The Speed Queen chain of laundry stores owned by Alliance Laundry Systems will open five stores in Ho Chi Minh City this year. The first Speed Queen laundry was opened at Saigon Pearl Building, Ho Chi Minh City Felipe Coddou, director of the retail and vended department for the Asia-Pacific and Latin America region, said that the company plans to open five stores in Ho Chi Minh City in 2017 and expand their reach to Hanoi and Danang in the beginning of 2018. “We are also looking for medium- and big-sized franchisees for our business. Franchisees have to invest into at least 10 stores in their city or area with an investment capital around $150,000-180,000 per outlet,” he noted. Speed Queen’s first laundry store has been officially opened at Saigon Pearl Building in Nguyen Huu Canh Street, Ho Chi … [Read more...]

Uber Vietnam’s representative said that its taxi brand UberX will raise fares in Ho Chi Minh City from August 24, closing up with traditional taxi fares. Reacting to pressure from the traditional taxi coalition led by Vinasun, Uber decided to raise fares in Ho Chi Minh City  In particular, UberX’s fare will increase from VND7,000 ($0.3) per kilometre to VND8,500 ($0.37) per kilometre in Ho Chi Minh City. Fare based on time stays unchanged at VND450 ($0.02) per minute, while the minimum fare and cancelation fee will still be VND15,000 ($0.66). Earlier, in November 2016, Uber has already raised prices once. Then the minimum fare increased from VND5,000 ($0.22) to VND15,000 ($0.66), and the kilometre charge increased from VND5,000 ($0.22) to VND7,000 ($0.3). Uber drivers still have to pay a 25 per cent commission … [Read more...]

The imposition of temporary safeguard duties on DAP and MAP fertiliser imports into Việt Nam, which came into effect on August 19, is an effort to help protect the domestic fertiliser industry but might push up production costs for farmers. Bags of fertiliser are loaded on to a truck. According to the Vietnam Fertiliser Association, with a designed capacity of about 660,000 tonnes of DAP per year, Vietnamese enterprises could satisfy about 80 per cent of local demand. - Photo VNA Under the Ministry of Industry and Trade’s Decision No 3044/QĐ-BCT, the temporary safeguard tax has been set at VNĐ1,855,790 (US$82) per tonne, and is effective from August 19, 2017 to March 6, 2018, or until the MoIT releases a decision to impose an official measure. The imposition of taxes is also in line with the international rules of … [Read more...]

AkzoNobel, a leading paints and coatings company, has just introduced new products in the Dulux Professional portfolio for health and educational projects in Vietnam. Pamela Phua, the new general manager of AkzoNobel Decorative Paints Vietnam, talked to VIR’s Trung Nguyen about Dulux Professional and the firm’s focus on sustainability. What makes the new Dulux Professional portfolio more suitable for health and education projects? In the current rapid development of the economy, welfare is one of our primary focuses. Healthcare and education are being improved and enhanced in terms of quality on a daily basis. The exterior and interior paint products of the recently launched Dulux Professional portfolio aim to bring elements of sustainability to healthcare and education projects. Dulux Professional Interior Anti-bacteria paint is … [Read more...]

In a recently released conclusion to a meeting on tax law adjustments, Deputy Prime Minister Vương Đình Huệ asked that the Ministry of Finance’s (MoF) controversial new amendment drafts to tax laws be adjusted to meet both the national growth plan and the current economic climate. Workers at the HCM City Tax Department instruct tax payers during registration. - VNA/VNS Photo Hoàng Hải The MoF sought to make changes to the laws on Value Added Tax (VAT), Special Consumption Tax (SCT), Corporate Income Tax (CIT), Personal Income Tax (PIT) and Natural Resources Protection Tax (NRPT). Regarding the recent drafts, the Deputy PM said that revisions and amendments based on public and experts’ opinions, in compliance with other newly issued regulations from the National Assembly (NA), … [Read more...]

For the August 21-24 visit to Japan, the Vietnamese delegation led by Minister of Finance Dinh Tien Dung will include a number of heavyweight corporates hoping to find Japanese partners to either participate in state divestment or establish long-term presence in Vietnam. Bao Viet Holdings (BVH), FPT JSC, Vietjet Aviation JSC, Vietnam Dairy Products JSC (Vinamilk), Saigon Beer-Alcohol-Beverage Corporation (Sabeco), State Capital Investment Corporation, and Novaland Investment Group Corporation, among others, are the companies represented in the investment promotion delegation to Japan on August 21-24. The delegation, led by Minister of Finance Dinh Tien Dung, aims to appeal to Japanese investors with their stable operating platform and aspiration to expand. Vietnamese businesses looking for expansion opportunities With Sumitomo … [Read more...]

In spite of being warned to cut the project from its new steel master plan to 2020 with vision to 2030, Japanese steelmaker Kyoei Steel confirms its determination to revive its delayed high-quality steel project in the northern province of Ninh Binh. Kyoei Steel's plant was supposed to come into operation in 2015 (Illustration) According to newswire Nikkei, the investor will pour $200 million into the project, the construction of which is expected to start by the end of this year, with the rolling mill slated to come online in 2019 and the steelmaking facility in 2020. Earlier in March 2012, Kyoei organised the ground-breaking ceremony of the project. According to the initial plan, the project was to come into commercial operation in 2015 with a capacity of 500,000 tonnes. It was expected to become the … [Read more...]

It's 2050 and the world revolves around you. From the contents of your fridge to room temperature -- digital assistants ensure your home runs smoothly. Your screens know your taste and show channels you want to see as you enter the room. Your car is driverless and your favourite barman may just be an android. Predictions for an AI-dominated future are increasingly common, but Antoine Blondeau has experience in reading, and arguably manipulating, the runes -- he helped develop technology that evolved into predictive texting and Apple's Siri. "In 30 years the world will be very different," he says, adding: "Things will be designed to meet your individual needs." Work, as we know it, will be redundant, he says -- visual and sensory advances in robotics will see smart factories make real time decisions requiring only human oversight rather than workers, while professions such as law, journalism, accounting and retail will be streamlined with AI doing the grunt … [Read more...]

Domestic and international experts in the sugarcane industry gathered at the fifth TTC annual international sugarcane conference in Phan Thiet City in Binh Thuan Province to discuss ways to help the Vietnamese sugarcane industry develop sustainably. Speakers discuss at the conference in the southern coastal city of Phan Thiet. - VNS Photo The conference, under the main theme “The restructuring of Viet Nam’s sugarcane industry”, was co-organised by the Viet Nam Sugarcane and Sugar Association (VSSA) and TTC Group on Thursday and Friday. The country’s sugar output hit nearly 1.2 trillion tonnes in the 2016-17 crop, VSSA reported. This is the third continuous decline in sugar output. Slow market consumption, high inventory, complicated sugar smuggling issues and ASEAN’s imposition of a … [Read more...]

Prime Minister Nguyễn Xuân Phúc expressed his hope that Thai businesses would make the most of co-operation and investment opportunities in Việt Nam, especially in the context of Việt Nam promoting mergers and acquisitions along with the equitisation of State-owned enterprises (SOEs). Prime Minister Nguyễn Xuân Phúc addresses the “Việt Nam – Thailand Economic Cooperation Forum” held in Bangkok on Friday. - VNA Photo He made the remarks while addressing the “Việt Nam – Thailand Economic Co-operation Forum” held in Bangkok on Friday. PM Phúc was attending the event as part of his three-day visit to Thailand from August 17-19 at the invitation of Thai Prime Minister Prayut Chan-o-cha. The forum, hosted by the Thai Business Association … [Read more...]

It is only a matter of time until Mekong Capital divests its capital in Traphaco JSC (HOSE: TRA), however, the details of its divestment plan remain unclear. RELATED CONTENTS: Mekong Capital officially sells 75 per cent holding in Loc Troi Mekong Capital to divest Loc Troi Mekong Capital triples ownership in Traphaco Mekong Capital and Traphaco Vietnam Azalea Fund (VAF), managed by Mekong Capital Ltd., invested in Traphaco in 2007 and has continued to increase its ownership ratio ever since. At the moment, VAF is holding 25 per cent of the shares at Traphaco, second only to State Capital Investment Corporation (SCIC). In 2008, Traphaco was listed on the Ho Chi Minh City Stock Exchange (HOSE) and soon became one of the blue-chips on the market. While TRA shares were sometimes sold below par value in its early days in 2008, it is currently one of the … [Read more...]

Vietnam National Oil and Gas Group (PetroVietnam) will complete the divestment from several subsidiaries by 2020, according to newswire Petrotimes. PetroVietnam will wholly or partially divest all but three subsidiaries Accordingly, PetroVietnam is permitted to retain its entire holdings in only three subsidiaries, namely the parent company PetroVietnam, National Southern Spill Response Centre (Nasos), and PetroVietnam Manpower Training College. PetroVietnam will have to divest part of or entire holdings in its remaining subsidiaries. Notably, from now to 2019, PetroVietnam will entirely divest PVI Holdings, Phuoc An Port Investment and Exploitation Oil and Gas JSC, Green Indochina Development JSC, SSG Real Estate JSC, PetroVietnam Trade Union Finance JSC, PetroVietnam Construction Joint Stock … [Read more...]

The kangaroo emblem of 100 per cent Australian-owned SSESteel Limited (THEP UC) celebrates its 20th anniversary this month, marking the presence in the Vietnamese market of more than three million tonnes of Vietnamese and international-standard construction steel products. Leaving marks across Vietnam Australian group Vietnam Industrial Investments (VII) was listed on the Australian stock market in 1995, and has thus far ventured into several business fields in Vietnam. The firm produces construction steel products, welded wire mesh, metal roofing sheets and structure steel under various brands, including THEP UC, Thep Viet Uc, Austnam, TBS, and VRC. THEP UC “Thep Chuot tui” was founded in 1997. Its headquarters is situated in Hong Bang district in the northern port city of Haiphong, and it has five branch offices in … [Read more...]

Deputy Prime Minister Vuong Dinh Hue has allowed the Viet Nam Television Cable Corporation (VTVCab) to set its deadline for an initial public offering (IPO) on September 30. Deputy Prime Minister Vuong Dinh Hue has allowed the Viet Nam Television Cable Corporation (VTVCab) to set its deadline for an initial public offering (IPO) on September 30.- Photo vtvcab-hcm.com Hue also asked VTVCab to keep its corporate value at nearly VND4 trillion (US$177.78 million), which was reported by VTVCab at the end of 2015, and the cable television provider is not required to adjust its value as per the report of the State Audit of Viet Nam (SAV). In May 2017, the SAV reported that the corporate value of VTVCab might have been undervalued and suggested the accurate number was VND4.27 trillion. According to the auditors, the value … [Read more...]

Instead of lending to large companies, more and more banks have started to lend to small businesses to hedge their risks. More and more banks are offering loans to small businesses, their traditional wariness notwithstanding. - Photo tuoitre.vn At several conferences on credit for enterprises, experts have said that helping small and medium-sized enterprises (SMEs) access bank loans is very important. However, according to a report by the Việt Nam Chamber of Commerce and Industry, 85-90 per cent of Vietnamese enterprises are small and micro businesses that face great difficulty in obtaining credit. Only 40 per cent of them have in fact managed to do so. Banks are cautious about lending money to SMEs due to a lack of trust in their ability to repay. Hoàng Thu Hương of HCM … [Read more...]

Tata Coffee Vietnam, a member of India’s Tata Coffee Limited, began construction of a freeze-dried coffee plant at VSIP II Industrial Park in Binh Duong’s Bac Tan Uyen District. The Tata Coffee Vietnam will supply instant coffee with a new flavour to Vietnamese customers and for export. - Photo bnews.vn The 8ha plant has investment capital of nearly US$60 million. It will supply instant coffee with a new flavour to Vietnamese customers and for export. This is the second project invested by Tata Coffee Limited in Viet Nam. Speaking at the ground-breaking ceremony on Wednesday, Indian Ambassador Parvathaneni Harish said bilateral trade between the two countries has witnessed impressive growth in recent years. In 2016, the two sides’ trade turnover reached $5.4 billion. However, this result is still … [Read more...]

In late August, Vietnam Posts and Telecommunications Group (VNPT) and Electricity of Vietnam (EVN) will divest their capital in three major companies with a total charter capital amount of VND1 trillion ($44 million). RELATED CONTENTS: EVN banned from investing in property, banking sectors VNPT to divest capital from Maritime Bank Free wifi at festival spots in major cities SK Telecom to lose rights to coveted bandwidth PM tells VNPT to get ready for equitisation EVN divests from non-core businesses Saigon Postel Corporation On August 29, VNPT will sell all … [Read more...]

VSIP has developed world-class industrial estates across Vietnam with self-contained facilities to serve the needs of its customers. John Lim HM, head of Commercial & Residential Properties at VSIP JV Co., Ltd., shared with Thanh Van the group’s vision to complement foreign investors’ growth in the park. Following the success of industrial parks (IPs), VSIP has transformed into a developer of integrated townships and IPs. Could you highlight the advantages and challenges of this business model? Vietnam is a land of immense potential for growth. We realised early on that the country possesses unique strengths, including abundant land and young, hardworking labour force, to attract As Vietnam grows, the community’s needs to evolve. This is why VSIP has transformed our core offering from standalone IPs to integrated … [Read more...]

NDO/VNA – Prime Minister Nguyen Xuan Phuc has urged the aviation industry to tighten security and safety as they are important issues currently. This requirement was one of six in a message from the Prime Minister sent to the aviation industry at the meeting between the Government working group led by Minister cum Head of the Government Office Mai Tien Dung and representatives of three aviation firms, including Vietnam Airlines, Vietnam Air Traffic Management Corporation and Airports Corporation of Vietnam (ACV), in Hanoi on August 16. The meeting aimed to urge the industry to boost business and production, contributing to hitting the country’s GDP growth target this year as well as discovering and solving difficulties. The businesses will then have to report and explain the problems to the Government and the PM. In the message, PM Phuc said the industry has grown but has to ensure security and safety, seen as the most important issue. The PM mentioned … [Read more...]

HONGKONG: Hong Kong flag carrier Cathay Pacific on Wednesday (Aug 16) reported a massive net loss of HK$2.05 billion (US$262.07 million) for the first half of the year as the airline struggled with intense competition from rivals. Hong Kong flag carrier Cathay Pacific reported a massive net loss of HK$2.05 billion for the first half of the year as the airline struggled with intense competition from rivals. (Photo: AFP/Anthony Wallace) The results, which were worse than analysts predicted, came after Cathay saw its first annual loss in eight years in 2016, as lower cost Chinese carriers eat into its market share. Wednesday's results pave the way for the first ever back-to-back annual losses in the company's 70-year history. Bloomberg analysts had forecast a year-on-year loss of HK$1.2 billion (US$153 million) … [Read more...]