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
How investors invest in startups
Vietnam lacking good startup ecosystem to attract capitalBy Thuy Dung Minh Quyen (R), founder of Startup Talk Café100% English, shakes hand with his investor in a TV show program called Shark Tank, which is designed for young startups calling capital. Vietnam is lacking good startup ecosystem to attract capital - PHOTO: SHARK TANK HANOI - Though Vietnam is considered to offer a strong potential for investments in startups, domestic investors are inexperienced in startup evaluation and foreign investors are discouraged by the complex legal environment, according to an expert. On the sidelines of an August 24 workshop on financial support for startups, Jouko Ahvenainen, founder and executive chairman of Grow Vc Group, said that one of the problems concerning the attraction of capital for Vietnamese startups is that domestic investors have money, but are not experienced enough to identify good startups, to understand how they are operating and how to assist these businesses. … [Read more...] about Vietnam lacking good startup ecosystem to attract capital
Investment funds for startups in Vietnam still modest By Van Nam Nguyen Viet Dung, director of the HCMC Department of Science and Technology, speaks at the ninth meeting of the HCMC People’s Council on July 12 – PHOTO: VAN NAM HCMC - Slow reforms of procedures in Vietnam have forced enterprises to move to other countries to start businesses, and investments in startups remain modest compared with those in regional countries. At a Q&A session of the ninth meeting of the HCMC People’s Council on July 12, the director of the HCMC Department of Science and Technology, Nguyen Viet Dung, noted that many startups in the country had moved to Singapore as it facilitated quick business registration procedures. In Vietnam, it takes months to complete the procedures, he added, stressing that certain investments needed quick procedures as investors may make an investment one month and sell it the following month. According to Dung, Vietnam attracted US$202 million … [Read more...] about Investment funds for startups in Vietnam still modest
Vietnam can expect its fintech ecosystem to grow in the near future should it pay attention to the funding issue, growing talent in the field, and a legal framework to support such growth. Vietnam is currently ranked second in the number of incubator, accelerator, and innovation labs in the region, behind only Singapore. This is a positive signal for the development of fintech in Vietnam. The country has another advantage in being a young and digitally savvy economy. As per an EY report, around 90 per cent of payments are still in cash. That is the reason why Vietnamese fintech startups have strong focus on payment—47 per cent specialises in this sub-sector, ranking highest in the region. There are also some fintech associations in Vietnam where fintech startups can gather to update, improve their knowledge, seek support, share experiences, and develop a legal framework for this industry. “Fintech companies are still small in scale and the policies and regulations for … [Read more...] about E&Y: Where is fintech in Vietnam?
Young startup participants at the event. (Photo: SGGP)The contest consists of four rounds which will occur from April to October 2018. Five projects will be awarded the first prize with a total fund of VND2 billion. Projects which come to the final round will be linked to a network of international investors, consultants, and partners. Contestants can find more information and how to register at the website: http://event.sihub.info/hist/index.php. Mr. Bui Ta Hoang Vu, Director of the Department of Tourism, stressed attractive tourism products should be made by innovation during the process of shaping and providing services. The launch of the contest offers opportunities for the tourism industry to receive creative ideas and leading travel businesses to create new tourism products in the near future. On this occasion, the two units inked a Memorandum of Understanding to develop an eco-tourism startup system, focusing on mobilizing enterprises, institutes and investment funds to … [Read more...] about Contest on tourism startup launched in southern hub