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Business in brief
Date :  11/06/2018
(Sourced from various news agencies)
  • Vietnamese and Cuban businesses have signed five trade deals within the framework of Ho Chi Minh City’s Investment, Trade and Tourism Promotion Conference in Havana. The agreements aim to encourage the exchange of business delegations, create favourable conditions for the promotion of Vietnamese products in Cuba, assist each other in organising events, share information about consumers’ consumption trends and habits, and boost import-export. In addition, the two sides also agreed to deploy projects to build a Cuba House in Vietnam and a washing-up liquid plant in Cuba’s Mariel special development zone, and further foster tourism cooperation. Representatives of organisations and businesses of Vietnam and Cuba shared experiences and feasible ideas for economic cooperation, especially in the spheres of renewable energy, tourism and property. As many as 170 delegates from 30 organisations and enterprises of Cuba attended the conference co-chaired by Vietnamese Ambassador to Cuba Nguyen Trung Thanh and Deborah Rivas, Director of the Investment Department under the Ministry of Foreign Trade and Investment of Cuba. (VNA)
  • At a working session with Cuban Deputy Tourism Minister Louis Sanchez, Chairman of HCMC People’s Committee Nguyen Thanh Phong briefed his host on potential for tourism cooperation between Cuba and the Vietnamese city. On this occasion, the Ministry of Tourism of Cuba signed cooperation agreements with HCMC’s travel companies to organize tours to Cuba, call on Vietnamese businesses to invest in building hotels and resorts in Cuba and support Cuban enterprises to participate in international tourism events in HCMC. Cuban Deputy Tourism Minister Louis Sanchez  said 2017 was a record year for Cuba’s tourism sector as the country welcomed more than 4 million visitors, up 16.8% year-on-year, earning US$43 billion. Cuba is regarded as the country has a potential to be an attractive destination after Mexico with an estimated number of tourists of 12 million in the upcoming years. Cuba's tourism industry hopes to have 103,000 hotel rooms by 2030, he added. (VGP)
  • HCM City is publishing information on activities of several real estate investors that have applied for mortgage loans secured by their property and land-use rights. The city said it wanted to provide customers with more information about what investors were doing with their properties. Several real estate experts noted that, as the property market in HCM City has become more active, it is normal to see many real estate companies applying for loans for projects and using their projects as their own security. However, there have been cases of companies using their mortgage loans for other projects rather than the projects used as security for those loans. In addition, some companies are using property currently owned by customers for mortgage loans, or are selling properties used as security to buyers. Real estate customers have been urged to carefully investigate the reputation and capability of real estate investors before making decisions on buying property or land. (VNS)
  • Vietnam’s export turnover has so far this year reached 82.63 billion USD, up 18.7% compared to the same period last year. The statistics show that exports are on the right track. Vietnam does trade with more than 200 countries and territories and has recorded export turnover of over 1 billion USD in 28 markets. Of these, seven markets witness turnover higher than 10 billion USD. Businesses said the Government’s policy of supporting the production of commodities for export has initially paid off. Nguyen Hung, Director of An Phu Viet Company said "We expect a growth of 30% for this year. We saw a growth of over 20% so far this year and we are seeking opportunities to access big partners to raise our production capacity." Experts say positive signs have been seen in export. However, the Ministry of Industry and Trade urged enterprises to focus on heightening the quality of products and invest in more economic-efficient production methods. (VNA)
  • Vietnam recorded a trade surplus of US$44.95 billion with the G7 (France, Germany, Italy, Japan, the UK, the US and Canada) last year, according to the latest statistics from the General Department of Vietnam Customs. Bilateral trade between Vietnam and the G7 nations hit US$113 billion last year, a year-on-year rise of 9.5%, accounting for more than a quarter of the country’s total trade value. Of that figure, Vietnam’s exports to the G7 were US$78.98 billion, up 8.4% against the previous year, accounting for 36.7% of the country’s total exports, while imports reached US$34.03 billion, up 12.3% and holding 16% of the country’s import value. (VOV)
  • Total trade between Vietnam and Japan hit US$11.41 billion in the first four months of this year, a -year-on-year rise of 13.2%, including US$5.75 billion from Vietnam’s exports to Japan (up 14.5%) and US$5.66 billion from its imports (up 11.9%).  According to the General Department of Vietnam Customs, Japan has been in top four of more than 200 trading partners of Vietnam over the years. In 2017, two-way trade turnover increased 13.8% to US$33.84 billion against the previous year with Vietnam’s exports of US$16.86 billion, making up 7.8% of the country’s total exports. Key export products to Japan include garment, means of transport, machines, equipment, tools and spare parts, seafood, wood and timber products. Meanwhile, Japanese businesses shipped US$16.98 billion worth of products to Vietnam (up 12.7%), accounting for 8% of Vietnam’s total imports last year. (VOV)
  • Capital mobilization by banks in Ho Chi Minh City reached over 2,082 trillion VND (88.1 billion USD) as of May, up 0.83 percent from the previous month and 14.47 percent year on year, said the municipal branch of the State Bank of Vietnam (SBV) on June 7. Of the amount, commercial joint stock banks accounted for 50.85 percent, up 9.08 percent from the same month last year. Saving deposits made up 49.81 percent of the total, marking a 7.54 percent yearly increase. As of early May, total outstanding loans surpassed 1,855 trillion VND, up 16.82 percent annually and 5.37 percent monthly. Commercial joint stock banks accounted for over 972.2 trillion VND, or 52.39 percent of the total and up 12.76 percent year-on-year. (VNA)
  • Vinamilk has won the title of "Top 50 Best Company in Vietnam" that selected by the Vietnam Investment Review in collaboration with Thien Viet Securities Company (TVS). This is the seventh consecutive year the dairy company was ranked in the list. The fame rankings show business results and reflect corporate governance over the past three years of 2015, 2016 and 2017 of the best companies in Vietnam. Another important item this year is the "Billion Dollar Enterprise" list with names of those with a market capital of more than US$1 billion. And Vinamilk was honorably the second best in the list with a market capital of US$13 billion. The total revenue of Vinamilk in 2017 was VND51,135 billion, contributing to the state budget more than VND4,200 billion, and Vinamilk’s capitalized value reached more than VND300,000 billion. In April, 2018, Vinamilk ranked third in the list of the 300 largest listed companies in Asia (in the period of 2016- 2018). Soon after, in May 2018, Kantar Worldpanel announced that Vinamilk was the most trusted milk brand in Vietnam for four consecutive years from 2014 up till now. (SGGP)
  • Viettel Group’s 10th international mobile phone network, Mytel, commenced operations in Myanmar on Saturday. Mytel, the fourth mobile phone operator in that country, has said it wants to become the biggest in the country in terms of both infrastructure and business. It is the only network with a customer service channel with video calling in Burmese, English and Shan, the language of the 6-million strong Shan people. Other networks only have Burmese and English. It already has in place more than 7,000 4G base transceiver stations (BTSs) and over 30,000km of fibre-optic cable that cover the entire nation, enabling it to provide a diverse range of services such as smart agriculture solutions (Nextfarm), traffic signal management system (Smart Light), an electronic wallet, route surveillance equipment and more. As of Mytel’s opening, Viettel Group’s registered overseas investment is over US$2 billion. It has repatriated profits of $516 million to Vietnam. (VNS)
  • Quảng Bình province is calling for investments on a list of 48 projects with a total expected value of over VNĐ50 trillion (US$2.2 billion). The list, which was approved by the province for the 2018-20 period, is projected to cover more than 8,000ha of land, with a focus on tourism, trade and services, industry, and agriculture, as well as education and health care. Notably, 14 projects in tourism and trade and services, including coastal and ecological tourism and resort complexes, are expected to raise over VNĐ37 trillion in investments. These are considered high-value projects that will create many jobs, increase the local budget, and foster tourism development in the province. The province has also instructed relevant agencies and localities to prepare information of the projects and increase promotional activities to lure domestic and foreign investors. Quảng Bình has also pledged to provide the best conditions for investors. Quảng Bình has over time made efforts to promote investment in the province, especially in tourism and trade projects. (VNS)
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