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Business in brief
Date :  09/08/2018
(Sourced from various news agencies)
  • Vietnam expects to welcome more than 800 leaders of governments, global leading groups, civil society organizations and media to the World Economic Forum (WEF) on ASEAN slated for this September in Hanoi. The forum will take place on September 11-13 under the theme ASEAN 4.0: Entrepreneurship and the Fourth Industrial Revolution. A record number of regional heads of state or government will participate in the event, said the WEF’s press release. In all, eight ASEAN countries will be represented by their prime minister, president or state counselor. Issues to be discussed at the forum include Asia’s New Balance of Power, Factory Asia’s Next Frontier, the Future of Jobs in ASEAN, Asia Economic Outlook, Accelerating the ASEAN Economic Community, ASEAN Pluralism and Designing Cities 4.0. (VNA)
  • The Vietnam Manufacturing Expo 2018 is taking place in Hanoi from August 8-10, displaying the latest machinery and technologies for the manufacturing and supporting industries by 200 brands from 20 countries. Hundreds of leading experts from Japan, Singapore, Thailand, and China’s Taiwan have participated in the event, providing solutions and know-how about smart factories to support Vietnamese manufacturers. New robots, machinery and technologies for Vietnam’s manufacturing and supporting industries are introduced at the event, allowing small- and medium-sized enterprises to apply production automation. The expo includes a technology presentation on new product by TOYO Automation Co., Ltd., and a forum on developing the brand name of supporting electronics industry products held by the Vietnam Electronic Industries Association, Vietnam Industry and Trade Information Centre, and Red Tradex Co., Ltd. (VNA)
  • The national e-procurement system (VNEPS) was the spotlight of the Vietnam E-Government Procurement Forum 2018, the first on the issue at the national scale, in Hanoi on August 8. The VNEPS, run by the national e-procurement center, was introduced on a trial basis for six years and officially put into operation nationwide in 2016. Statistics of the center show that the numbers of bid inviters and bidders actively using the VNEPS have increased considerably. In the first seven months of this year, nearly 9,000 bid packages were offered online, doubling that in the same period of 2017. The figure is expected to stand at about 15,000 in 2018. Deputy Minister of Planning and Investment Vu Dai Thang said despite encouraging initial outcomes, there remain many difficulties and challenges in developing e-procurement. Hence, the ministry will push ahead with fine-tuning the legal basis, improving staff’s capacity, disseminating information to participants, and perfecting technical infrastructure. (VNA)
  • TÜV SÜD, the German testing, inspection, auditing and certification giant, launched its hardlines testing laboratory in Ho Chi Minh City in Vietnam on August 8. The laboratory, expanded within the existing facility is fully equipped with world class services to cater to the hardlines testing needs of the manufacturers and exporting companies. Consumer products such as furniture, candles, toys, jewelry, stationery, tableware and decorative items will be tested in the laboratory for their quality and safety compliance. The hardlines testing laboratory will be fortified with superior capabilities such as physical performance testing that assesses product compliance with the US and EU standards. The new laboratory is further equipped to carry out chemical testing as well, to analyze the content of harmful substances in the products. (VNS)
  • Home Credit Vietnam said it was one of the top 50 taxpayers in the country in both 2016 and 2017. It was honored by General Department of Taxation as the 44th biggest corporate income tax payer last year. According to the General Department of Taxation, the list of biggest payers is based on the actual amounts they pay, and thoroughly reviewed to guarantee objectivity, transparency and fairness. The company said its bad debts ratio has always been under 3 per cent. It is the first consumer finance company in Vietnam to get a B3 rating from Moody’s and B+ from Fitch Ratings. Home Credit has been in Vietnam since 2008, offering consumer finance products. It is now headquartered in HCM City and has a branch in HCM City and nine representative office in key cities and provinces. (VNS)
  • SCG has signed loan agreements worth over 3.2 billion USD with six banks in its home country, Thailand, to fund the construction of Vietnam’s first fully integrated petrochemical complex, Long Son Petrochemicals Company Limited (LSP). Construction will begin in the third quarter of this year and the complex’s commercial operations are expected to start in the first half of 2023 to meet Vietnam’s soaring demand, now at 2.3 million tons a year and projected to expand consistently thanks to the country’s strong economic growth. The US dollar loan deals are with Sumitomo Mitsui Banking Corporation, Mizuho Bank, Bangkok Bank, Krungthai Bank, Siam Commercial Bank, and the Export-Import Bank of Thailand. The credit tenor is 14 years. Sumitomo Mitsui Banking Corporation is the project’s financial advisor. (VNA)
  • Can Tho city will further support local businesses to increase the number of firms eligible to export rice to China, whose demand for the grain is still growing. Wang Zhi Xi, Chairman of a food company based in Dongguan city of Guangdong province, said the rice demand in China is very big and tends to be on the rise. Sales at his business could reach up to 800 tons per day, or 300,000 tons per year. The market is also shifting from cheap to high-quality and organic rice. Therefore, through local leaders, he hopes to seek suitable suppliers in the Mekong Delta. China imported 3.99 million tons of rice in 2017, up 12.96 percent from the previous year. That included 2.26 million tons from Vietnamese, making up 56.72 percent of China’s total import volume. In the first half of this year, it purchased 1.78 million tons of the grain and cereal, including 850,000 tons of rice from Vietnam. (VNA)
  • The southern province of Ba Ria-Vung Tau ranked third among cities and provinces nationwide in FDI attraction with about 2.15 billion USD landing into local projects since the beginning of 2018. The amount presented an increase of 30.6 percent against the same period last year. It included over 320 million USD added into 30 operational projects, such as a brewery with an annual capacity of 610 million liters of beer of the Heineken Vietnam Brewery at the My Xuan A Industrial Park, a steel manufacturing project of the Nippon Steel and Sumikin Pipe Vietnam and a kitchen appliance project of Kasmain Vietnam. The province is currently home to 360 FDI projects with a total registered capital of more than 28 billion USD. The province has attracted a number of large FDI projects suitable to its strategy to develop key industries like food processing, mineral processing, textile and garment and solar power. (VNA)
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