The business community looks to 2019 with great expectations Photo: Le Toan Ousmane Dione Country director, World Bank Under the leadership of the Vietnamese government, Vietnam’s socioeconomic achievements have been remarkable. Over the course of 30 years, the economy has expanded at an average of nearly 7 per cent annually. As a result, per capita income has increased almost five-fold. Vietnam today has emerged as a thriving lower middle-income economy and an export powerhouse. Growth has also been inclusive, with poverty falling to just below 7 per cent, compared to more than 60 per cent in the late 1980s. But Vietnam’s journey to become a modern, industrial economy has only just begun, and past achievements are no guarantee for future success. Domestically, Vietnam will have to tackle rising structural headwinds, including a rapidly-aging population, slow productivity growth and weak investment, as well as an increasing environmental toll on development. Leaning … [Read more...] about Business bigwigs on 2019 prospects
Small business investors
Enterprise Rent-A-Car to enter Vietnamese market The US’s biggest car rental company, Enterprise Rent-A-Car, will officially offer its services in Viet Nam starting on November 29. The company’s website enterprise.vn is now opening for rental services, with vehicles of five to 29 seats. The prices range from VND800,000 (US$34.19) a day for a Suzuki Vitara to VND2.6 million per day for a Samco bus. Enterprise’s car rental services in Viet Nam (and Asia) are licensed to MP Executives – a subsidiary of MP Group – which has more than 23 years of experience in the logistics industry in Viet Nam. Viet Nam is the first country in Asia to use Enterprise’s car rental service. In addition to providing services in the US, Enterprise is available in 84 other countries. Vingroup opens three technology firms Vingroup’s goal in the next 10 years is to become a world-class technology-industry-service corporation in which technology plays a major role. — … [Read more...] about BUSINESS NEWS IN BRIEF 27/11
The MoU to jointly launch a digital lending platform to benefit SMEs in Việt Nam was signed in HCM City. -- VNS Photo Viet Nam News HCM City – At the 48th World Chief Financial Officers Congress in HCM City yesterday, the AsiaInvest Group and MoolahSense signed a memorandum of understanding to jointly launch a digital lending platform to benefit small and medium-sized enterprises in Việt Nam. “This is an opportunity for SMEs and start-ups in Việt Nam to have a transparent and effective funding source when loans from local banks are limited and hard to access,” Nguyễn Ngọc Bách, chairman and CEO of AsiaInvest, said. The MOU puts in place a roadmap to establish a joint venture that taps into their respective strengths to provide tech-driven financing solutions to address the financing gap plaguing small business in the country. According to the 2017 economic census by the General Statistics Office of Việt Nam, there were … [Read more...] about New digital lending platform for small businesses
Vietnam’s rice exports hit 5.2 million tonnes in ten months Vietnam shipped abroad 264,000 tonnes of rice in October this year for 136 million USD, pushing the total figures so far this year to 5.2 million tonnes worth 2.6 billion USD, up 1.7 and 14.1 percent year-on-year. China remained the leading importer of Vietnamese rice with a growth rate of 24 percent. Strong rises were also seen in many other markets, such as Indonesia, Iraq, the Philippines, and Malaysia. Average rice prices in the first nine months of 2018 reached 503 USD per tonne, up 13.7 percent year-on-year. The highest price was recorded for Jasmine rice with 575 USD per tonne, followed by Japonica with 526 USD per tonne. The export of medium- and high-quality rice increased, while that of low quality types reduced, now accounting for just 2 percent of the total export volume. [Video: Vietnamese rice now top quality on the international market] On October 18 this year, the Philippines closed its bidding and … [Read more...] about BUSINESS NEWS IN BRIEF 11/11
According to a 2018 report by the World Bank, Vietnam's credit access index ranks 29th out of 190 economies surveyed, higher than the average of the Organization for Economic Co-operation and Development (OECD) and East Asia & Pacific. But Vietnamese small and medium-sized enterprises (SMEs) said it is a big challenge for them to access credit. According to the Vietnam Chamber of Commerce and Industry (VCCI), only 30 percent of SMEs in Vietnam have access to loans from the formal sector, with the rest having to use their own funds or depend on unregulated loans. This makes it hard for them to find business opportunities and solve other problems with respect to cash flow, working capital, and debts. The VCCI has drawn up a list of loans types and the challenges each segment faces. Bank loans Many banks have made it possible for SMEs to get access to credit. In the past few years most joint stock banks have earmarked tens of trillions of dong ($1=VND23,381) for priority sectors. … [Read more...] about Who do Vietnam’s small and medium-sized enterprises turn to for funds?