Business news headlines

Delegates take photo at the Ho Chi Minh City Economic Forum 2018 (Source: doanhnhansaigon.vn)   Seoul (VNA) – Aju Business Daily newspaper and the Korea and Vietnam Cultural Exchange Association (Koveca) of the Republic of Korea (RoK) will work with Ho Chi Minh City authorities to organise the HCM City economic forums from October 17-19. The forums, to be held in HCM City and the southern province of Binh Duong, are expected to offer opportunities to bolster the exchange and cooperation between businesses of the two nations, and encourage small- and medium-sized enterprises of the RoK to invest in other Vietnamese localities aside from HCM City. HCM City is a spearhead of Vietnam’s economy while Binh Duong has recently recorded the largest number of RoK firms seeking investment chances in the country. The first HCM City economic forum last year drew the participation of over 600 delegates who were experts, scientists and business representatives, with the building … [Read more...] about RoK partners to join in organising HCM City economic forum

Illustrative image (Photo: cafef.vn)   Hanoi (VNA) – Only about 300 of the over 1,800 businesses working in supporting industries in Vietnam have joined production chains of multinational enterprises, a figure described by analysts as too modest. Vice Chairwoman and Secretary General of the Vietnam Association of Supporting Industries (VASI) Truong Thi Chi Binh released the information at a recent workshop, noting that the problem lies in the capacity of those companies themselves. A survey of the VASI shows that the organisation, trading and capital absorption capacity, along with the human capital, of many businesses are weak. Many of them lack appropriate management standards, but when invited to build those standards, they reject the offer, claiming that this work is costly. And when multinational companies come to place orders, they fail to meet their partners’ demand because of the lack of management standards, Binh noted. Most of the companies in supporting … [Read more...] about Vietnamese firms’ presence in global chains remains modest

An egg quality evaluating machine. (Source: VNA) HCM City (VNA) – Updating technology and revamping administration are crucial for the existence and development of Vietnamese businesses amidst the fourth industrial revolution, experts said at a workshop in Ho Chi Minh City on April 12. The experts agreed that the industrial revolution has directly impacted Vietnam’s economy, especially enterprises. Assoc. Prof. Dr. Le Hoai Quoc, head of the management board of the Saigon High-teach Park (SHTP), said the revolution generates both opportunities and challenges for local firms. Sectors like tourism, domestic trade, IT, education, health care and construction will benefit from data connectivity and digitalisation. Meanwhile, energy, electricity, electronics, manafucaturing technology and garment-textile are expected to face cost-related challenges. However, this rule would not be applied to all enterprises in those sectors, he said, explaining that those which know how … [Read more...] about Vietnamese firms brace for Industry 4.0

Visitors to the Vietnam International Machinery Fair and the Vietnam Supporting Industry Fair that opened in HCM City on December 12 (Photo: VNA) HCM City (VNA) – The Vietnam International Machinery Fair (VIMAF) and the Vietnam Supporting Industry Fair (VSIF) kicked off in Ho Chi Minh City on December 12. The first-ever events, held at the Saigon Exhibition and Convention Centre, feature around 450 booths of 300 businesses from Vietnam and other countries, including the Republic of Korea, Singapore, Thailand and India. They showcase a wide range of industrial products such as factory automation, products supporting hi-tech industries, metal working machines and tools, factory equipment, electrical equipment, and industrial spare parts and materials. Major brands present at the three-day fairs include Doosan Infracore, Century Precision, Dae Jin Hydraulic, Shin Myung Electric MFG, and 3A Engineering. Nguyen Phuong Dong, Deputy Director of the HCM City Department of … [Read more...] about Industrial equipment displayed at first-ever fairs in HCM City

Prime Minister Nguyen Xuan Phuc (R) and Kim Jung-tai, Chairman of Republic of Korea's Hana Financial Group Inc. (Source: VNA) Hanoi (VNA) – The Vietnamese Government will create the most favourable conditions for firms from the Republic of Korea (RoK) to operate successfully in Vietnam, Prime Minister Nguyen Xuan Phuc said on November 11. At a reception for Kim Jung-tai, Chairman of Hana Financial Group Inc. of the RoK in Hanoi, the leader welcomed the Korean firm’s operation in Vietnam and said he is delighted that the RoK attaches great importance to Vietnam's role in its New Southern Policy. The Vietnam-RoK cooperation has recorded strong developments in recent times, and collaboration between Hana Group and the Bank for Investment and Development of Vietnam (BIDV) is a vivid manifestation of this bond, he stressed. According to PM Phuc, there are more than 6,000 Korean enterprises operating in Vietnam, and about 160,000 Korean nationals living and working in … [Read more...] about Prime Minister greets RoK financial group’s leader