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Vietnamese supporting industries lag far behind Thailand Compared with Thailand, Vietnamese supporting industries are still in a nascent stage. The localization ratio of the Thai automotive industry is roughly 60-70% compared with 7-10% in Vietnam, stated Vu Trong Tai, general manager of Reed Tradex Vietnam. Tai told the Saigon Times that the supporting industries in Vietnam have made impressive progress over the last few years. The country has seen more small and medium enterprises (SMEs) participating in the global supply chain, and the localization ratio has increased. Many local companies can now supply high-quality products to Samsung, Intel and other giants. However, there is still much room for development to fill existing gaps. The number of SMEs qualified to serve the global supply chain is limited, modest in scale and lacks collaboration, resulting in low supply capability. In addition, the lack of proper investment in the latest technology hinders competitiveness in terms … [Read more...] about VIETNAM BUSINESS NEWS HEADLINES OCTOBER 20

Companies issue $7.7b worth of bonds in nine months The nine-month value is equal to nearly 80 per cent of the total bond issuance value in 2018. The figure is also lower than the total registered value of nearly VND276.9 trillion (nearly $12 billion), which means nearly VND98 trillion bonds were unsold. In September, 28 companies made 60 issuances with total capital raised of VND19.4 trillion (excluding international bond issues). Most bonds were three-year term with total value of VND13.5 trillion. Interest rates of bonds issued in September ranged between 6 per cent and 11 per cent per annum. Banks were the main player in the bond market with total issuance value of VND14.1 trillion in September, accounting for 72.78 per cent of total market value. Real estate companies followed with VND965 billion (4.97 per cent) and securities firm with VND413 billion (2.13 per cent). Bonds issued by banks also had the lowest interest rate, averaging only 6.71 per cent per year. Some companies … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 18

Yellow card pushes seafood industry developing sustainably Vietnam’s seafood exports have been seriously affected since the European Commission issued an official warning against illegal, unreported and unregulated (IUU) exploitation of Vietnamese seafood. The European Commission’s yellow card has seriously affected Vietnamese seafood firms, resulting in a downturn in export value to the EU and a shortage of input material. Given these acute challenges, this company has still raked in six million USD, recorded 12 percent export growth in the first eight months of 2019. This success looks like a timely change in tactics. The EU is no longer Vietnam’s second biggest seafood importer. With import value of 251 million USD, it now stands in fifth position. According to the Vietnam Association of Seafood Exporters and Producers, seafood exports to the EU have fallen, but have witnessed growth in other markets. Seeing the challenge as an opportunity to restructure, the … [Read more...] about VIETNAM BUSINESS NEWS HEADLINES OCTOBER 17

The Asian Development Bank (ADB) has received US$20.2 million from the Women Entrepreneurs Finance Initiative (We-Fi) to support women-led small and medium-sized enterprises (WSMEs) to access critical financing and training in Vietnam and the Pacific. Women-led businesses comprise about 60 per cent of all micro, small, and medium-sized enterprises in Asia and the Pacific. — Photo vietnamplus.vn The grant – the second that ADB has received from We-Fi – will finance the Women Accelerating Vibrant Enterprises in Southeast Asia and the Pacific (WAVES) programme, which aims to promote inclusive and sustainable growth and development through women’s businesses and entrepreneurship. Approximately 5,000 women-led SMEs from Việt Nam and the Pacific will benefit from the 5-year programme. “Women’s businesses have a crucial role to play in the Asia Pacific region’s efforts to achieve inclusive and sustainable development, but social … [Read more...] about New financing to enhance support for women-led SMEs

Outdated database, policies hinder sharing economy development Databases and policies that have failed to keep pace with the market’s development have hindered the development of the sharing economic model. At a workshop themed “Strengthening the implementation of the project to promote the sharing economy model,” held in Hanoi on October 10, Pham Xuan Hoe, deputy director of the Banking Strategy Institute, noted that the project had been approved by the prime minister on August 12. The project is aimed at creating a fair business environment for enterprises applying the sharing economy and traditional models and encouraging innovation and the application of digital technology. Vietnam holds strong potential for developing the sharing economy. Recently, Google, Temasek and Bain & Company released a report on the e-economy in Southeast Asia this year. Accordingly, Vietnam’s digital economy will be worth US$12 billion this year and US$43 billion by 2025 … [Read more...] about VIETNAM BUSINESS NEWS HEADLINES