E-commerce key for farm exportersVietnamese enterprises should take advantage of e-commerce development to boost exports of farm produce to China, experts said at a meeting on Sunday in HCM City.Wen Xi Chen, economic counselor at the Chinese Consulate General in the city, said Vietnamese enterprises should cooperate with well-known Chinese e-commerce enterprises to open online stores of high-quality farm produce for export to China.While e-commerce has narrowed the production and consumption gap, and extended consumer markets, traditional sale channels have not updated market information regularly, he said.To develop e-commerce for agricultural products, logistics service, traceability and human resources should ensure product quality, he added.Nguyen Hoang Anh, member of the Advisory Council for Reform, who is also vice president of the Digital Agriculture Association (DAA) Viet Nam, said China remained a major market for agricultural products exported from Viet Nam due to similarity … [Read more...] about BUSINESS NEWS IN BRIEF 30/8
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BUSINESS NEWS IN BRIEF 26/8
SCB signs deal with three Hong Kong banks Saigon Joint Stock Commercial Bank (SCB) and three Hong Kong banks on Monday signed a co-operation agreement on syndicated credit financing. Under the agreement, SCB, Hang Seng Bank Limited, Chong Hing Bank Limited and The Bank of East Asia Limited committed to support financial investment and ensure a stable financing source for Union Square Company Limited, which operates in the field of real estate. The signing was made within the framework of an investment development co-operation event held by the Viet Nam Chamber of Commerce and Industry (VCCI) in co-ordination with Hong Kong Trade Development Council (HKTDC) in HCM City on Monday. Also at the event, the four banks signed a strategic agreement for comprehensive and long-term co-operation in exchanging experience on investment and financial management, increasing business relations, conducting research and investment, and especially providing credit to local and foreign … [Read more...] about BUSINESS NEWS IN BRIEF 26/8
BUSINESS NEWS IN BRIEF 18/8
Danang aims to attract Russian touristsThe central coastal city of Danang is striving to lure more Russian and European tourists in a bid to diversify international visitors, but it is facing some difficulties with weather conditions and air routes, which should be addressed to meet the target.The leader of the Danang government, who is on a visit to Europe, is working with Russian travel firm ANEX Tour in Moscow City to discuss a plan on tourism promotion. The tour is scheduled to conclude on August 21.Tourism experts noted that it is necessary to increase the number of Russian and European visitors to Danang City to diversify tourist sources, adding that certain factors, such as weather, may affect these efforts.Russian tourists tend to travel to Danang City between October and February to avoid freezing weather in their country, but unfortunately, this is also the storm season in the city.According to Nguyen Duc Quynh, deputy general director of Furama Resort Danang, many tour … [Read more...] about BUSINESS NEWS IN BRIEF 18/8
BUSINESS NEWS IN BRIEF 8/8
VIB buys back all bad debt from VAMC Vietnam International Bank (VIB) announced last week that it has repurchased more than VND1.46 trillion (US$64.2 million) worth of debt from the Viet Nam Asset Management Company (VAMC). With this move, VIB was recognised by the State Bank of Viet Nam and VAMC as one of four banks which required all bad debts that they sold to VAMC. Three others are Vietcombank, Techcombank and MBBank. Earlier in July, VIB released its financial report in the first half of 2018 with a profit of over VND1.15 trillion ($51 million), triple that of the same period last year, or equivalent to 57 per cent of the yearly target. During the period, the banks’ net revenue reached VND2.7 trillion, up 56 per cent year-on-year, while its lending saw a yearly rise of 9 per cent to VND91.7 trillion. From January to July, VIB’s Capital Adequacy Ratio (CAR) was maintained at 12.5 per cent while the cost-income ratio (CIR) stood at 49 per cent, … [Read more...] about BUSINESS NEWS IN BRIEF 8/8