Businesses

Rice export volume up but value falls The ministry said the total rice export volume and value in the first nine months of this year reached 5.2 million tonnes and $2.24 billion, respectively. The figures represented a rise of 5.9 per cent in volume and a drop of 9.8 per cent in value compared to the same period in 2018. Of which, Viet Nam shipped abroad 586,000 tonnes of rice in September for $251 million. The Philippines was the top market for Vietnamese rice in the first eight months of this year, consuming 1.76 million tonnes worth $720 million, 2.9 times higher in volume and 2.6 times in value over the same period last year. Strong growth was also seen in other markets, including Australia (75 per cent), Ivory Coast (nearly 35 per cent) and Hong Kong (nearly 35 per cent). The average rice price in the first eight months fell 13.8 per cent year on year to $435 per tonne. White rice led the way in the period, accounting for 47 per cent of total revenue, followed by Jasmine rice … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 14

RoK airline to launch route to Nha Trang in December An aircraft of Air Seoul (Photo: Yonhap news agency) Air Seoul is wholly owned by the Republic of Korea (RoK)’s Asiana Airlines Inc. Starting December 18, Air Seoul plans to offer seven flights a week to Nha Trang as it strives to strengthen services on routes to Southeast Asia to offset declining demand on Japanese routes, the company said in a statement. Since early July, RoK airlines have halted or reduced services on their Japanese routes, while expanding flights on non-Japanese ones after the neighbouring country implemented export restrictions of key materials to the RoK./. Banks forecast strong performance despite credit slowdown Most domestic credit institutions and foreign banks’ branches in Vietnam expect their business performance in 2019 to be better than last year despite the predicted slowdown in credit growth, according to the State Bank of Vietnam's latest survey released late last week. In the … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 15

Businesses complain they find it difficult to access loans, while banks say many businesses don’t have feasible business plans and cannot use capital effectively. As many as 97 percent of Vietnam’s businesses are small and medium sized. Many of these businesses die after several years of development, a report says. SMEs that meet difficulties are mostly in the production sector. The lack of capital, management skills, and problems in business environment and policy have been cited as reasons why SMEs cannot develop strongly. Tran Ngoc Liem, deputy director of the Vietnam Chamber of Commerce and Industry (VCCI) HCM City Branch, also cited a report on provincial competitiveness index (PCI) as showing that accessing bank loans is a big problem for SMEs. Linh Ha  Vietnam’s businesses urged to gear up for digital transformation Nine out of 10 businesses are involved in digital transformation and three of 10 say the transformation has brought big benefits, … [Read more...] about In Vietnam, many businesses close after several years of development

Plastics industry confident of achieving 3.2 billion USD export target The local plastic industry, with solid growth in shipments, will surely meet its yearly export target of 3.2 billion USD, according to the Vietnam Plastics Association. According to Ho Duc Lam, its chairman, said exports saw impressive growth last year to 3 billion USD while overall revenues jumped to 12 billion USD. “Exports in the first nine months of the year increased by 5 percent and will continue to enjoy good growth in the rest months of the year. “The US-China trade war has offered opportunities to Vietnamese plastics firms to boost exports.” According to the association, exports go to more than 150 countries and territories, with the US and Japan being key markets. In the domestic market, some industries, even those such as aerospace which use high-grade materials, are shifting to plastic products, and as a result sales have grown rapidly, Lam said. Locally-made plastic products are … [Read more...] about VIETNAM BUSINESS NEWS HEADLINES OCTOBER 16

At the Vietnam Business Summit 2018 (Photo: baodautu.vn) Hanoi (VNA) – The Vietnam Business Summit 2019 (VBS 2019), one of Vietnam’s biggest international business-related events, opened in Hanoi on October 16. The event is being held in parallel with the 10th Asia Business Summit (ABS) also in Hanoi on October 17. Both events are hosted by the Vietnam Chamber of Commerce and Industry (VCCI). Prime Minister Nguyen Xuan Phuc is slated to be among key speakers at the VBS 2019, which has attracted 600 delegates, including 200 CEOs of international businesses and corporations, and a Japanese business delegation. Under the theme "Vietnam-A Trusted Business Partner in the Digital Age,” discussions at the VBS 2019 will focus on scientific and technological innovations, the shift of human resources in a digital age, and the many opportunities for Vietnam. During the conference, businesses will have an opportunity to update on the latest development trends in the … [Read more...] about Vietnam Business Summit 2019 opens in Hanoi