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Business in brief
Date :  07/12/2017
(Sourced from various news agencies)
  • Three out of ten foreign visitors to Vietnam this year were Chinese, statistics released by the country’s tourism watchdog on Tuesday have revealed. Vietnam is on track to welcome a record 12.9 million international visitors this year. Foreign tourist numbers in the Jan-Nov period rose 25.2 percent year on year to 11.7 million, with nearly 1.2 million visits in November alone. Vietnam’s tourism-related revenue in the 11-month period was estimated at VND461.5 trillion (US$20.33 billion), also up 25.2% from the previous year. In the 11-month period to November 30, Vietnam received more visitors from all the major markets, including a 32.6% jump from Asia and 17% from Europe. Visits from China, South Korea, Japan, Russia and the UK all increased significantly on the same period last year. Vietnam’s largest source of tourism in 2017 is China, accounting for 30% of all arrivals in the 11 months to December. China is followed by South Korea, who make up 18%. (Tuoitrenews)
  • Apart from investment promotion from Japan to Vietnam, JETRO offers a program to support Vietnamese businesses when investing to Japan. Specifically, when a Vietnamese enterprise wishes to invest in Japan, such as opening a representative office, branch, subsidiary or legal entity in Japan, after completing the registration procedure with JETRO, the companies will be offered support in Japan for free. In terms of facilities, temporary office space will be provided for the firms, including internet, telephone, fax and photocopying services within 50 working days at the Invest Business Support Centre (IBSC) located in six cities in Japan, namely Tokyo, Yokohama, Nagoya, Osaka, Kobe and Fukuoka. In addition to the private office for one to six people, the companies also can use meeting rooms, conference rooms and reception rooms at the IBSC. (VNS)
  • Enterprises of Vietnam and China have signed principle contracts on watermelon trade in 2018 and the following years at a conference held in the central province of Quang Ngai on December 6. The event was organised by the Ministry of Industry and Trade in conjunction with Quang Ngai province and China’s Guangxi province. During the conference, representatives from the Guangxi Zhuang Autonomous Region briefed participants on demand and regulations related to fruit export to China. In 2016, China imported 200,000 tonnes of watermelon in 2016, and Vietnam was the main supplier. (VNA)
  • The Premier of Ontario (Canada) Kathleen Wynne announced six new agreements between organisations from Vietnam and Ontario, including five in education, during a trade promotion event on December 6 as part of Ontario’s 2017 Business Mission to Vietnam. It is the first official visit of Premier Wynne to Vietnam. Two-way trade between Vietnam and Ontario reached 3.1 billion USD in 2016, a four-fold increase from 2012 with key items shipped from Vietnam to Ontario being phones and accessories, fabric, leather footwear and computers. The event also saw the presence of representatives from 60 enterprises from Ontario who visited to study investment opportunities in Vietnam. (VNA)
  • Housing Development Bank (HD Bank) will be the fifth bank to list its shares on the country’s stock exchanges after VIB, Kienlongbank, VPBank and LienVietPostBank. The HCM Stock Exchange (HoSE) announced that it had on Monday received the bank’s application to list on the bourse. Accordingly, HD Bank will officially list nearly 883 million shares, equal to its charter capital of VNĐ8.83 trillion (US$388.9 million), on HoSE after it completes a share sale to foreign investors. The Saigon Securities Incorporation (SSI) is the adviser for the listing. Previously, HD Bank announced that it will offer 20% of its shares to foreign investors. The initial public offering (IPO), or pre-listing share sale, is expected to raise $300 million for the bank. The bank expects pre-tax profit of VNĐ2.4 trillion this year, an increase of nearly 110% against 2016. (VNS)
  • Pre-tax profit of Vietcombank will hit a new record high of VND13 trillion (US$572.69 million) in 2018, up 26.8% against this year, the SSI Retail Research forecast. The bank’s credit growth next year is projected at 17.5% while the capital mobilisation will increase by nearly 17%, and the loan to deposit ratio (LDR) will swell from 76.5% in 2017 to about 77.2%. Vietcombank’s net interest margin (NIM) will improve to 2.64%, leading to the net interest income growth of 14.4%, according to SSI. The non-interest income is forecast to rise 26% against this year. The net income from fees and commissions will grow 15%. On the other hand, it is expected that Vietcombank will earn some VND1 trillion from the capital divestment from Military Bank and Eximbank at the beginning of next year. (VNS)
  • The Orient Commercial Joint Stock Bank (OCB) has become the first Vietnamese bank to complete the implementation of a Basel II project, equipping it with the infrastructure of a modern and safe bank that meets capital, supervisory review and transparency requirements. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. Basel II comprises minimum capital requirements, supervisory review and market discipline. It aims to enhance competition and transparency in the banking system and make banks more resistant to market changes. OCB said after two years, it finished a project on managing risks according to Basel II standards. (VNA)
  • Property developer VinGroup was named the biggest private firm in 2017 by the Vietnam Report Company on Dec. 5. As of Sept. 30, the group’s total assets were calculated at nearly 205 trillion VND (9.02 billion USD), up 24.4 trillion VND (1.07 billion USD) from the end of 2016. Accumulated net revenue in the first nine months in 2017 increased 65% year on year to 57.1 trillion VND (2.51 billion USD) thanks to good growth of property transactions, resort services, entertainment, retail sales and education. Earlier, the group’s four trade brands, Vinhomes, Vincommerce, Vinpearl and Vincom Retail, entered Top 50 Most Valuable Vietnamese Brands 2017 by Brand Finance, a valuation and strategy consultant. Vinhomes ranked fourth with brand value of 604 million USD, up 18% from last year. This is the second consecutive year Vinhomes has entered the list. Meanwhile, Vincommerce, Vinpearl, and Vincom Retail placed 19th, 26th and 32nd position, respectively. (VNA)
  • Low-cost carrier Vietjet inaugurated its Nha Trang-Seoul service connecting Khanh Hoa province and the Republic of Korea's capital city on December 6. This new route will serve the traveling demands of local people and tourists to Khanh Hoa's famous resort city of Nha Trang and Seoul, and contribute to promote trade and integration in the central region. On the inaugurating flight, passengers received nice gifts from Vietjet. The Nha Trang – Seoul route is served by a return flight everyday with around 5 hours per leg. The flight will depart Cam Ranh airport at 16:15 and arrive in Seoul at 22:45 (local time). The return flight takes off in Seoul at 01:50 (local time) and lands in Cam Ranh at 05:25. With the new route, Vietjet operates a total of six international routes connecting Vietnam and the RoK, offering more saving travel opportunities for people. (VNA)
  • Vietnam’s 100 most sustainable businesses 2017 were announced at a ceremony in Hanoi on December 6. They were selected from nearly 500 entries to the programme ranking the most sustainable businesses in Vietnam in 2017, jointly conducted by the Vietnam Chamber of Commerce and Industry (VCCI) and Vietnam Business Council for Sustainable Development (VBCSD). Some among them are the Phu Nhuan Jewelry JSC, Da Nang Port Logistic JSC, Thang Long Invest Group, and Herbalife Vietnam. According to the organisation board, this year’s programme made the assessment on the basis of 134 criteria, focused on socio-economic and environmental aspects. In the future, the list of criteria will be simplified and revised to suit reality so that it can be applied by micro and small- and medium-sized enterprises. (VNA)
  • The capital city of Hanoi has set the target of increasing the size of its economy by between 7.3% and 7.8% next year. The figures are part of a resolution adopted at the December 6 meeting of the municipal councillors, who had earlier passed a plan to build Hoa Lac into a satellite town of 600,000 residents. Hoa Lac’s development is expected to be driven by a high-tech park and the new campus of the Vietnam National University, which is currently under construction. Located approximately 30 kilometres to the west of Hanoi, Hoa Lac is connected to the city centre by the Thang Long Thoroughfare and planned rail and BRT lines in the future. As part of the biannual meeting of the people’s council from December 4-6, Hanoi also supplemented the city’s list of key infrastructure projects for the 2016-2020 period and approved a plan for naming 19 new streets. (NDO)
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