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Experts believed that the government’s decision on increasing foreign holding will be a springboard for foreign investors to penetrate into the Vietnamese burgeoning market. The Vietnamese aviation market is expected to undergo significant changes next year as the government opens up more room for foreign investors in the industry amid share sale plans of domestic airlines. Under new regulations on the conditional business lines in the aviation sector, effective from January 1, 2020, Vietnam will raise the foreign ownership limit in domestic air carriers to 34% from the current 30%. Analysts from Ho Chi Minh City Securities Corporation forecast that Vietjet would be the first airline to reach the new foreign holding limit as the budget airline seeks a strategic partner by 2020. A higher foreign holding ratio will be also expected at Vietnam Airlines that will have to unload 35.19% of state holding in order to reduce state ownership to 51% from the current 86.19% under the … [Read more...] about Foreign investors grasp more control overn Vietnam’s aviation market

Vietnam’s wood processing industry has maintained a high growth rate over the years, said Nguyen Quoc Khanh, chairman of the Handicraft and Wood Industry Association of HCMC (HAWA). From US$220 million in 2000, after 17 years, its turnover has reached US$8 billion, ranking among the seven sectors generating the greatest export value in the country. Particularly, in the first half of 2018, the export of wood and wood products earned US$4.13 billion, up 12.4% over the same period last year, according to the Ministry of Industry and Trade. Vietnamese firms in this industry are gradually gaining share from foreign-invested enterprises (FIEs), HAWA Vice Chairman Huynh Van Hanh said. In the early years of development, FIEs always accounted for more than 70% of the country’s total wood export sales. However, in the past three years, domestic enterprises have fared better and occupied 53% of total export turnover. When the domestic economy began to integrate, Vietnam’s wood … [Read more...] about Wood industry: Sustainable development

Customers browse handicraft products at a shop in Hanoi. Photo news.lota.vn The latest addition has brought the export turnover of these products to $190 million in the first five months of 2019, up 43 per cent year-on-year, the data shows. These positive figures were attributable to a booming demand of handicraft products, especially those made from bamboo, rattan and leaves, in the global market, online Nguoi Lao Dong (The Labourers) newspaper cited the Handicraft and Wood Industry Association of HCM City (Hawa) as saying. For example, more and more retirees in European countries are decorating their houses, resulting in high demand for handicraft products, Hawa said, adding that the proportion of people who bought handicrafts as gifts has also increased. According to Hawa, there remains huge potential for Vietnamese fine art and handicraft producers to accelerate their exports to overseas markets including major outlets such as the US, the EU and Japan and … [Read more...] about Fine art and handicraft exports surge in five months

As of the second quarter of 2019, Vietnam had welcomed 8.48 million foreign tourists, making it a top 10 destination for international arrivals in the Asia-Pacific region, according to a report released Monday by the Pacific Asia Tourism Association (PATA). The Quarterly Tourism Monitor report said the U.S. was most visited country/territory in the region, followed by Hong Kong and Mexico. Macau and Thailand rounded out the top five while the rest of the top 10 included Japan, Malaysia, Singapore and Canada. In Southeast Asia, Vietnam was fourth after Thailand (19.7 million), Malaysia (13.3 million) and Singapore (9.3 million). The report also showed Vietnam’s tourism growth experienced a year-on-year surge of 7.5 percent, ranking 12nd in the Asia-Pacific region. PATA’s statistics are based on the number of foreign visitors to 35 destinations in the Asia-Pacific region in the first six months of this year. Accordingly, the region, excluding the Chinese market, received more … [Read more...] about Vietnam among top 10 Asia-Pacific tourist destinations

Vietnam and Bangladesh are forecast to reap benefits from becoming alternative sourcing destinations as the fashion sector is reckoned the most exposed amid an escalating US - China trade war, according to Fitch Solutions analysts. Both Vietnam and Bangladesh appear to be well-positioned as clothing manufacturing hubs and will be obvious choices as clothing retailers with exposure to the US shift their production out of China. (Illustrative photo: VOV) US President Donald Trump has most recently threatened to levy new tariffs on US$300 billion worth of Chinese imports to the US. Unlike previous rounds of tariffs that largely targeted industrial and commercial products, this round is expected to cover all US imports from China and hit consumer goods such as toys, footwear, and apparel. Fitch Solutions, a macro research unit of Fitch Group, noted that on May 5 President Donald Trump announced the US would increase tariffs on US$200 billion worth of Chinese … [Read more...] about Trade war to benefit Vietnam’s fashion: Fitch Solutions