molds for compressed tea, which have been used since April 2012, have raised productivity from an average of eight tea bricks made per hour to 13 per hour. Lương's initiative helped save VNĐ100 million (US$4,385) in a five-month period. In 2012, Lương also conducted research on knives to cut bitter melons, but initially her results weren't successful. Nevertheless, her company's managers encouraged her to continue. Named one of "60 excellent young workers" in the country this year, she was … [Read more...]