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Business in brief
Date :  08/08/2018
(Sourced from various news agencies)
  • The US Department of Commerce (DOC) has announced the launch of an investigation into the avoidance of paying anti-dumping and anti-subsidy taxes on cold rolled steel (CRS) imported from Vietnam. The decision was made based on petitions filed by US businesses on June 12, alleging that the Vietnamese CRS is the same with the product which is under tax levy and produced by hot rolled steel imported from the Republic of Korea (RoK). The DOC will issue the final decision within 300 days since the initiation of the investigation, said the Trade Defense Department under the Vietnamese Ministry of Industry and Trade. The agency recommended Vietnamese exporters fully cooperate with the US investigation agencies while closely coordinating with the department during the process. (VNA)
  • Remittances to Ho Chi Minh City in the first seven months reached nearly $2.9 billion, a State Bank official says. Nguyen Hoang Minh, deputy director of the HCMC branch of the State Bank of Vietnam (SBV), said this was a 20 percent year-on-year increase. Earlier in May, Minh had said that a total of $2 billion had been transferred from overseas to the largest city in Vietnam. He said the remittances were being used mainly in the manufacturing sector, not for real estate, securities and savings, which have been the typical draws for long. Vietnamese citizens living and working abroad sent home $13.8 billion last year, placing Vietnam among the world’s 10 biggest remittance beneficiaries, a World Bank report said. It also said the figure accounted for 6.7 percent of Vietnam’s gross domestic product, showing that remittances continue to be an important income source for the country. (Vnexpress)
  • The ride-hailing application FastGo will debut in Ho Chi Minh City this month, giving another choice of travel and payment methods for customers of the city. The app, developed by NextTech Group, was launched in Hanoi from June with similar operation method to Uber and Grab. In addition, FastBike for motorcycle taxi service will be started in the coming time, following the success of FastGo. After one month of operation in Hanoi, more than 5,000 taxis and private cars registered to work with FastGo. More than 10,000 ride-hailing calls were made, serving nearly 12,000 passengers who installed the app. At present, the Vietnamese business has exempted the commission rate for drivers. FastGo has kept its prices at a stable level, without raising the rates in unfavorable weather or time. Besides, it has launched various promotions to attract more visitors. (VNA)
  • A shortage of IT personnel has prompted Japan to adopt measures to attract foreign talents in the field, which opens up opportunities for Vietnamese IT engineers and firms. The Ministry of Economy, Trade and Industry of Japan estimated that the country will lack 369,000 IT engineers in 2020 and 789,000 by 2030. To fill in the gap, Japanese firms have stepped up efforts to hire foreign IT personnel in recent years. At the Vietnam IT Day in Japan in February this year, Chairman of FPT Software Hoang Nam Tien confidently declared that with a skilled workforce, Vietnam is the answer to Japan’s problem on IT manpower. Vietnam’s universities graduate around 55,000 IT engineers each year. According to FPT Software, initial statistics showed around 20,000 Vietnamese workers are serving the Japanese market in IT outsourcing (ITO) and business product outsourcing (BPO). (VNA)
  • A budget of 15 trillion VND (645 million USD) will be spent on 14 urgent transport projects during the 2016-2020 period under the Standing Committee of 14th National Assembly’s Resolution No.566/NQ-UBTVQG14. An amount of 7 trillion VND (301 million USD) will be allocated for four railway projects, including the upgrade of weak bridges on Hanoi-Ho Chi Minh City route, construction of new stations on Vinh-Nha Trang route, upgrade of essential works on Hanoi-Vinh route, and upgrade of vital works on Nha Trang-Saigon route. The remaining will be used for 10 road projects, comprising construction of a road connecting national highways 4C and 4D, national highway 3B, a road linking Hanoi-Hai Phong and Cau Gie-Ninh Binh expressways, and national highway 27. Other projects include upgrade of national highway 24, national highway 25, national highway 53’s Tra Vinh-Long Toan section in Tra Vinh province, national highway 57’s Dinh Khao- Mo Cay section in Ben Tre and Vinh Long provinces, Quan Lo-Phung Hiep road, and national highway 30’s Cao Lanh-Hong Ngu section in Dong Thap province. (VNA)
  • The Vietnam National Shipping Lines (Vinalines) has fixed the date for its IPO on September 5. The corporation will hold the IPO at the Hanoi Stock Exchange (HNX), offering more than 488.8 million shares, or 34.8 percent of its charter capital, at the starting price of 10,000 VND per share, according to the firm’s representative. Vinalines is a State-owned enterprise under the management of the Ministry of Transport, engaging in shipping, port management and maritime and logistics services in Vietnam and internationally. In June, Vinalines announced it will put up 20 percent of its charter capital, equivalent to 280.9 million shares, for the IPO slated in August while another 14.8 percent or nearly 207.9 million shares will be sold to strategic investors. After the IPO, the State will still own 65 percent of Vinalines’ charter capital, equivalent to approximately 913 million shares. (VNA)
  • Vietcombank will sell all of its remaining 1.48 million Orient Commercial Bank (OCB) shares at an auction on September 6. According to Vietcombank, at a starting price of VNĐ18,876 (80 US cents) per share, the bank is estimated to earn nearly VNĐ27.9 billion (US$1.19 million) if the auction succeeds. The shares are bonus shares that Vietcombank received from OCB before its first auction to sell 13.2 million OCB shares held in December last year. Offloading holdings at OCB is one of Vietcombank’s moves to comply with the central bank’s Circular 36, which allows commercial banks to hold shares in a maximum of two other credit institutions, with the stake in each not exceeding 5 per cent of the total equity of that institution. (VNS)
  • Like the leading companies in telecom, banking, real estate, and automobiles, Saigon Co.op, the country’s leading retailer, also made it to the list of the country’s largest taxpayers last year. The company said it scrupulously meets its tax obligations. The General Department of Taxation announced the list of the 1,000 biggest tax payers in the country in Hà Nội last week. Hà Nội and HCM City continued to lead in terms of the amount of tax paid and number of businesses. Đồng Nai and Bình Dương, highly industrialized provinces near HCM City, followed in that order. More than 250,000 out of the country’s 600,000 businesses paid income tax last year. The top 1,000 payers contributed 63 per cent of the total amount. This is the second year that the rankings have been announced. (VNS)
  • On Monday in HMC City, UOB announced that it has incorporated United Overseas Bank (Vietnam) Limited. Since 1995 the bank had been operating with a branch license. During its time in Viet Nam, UOB has been involved in many community activities such as the UOB Student Loan 0 per cent interest rate program for underprivileged college students and The annual UOB Heartbeat Run/Walk to raise funds for the region including Vietnam. UOB is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in the Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. (VNS)
  • Vietjet Air will offer 200,000 flight tickets at low prices from zero VND on routes from Vietnam to Japan, the Republic of Korea and Taiwan from August 8-10. The promotion is applied for flights to Osaka in Japan; Seoul, Busan and Daegu of the RoK; Hong Kong and Kaohsiung, Taipei, Taichung and Tainan in Taiwan between September 1, 2018 to March 31, 2019. The Ha Noi-Osaka route will take more than four hours, with daily return flights since November 8. The flight will take off from Ha Noi at 1:40 and land in Osaka at 7:50 (local time). In the return leg, the flight will leave Osaka at 9:20 (local time) and reach Hanoi at 13:05. Meanwhile, the five-hour Ho Chi Minh City-Osaka flight will operate every day since December 14, taking off from Ho Chi Minh City at 1:40 and landing in Osaka at 8:30 (local time). The return flight will depart from Osaka at 9:30 (local time) and arrive in Ho Chi Minh City at 13:30. (VGP)
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