Business sector definition

From November 18 to November 22, State Bank of Viet Nam had made a net cash injection of VND25 trillion ($1.09 billion) into the economy. — Photo vneconomy On December 2 the State Bank of Viet Nam issued 14-day bills worth VND18 trillion (US$782.6 million) at an interest rate of 4 per cent through open market operations. Earlier, from November 18 to November 22, it had made a net cash injection of VND25 trillion ($1.09 billion) into the economy. Experts estimate that around VND62.2 trillion has been pumped through the OMO channel in the last week of November by the central bank after eight straight months of withdrawing money. The injections indicated that the liquidity in the banking system had dried up over the last few months, and the central bank’s move has helped reduce lending interest rates on the inter-bank market, which had risen significantly. On November 26 interest rates on loans of up to one month were up by 0.7-1 percentage points from the previous day to a … [Read more...] about Central bank policies help replenish banking sector liquidity

This was the focus of the Supporting Industry Forum 2019, held in Ho Chi Minh City on December 13. Deputy Minister of Industry and Trade Do Thang Hai said leather-footwear is one of the key exporting industries of Vietnam. With an annual export growth rate of over 10 percent, the industry earned the country approximated 20 billion USD in 2018 and over 10 billion USD in the first half of 2019. The Vietnam Leather, Footwear and Handbag Association (Lefaso) forecast this year’s leather-footwear exports at some 21.5 billion USD, up 10 percent from 2018. Vietnamese footwear has been shipped to more than 100 countries, including 50 with imports worth over 1 million USD from Vietnam. The largest markets are the US, the EU, China, Japan and the Republic of Korea. Vietnam is the world’s second biggest footwear exporter, and this industry is now a great contributor to the national economy, Lefaso said, noting that many companies have expanded production, renovated technology and … [Read more...] about Forum urges leather-footwear sector’s actions to grasp chances

Board Chairman of NutiFood Corporation Tran Thanh Hai (L) shakes hands with Erik Paulsson, chairman of Backahill Company, after signing a cooperation agreement on September 11 The MoU allows the two companies to set up a 50-50 joint venture, whose total investment capital is not disclosed. The purpose of the venture is to take advantage of each other's strengths. NutiFood is one of the leading companies producing dairy products and nutritious organic foods, while Backahill has a deep understanding of the international market and can help export NutiFood’s products to European and Asian markets. NutiFood sees the cooperation agreement as a further step in expanding its business to reach the global market since its certification by the Food and Drug Administration (FDA) to export its products to the U.S. market. Tran Thanh Hai, board chairman of NutiFood Corporation, said NutiFood had made a very quick decision after meeting with the chairman of Backahill Company, as it had … [Read more...] about NutiFood expands business to Sweden

A production line at Tien Thinh Production, Trading and Service Company Limited. Vietnamese enterprises need more opportunities to receive technology transfer from foreign investment activities.(Photo: VNA) Hanoi (VNS/VNA) - Vietnamese enterprises need more opportunities to get technology transfers from foreign investment activities and join ventures with foreign partners for sustainable development of the domestic industry. Technology is important in improving global competitiveness for local manufacturers in Vietnam, said BT Tee, General Director of Informa Markets Vietnam. The domestic industrial sector, which contributes 50 percent of national GDP, has a strategic position in the sustainable development of the domestic economy and attraction of foreign investment. Local enterprises must actively improve production scale and technology and connect with professional partners to develop the industry and participate in the global supply chain, said BT Tee. To do this, some … [Read more...] about Domestic industry needs technology transfer

Each e-commerce platform needs to spend millions of US dollars to gain a single per cent of market share from competitors, showing just how serious the competition is. E-commerce platforms are playing a game of chicken, throwing millions of dollars around to remain the last one standing According to the latest statistics of security company VNDIRECT, each e-commerce company has to suffer a loss of VND124 billion ($5.4 million) to gain 1 per cent of market share from any competitor. This raises concerns whether newcomers like Viettel Post have the finances to challenge the current kings of the hill Lazada, Tiki, and Shopee. E-commerce in Vietnam is still a new sector, so businesses have to pour tremendous amounts of capital into advertisements, personnel, and warehouse infrastructure toset a solid foothold on the market. One evidence for the fierce competition is their race in promotions, which originated in Lazada’s 95 per cent discount promotion last year titled … [Read more...] about E-commerce: exorbitant losses for a single percent