Packaging industry

Thailand's SCG Packaging Pcl (SCGP) on Monday announced an 11.8 billion baht ($353.93 million) expansion in its packaging paper business in Vietnam, anticipating growth in demand. A new facility will be built in Vinh Phuc province in northern Vietnam, to begin operations in early 2024, which will raise total production capacity to 870,000 tonnes of packaging paper per year, up from 500,000, SCGP said in a statement. It will be run by Vina Kraft Paper, a joint venture between SCG Packaging and Japan's Rengo Company, of which SCGP holds 70%. "Vietnam has strong domestic consumption and is an important export base in the region, a big draw for multinational companies to invest their operations there," chief executive Wichan Jitpukdee said. Wichan anticipated Vietnamese demand growth of 6% to 7% annually until 2025. SCGP, a unit of Thailand's largest industrial conglomerate, Siam Cement Pcl, said it would use cash and debt to finance the expansion. The facility is the latest … [Read more...] about Thailand’s SCG Packaging plans $353 mln Vietnam expansion

The Vietnamese economy in the third quarter of 2021 has been severely affected by COVID-19, with all facets of the economy and enterprises left in the lurch. In this context, many commercial banks have taken the initiative in reducing cost and profit targets while increasing packages of preferential loans to give more support to people and enterprises. BAC A BANK always accompanies enterprises and individuals with preferential loans In addition to its fight against the pandemic and ensuring its staff and customers at transaction spots and keeping smooth operations to serve the economy’s demands, BAC A BANK has earmarked many types of attractive incentives for individual customers within September 7 to December 31, 2021, with the loans disbursed before January 31, 2022 at all branch systems of BAC A BANK nationwide. The preferential loans are aimed to help the customers to purchase real estate and automobiles, build and/or repair houses, supplement loans, and invest … [Read more...] about BAC A BANK offers preferential loans for individuals hit by COVID-19

About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new... Some 58 per cent of global respondents predict that they will completely cease to exist in the next five to ten years unless they change their business models. — Photo bnews.vn About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new report from cloud banking platform Mambu and The Financial Times Focus (FT Focus). The ‘Evolve or be extinct’ report was conducted by FT Focus and surveyed over 500 senior banking executives globally to gain insights into their perception of the banking industry, now and in the future. The results illustrate the urgent need for banks to modernise their offerings, with 58 per cent of global respondents predicting they will completely cease to exist in the next five to ten years unless they change … [Read more...] about VIETNAM BUSINESS NEWS SEPTEMBER 19

A representative of HCM City's Youth Union wears the costume of Hằng Nga, a traditional character of the Mid-Autumn Festival, as she presents gifts for children of migrant workers in dormitories in HCM City. VNA/VNS Photo HCM CITY – Many children in HCM City, the country’s coronavirus epicentre, have enjoyed a special Mid-Autumn Festival this year despite social distancing regulations thanks to joint efforts of authorities, organisations and volunteers. In the past three days, the dormitories of migrant workers in Sơn Kỳ, Tây Thạnh wards in Tân Phú District; Tân Nhựt, An Phú Tây wards in Bình Chánh District; and Hiệp Phước Industrial Zone in Nhà Bè District have been full of the sounds of happiness with children’s laughter. Youngsters celebrated their Mid-Autumn Festival with mooncakes, milk, small boxes of candy and biscuits, as well colourful paper lanterns. These are in gift packages for the full-moon festival local authorities, youth unions and benefactors, in the … [Read more...] about Efforts made to bring a special Mid-Autumn Festival for kids amid COVID-19 pandemic