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Business in brief
Date :  10/08/2017
(Sourced from various news agencies)
  • Ho Chi Minh City will become the second fastest growing economy in Asia by 2021, Bloomberg cited a new study by the UK-based Oxford Economics as saying in a Wednesday report. In the next five years, HCMC's economy is expected to grow by 8 percent each year, according to the study, which ranked Asia's 30 largest cities. The city is the only non-Indian city in the top five that also includes New Delhi, Chennai, Mumbai and Hyderabad, reflecting its success in establishing itself as a manufacturing center, as well as its strong services sector, according to Bloomberg. In January, Chicago-based financial and professional services firm JLL ranked HCMC the world’s second most dynamic city, after India’s Bangalore. The city was categorized in the “High Potential Cities” that are driven by low costs, rapid consumer market expansion and high levels of foreign direct investment. (Vnexpress)
  • The Management Board of Saigon River Tunnel under the HCMC Department of Transport is organizing bid invitation to choose contractors for the first phase of the intelligent transportation system (ITS) which is expected to cost VND6 trillion (US$264 million). The first phase will upgrade the current traffic light, supervise and supply traffic information and assist to tackle violations in 78 streets and major intersections at the total capital of VND250 billion ($11 million). According to the plan, HCMC will invest in the intelligent transportation system to operate and manage the entire traffic system in the city. This is determined to be one of effective solutions to gradually solve traffic issues, contribute in developing HCMC into a civilized, modern and humane city with good living standard. The first phase is expected to complete at the end of 2018. Afterwards, the Transport Department will implement the second phase to develop the system in 3,800 streets stretching over 3,600 kilometers and 1,400 intersections citywide. (SGGP)
  • The Ministry of Planning and Investment is drawing up a plan for restructuring the service sector from 2016-2020, making it compatible with the economic restructuring plan for the same period. According to the ministry, the service industry posted relatively higher growths than other sectors between 2011 and 2016 and continued to be the economy’s driving force. Though the service economy accounted for the largest share of the country’s GDP, the proportion still lagged behind that of other countries in the region. Moreover, the service sector has seen development in a limited range of areas like retailing, financing and banking, real estate, and tourism. The plan aims to introduce a comprehensive set of measures to restructure the sector toward modern and sustainable development, contributing to the national economic restructuring. The plan will focus on a number of service areas, including IT and telecommunications, education and training, finance-banking-insurance, logistics and transportation, tourism, science and technology, distribution, healthcare and construction. (VNA)
  • The nation’s fiber and yarn exports reached 750,000 tons, worth more than US$1.85 billion over the past seven months, surging 17% in volume and 26.5% in value against the same period last year. Over 341,000 tons of fiber and yarn were shipped abroad for $933.4 million in the first half of this year alone, up 18.5% in volume and 29.47% in value, according to the General Department of Customs. Vietnamese fiber and yarn have been exported to nearly 20 countries worldwide. Of them, mainland China is the leading importer, accounting for 54.4% of the total value. South Korea and Turkey were the two other largest importers. Other markets recording positive import turnovers included Taiwan, Hong Kong and Pakistan. Although Turkey remained the third largest consumer of Vietnam’s fibers and yarns, exports to the market slumped significantly by 37.5% in volume to 30,000 tons and 28.3% in value to $67.9 million from January to June period. (VNS)
  • Exports of cuttlefish, squid and octopus rose by 50% to US$269 million in the first half of this year, despite a reducing number of export markets, according to latest statistics from Vietnam Customs. Cuttlefish, squid and octopus products have been shipped to 54 countries, less in number than last year. However, the total export value still increased as most export markets saw a growth. Nine countries, namely the RoK, Japan, the EU, ASEAN, China, Israel, Taiwan, the US and Australia remain top importers of Vietnam cuttlefish and octopus. They made up 99% of the total export value in the first half of this year. Exports to these markets saw a growth compared to the previous times. For instance, exports to the ROK jumped by 40.5% to US$95 million, keeping the country the largest importer of Vietnam cuttlefish and octopus. Japan came second with US$63 million, up 39.4%, followed by the EU with US$51.5 million, up 101.6% and ASEAN with US$30 million, up 30%. VASEP forecast that cuttlefish and octopus exports will continue to rise. (VOV)
  • Motorcycle consumption was in uptrend with consumption volume averaging 255,000 vehicles a month in the first half this year, up 15,000 over the same period last year, according to the Ministry of Industry and Trade. Meantime, statistics from the General Department of Vietnam Customs show that motorcycle and part import turnover reached $210 million, a year on year increase of 14.3 percent. Vietnam Motorcycle Manufacturers Association (VAMM) reported that its five members’ sales went up 6 percent to hit 1,527 million motorbikes of various types. That does not include export vehicles. The five members include Honda Vietnam, Suzuki Vietnam, SYM Vietnam and Yamaha Motor Vietnam. According to manufactures, underbones consumption has been in downward trend while scooters has been on the rise. In 2016, the ratio of sold scooters accounted for 45 percent. VAMM forecast that Vietnam’s motorcycle market will be stable in the upcoming time with a strong development of scooter lines. Therefore, distributors will increase import of products in this segment. (SGGP)
  • Up to 500 retailers and businesses will attend the Hanoi Sales Promotion Month 2017 in November, allowing consumers access to a wide range of discounted products at about 1,000 locations. Various promotional events will be held by the industry and trade department during the month. As part of the activities, a three-day tourism promotion festival will be held in the Octagonal House at the city’s Ly Thai To Park. Themed “Hanoi-a cultural destination”, the event aims to promote tours with discounts in the city in November. Meanwhile, the traditional “Golden Days” will be observed in 50 locations across the city where discounts from 20 percent-50 percent will be available. Also, the Online Golden Week will offer products and services with discounts of up to 50 percent, held following the Golden Days event. The promotion month finishes with a golden promotional exhibition, featuring 250 booths at Quan Ngua Sport Palace with prices cut up to 50 percent. (VNA)
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