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Masan’s The Sherpa Company Ltd will pour $15 million into the company, established last week to own the Phuc Long brand, which is among the most popular beverage brands in Vietnam with 82 stores nationwide. The deal puts Phuc Long Heritage’s valuation at $75 million. It will help establish Phuc Long kiosks in over 2,200 VinMart+ convenience stores to provide tea and coffee to consumers. In the last three months, four pilot kiosks have been opened in Ho Chi Minh City and another 1,000 will be set up in the next 18-24 months. "I believe that in combining the Phuc Long products and VinMart+ network of more than 2,200 stores today and 10,000 stores in the next five years, we will provide 100 million Vietnamese consumers with the opportunity to enjoy the freshest, most delicious tea and coffee," said Truong Cong Thang, CEO of VinCommerce. Each kiosk will share 20 percent of its revenue with VinMart+, adding 4 percentage points to the profit margin of the retail chain. Vietnam’s … [Read more...] about Masan acquires 20 pct stake in Phuc Long tea chain

Additional 88 domestically-transmitted COVID-19 cases reported Vietnam logged 97 new COVID-19 cases, including 88 domestic and nine imported, in the past six hours to 6pm on June 22, the Ministry of Health (MoH) said. Most of the new cases were detected in Ho Chi Minh City, with 63 infections, and the remainders were discovered in Bac Giang (12), Bac Ninh (6), Hung Yen (2), Nghe An (1) and Hanoi (1). By 6pm on June 22, the country had recorded a total of 12,010 domestically-transmitted infections and 1,717 imported cases. The number of locally-transmitted cases since the fourth COVID-19 wave hit Vietnam on April 27 amounted to 10,875, including 2,772 recoveries. According to the MoH’s Medical Service Administration, 5,546 patients have given the all-clear from coronavirus SARS-CoV-2 to date, while the death toll related to the disease was 69. Among active patients undergoing treatment, 377 have tested negative to the virus once, 132 twice and 141 thrice./. 12-hour … [Read more...] about VIETNAM NEWS HEADLINES JUNE 22

Vietnam records 1.35 billion USD trade deficit in first half of June Vietnam reported a trade deficit of 1.35 billion USD in the first half of June as exports reached only 12.3 billion USD – down nearly 2 billion USD compared to the latter half of May, the General Department of Customs has announced. Among items posting the strongest turnover decline included computers, electronics and parts with 1.06 billion USD, down 800 million USD; machinery and equipment with 1.1 billion USD, down 260 million USD; and telephones and components with 1.96 billion USD, down 50 million USD. Since the beginning of this year to mid-June, the nation’s trade value surpassed 288.6 billion USD. Of the sum, over 143.3 billion USD came from exports, up 30 percent year-on-year while the remainder of 145.3 billion USD was from imports, up 36 percent. That resulted in a trade deficit of 1.96 billion USD, the department said. According to trade experts, the above-mentioned trade deficit was … [Read more...] about VIETNAM BUSINESS NEWS JUNE 23

Tran Van Duy has been fined 12.5 million VND (545 USD) for posting fake news about COVID-19. (Photo: VNA) Hanoi (VNA) - The Hanoi Department of Information and Communications has issued an administrative fine on Tran Van Duy from Hoang Mai district, born in 1982, for posting fake news online, department director Nguyen Thanh Liem has said. Duy, the owner of the Facebook account “Ha Noi Pho” (https//www.facebook.com/hanoiphotv), spread a video of Hanoi streets on May 4 entitled “Hanoi streets quiet on the first day of lockdown”. After studying the information, department inspectors found it was incorrect and violated regulations stipulated in Article 5 of Government Decree No 72/2013/ND-CP dated July 15, 2017 on managing, supplying, and using internet services and information on the internet. Based on Point a, Clause 3, Article 99 of Decree No 15/2020/ND-CP issued by the Government on February 3, 2020, the department fined Duy 12.5 million VND (545 USD) for his … [Read more...] about Facebooker fined for spreading fake news about COVID-19 in Hanoi

Vietnamese Ambassador Le Linh Lan receives the donation from Swiss businessman Urs Angst (Photo: VNA) Geneva (VNA) – The Vietnamese Embassy in Switzerland raised more than 32,500 CHF (35,395 USD) for Vietnam’s COVID-19 prevention and control fund at an event held on June 21. Of the sum, 20,000 CHF were donated by Swiss businessman Urs Angst, CEO of the food processing company Metzgerei-Angst ; and 5,000 CHF from Truong Thanh Nguyen, the Vietnamese owner of the Truong Vinh AG company in Switzerland. Urs Angst told the Vietnam News Agency correspondents in Geneva that he wants to revisit to Vietnam as soon as possible, and his desire could only be achieved if the nation secures enough vaccine for its people. Nguyen said he donates to the fund to help Vietnamese get vaccinated and Vietnam soon open its border and bring life back to normal. At the event, Vietnamese Ambassador Le Linh Lan expressed her appreciation for the donors’ contributions in the context that … [Read more...] about Vietnam Embassy in Switzerland raises over 32,500 CHF for COVID-19 fund at home

Electronic component production at a foreign-invested company. The disbursement of FDI capital in the first five months of 2021 was estimated at US$7.15 billion.— Photo congthuong.vn The Ministry of Planning and Investment (MPI) has announced plans to issue more specific criteria for special investment incentives to better attract foreign direct investment (FDI). The ministry is collecting opinions to finalise the draft of the Prime Minister's decision on special investment incentives, said Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc. Viet Nam needs more specific regulations on special investment incentives, especially for sectors seeking investment under Viet Nam's development plans, create more advantages when negotiating with foreign investors and competing to attract foreign investment, she said. The decision also aims to institutionalise the provisions of the Investment Law and Government Decree No 31/2021/ND-CP on issuing detailed regulations and … [Read more...] about Viet Nam to issue more specific criteria in special investment incentives