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
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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
Ho Chi Minh City They are hoping to find the shortest way to apply AI on a large scale and need a model that most suits the city's current infrastructure. The model should also be able to create a connection among the four factors for development, which are the city’s administration, businesses, scientists who study the application of AI, and investors in AI projects, the city's Chairman Nguyen Thanh Phong said at a recent conference. "The success of studying and applying AI will depend much on this connection, especially considering the fact that small, medium and even micro enterprises make up 98 percent of businesses in the city," he said. The city also needs to map out plans to train staff for AI development and application and is calling for investments in such programs. "The human resource that is not yet ready to catch up with the Industry 4.0 era is one of the weak points that will hold back the research and application of AI. "The application of AI into … [Read more...] about HCMC keen on using artificial intelligence to advance urban development
Since the enactment of the Law on Foreign Investment in December 1987, one of the first achievements of ‘Doi Moi’, Vietnam has attracted FDI to its economy for over 30 years. Hence, FDI is becoming an important economic sector of Vietnam. A long road To date, more than $182 billion in FDI has been invested in almost all industries and sectors of the economy, significantly contributing to the development and restructuring of the economy. The FDI sector accounts for about 25% of total investment nationwide, and generates over 70% of total export turnover of the country. However, many experts believe that FDI is dominating too many fields and occupations, taking opportunity away from home-grown businesses, and above all, making the economy dependent on foreign investment. To adequately analyse the effect of FDI, Dr. Nguyen Dinh Cung, Director of the Central Institute for Economic Management, explains that one cannot only focus on FDI enterprises alone, but must make a … [Read more...] about Will FDI adversely affect Vietnamese businesses?
Advancement of CNC precision technology plus new technologies such as artificial intelligence, big data, cloud computing, and robots have helped woodworking technologies to make progresses. Moreover, these technologies give businesses opportunities to improve quality and reduce dependence on labor as well as sustainable growth. Vietnam is approaching to be a major furniture supplier in the world in this time when many US importers are shifting China orders to many countries including the Southeast Asian. However, the wood processing industry has faced challenges when more foreign investment capital has poured in the country. From the early this year, forestry industry showed a strong increase in export value from the beginning of the year. Overseas shipment of forestry product exports in first nine month reached US$7.9 billion, a year-on-year growth of 18.1 percent, accounting for 26.4 percent of total agro-forestry and seafood export. Export turnover of the whole year is … [Read more...] about Vietnam’s wood firms should apply technologies to increase competitiveness