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Business in brief
Date :  18/09/2018
(Sourced from various news agencies)
  • More Vietnamese people are fond of shopping online and this generation makes up 30 percent of the country’s population, which translates to around 27 million people by 2020. The Vietnam e-Commerce and Digital Economy Agency said fastest-growing retail e-commerce markets have seen in Vietnam for five recent years. The ecommerce markets grow gradually and stably at over 20 percent annually from $2.2 billion in 2013 to $6.2 billion in 2017. Economists forecast that e-commerce revenue will continue growing around 20 percent for the period 2018-2020 and it will reach $10 billion in 2020 accounting for 5 percent of the country’s retail and consumer service turnover. Thirty percent of online shoppers will spend nearly $350 each annually. Most online shoppers prefer cash on delivery (COD), the sale of goods by mail order where payment is made on delivery rather than in advance. This mode of payment increased from 74 percent in 2013 to 82 percent in 2017. Additionally, those buy things internet pay through banks. 54 percent of Vietnamese shoppers are satisfied with their online shopping experiences in 2017. (SGGP)
  • Prime Minister Nguyen Xuan Phuc has signed a direction calling for urgent measures to improve the management of imports of waste as production material. The PM directed the Ministry of Natural Resources and Environment to not issue new scrap import certifications or extend the validation of existing certificates. The ministry only considers granting the permit, which accredits firms’ fulfillment of environmental protection conditions for the imports, when the direct importer can prove a demand for and ability to use the scrap in goods production. Meanwhile, the Ministry of Finance was tasked with directing customs agencies to hasten clearance for scrap containers of firms or individuals with valid certifications in terms of date and import quota. The Ministry of Industry and Trade is in charge of strengthening the inspection and monitoring of scrap imports trade and usage. (VNA)
  • The latest report from the General Department of Customs showed that in the first five months of the year, Vietnam imported more than 2 million tons of steel scrap, worth 744 million USD. The biggest amount came from Japan, with 564,000 tons worth 200 million USD. Remarkably, during the period, the volume of imported plastic scrap surged nearly 200 percent over the entire of 2017. As of June 26, up to 4,480 containers of scrap materials had been stuck at Ho Chi Minh City’s ports under the Saigon Newport Corporation’s management for at least 30 days. Owners have to remove the imported scrap from Vietnam if such a shipment is held up at port 90 days from the date of arrival. Meanwhile, 737 containers have been stored for more than 90 days and 507 others have stayed for between 30-90 days at ports in northern Hai Phong city. About 20 percent of imported scrap is paper, and the rest is plastic and other types of scrap, according to the Ministry of Natural Resources and Environment. (VNA)
  • The General Department of Customs (GDC) announced another four banks that qualify to provide its 24/7 e-tax payment scheme, raising the total to 22 banks. The four banks are Shinhan Vietnam, PG Bank, SHB and HSBC Vietnam. They will implement the service from September 20. GDC expects the participation of more banks in the scheme will better support and reduce costs for taxpayers. The e-tax payment would facilitate tax payment anywhere, anytime, reduce time and ensure immediate goods clearance. The customs authority will directly support enterprises to make payment documents from the original data and minimize errors in money transfer procedures. This could help shorten time to complete customs procedures for import-export activities to the average level of ASEAN-4 countries following the Government’s instructions. Firms only need certificate authority (CA) to transfer money and authorize banks to pay taxes through their accounts without fees. (VNS)
  • Vietnamese businesses imported nearly 10,000 completely built cars in August, up 50 per cent compared with the previous month, according to the General Department of Vietnam Customs. It’s predicted that tens of imported vehicles will enter the Vietnamese market in the last months of the year, with various models of Mitsubishi Xpander, Mazda BT 50, Ford Everest, Ford Ranger, Toyota Yaris, Toyota Wigo, Toyota Rush, Toyota Avanza and Honda HR-V. These vehicles enjoy zero per cent import tax, in line with the Southeast Asian countries’ commitments to lower tariffs from 2018. According to report from the Vietnam Automobile Manufacturers’ Association, more than 5,600 imported cars were sold in August, increasing by 66 per cent compared with the previous month. In the January-August period, a total of 28,816 units were imported to the country, in which the volume from Thailand was highest with 22,080 units. It was followed by Indonesia with 3,093. (VNS)
  • Vietcombank raised interest rates for long-term đồng deposits last week after more than a year of rates remaining unchanged. Accordingly, the bank inched up the rate for long-term deposits (from 12 months upward) by 0.1 percentage points to 6.6 per cent per year. Despite the hike, Vietcombank’s rates are still the lowest in the banking system. The bank’s rates are some 0.1-0.2 percentage points lower than those of three other State-owned banks – BIDV, VietinBank and Agribank - and 0.5-1.5 percentage points lower than those of private banks. Earlier, most banks hiked deposit interest rates, of which the rise at BIDV, VietinBank and Agribank was 0.2 percentage points, while it was up to 0.5-1.4 percentage points at private banks. (VNS)
  • WeWork, the third largest startup in the U.S., and the sixth largest in the world, is set to open a new office in HCMC late this year. In its latest report on the co-working space market in Vietnam, real estate firm Jones Lang LaSalle (JLL) said WeWork is looking to open an office on Doan Van Bo Street in District 4. The company recently did market research and customer surveys, JLL said. The office, to open in December, will be the largest co-working space in Vietnam at 5,000 square meters. JLL said the entry of global real estate startups is a positive sign. WeWork, valued at $20 billion last year, was one of the largest startups in the U.S., behind only Uber and Airbnb, and the sixth largest in the world. Founded in 2010 it has 250,000 employees. (Vnexpress)
  • HDBank has been recognized as one of the best companies to work for in Vietnam by HR Asia magazine, a publication for human resource professionals in Asia. The annual award is organized across the region, comprising companies in Hong Kong, Singapore, Indonesia, Malaysia, the Philippines, and Taiwan and included Vietnam for the first time this year. HR Asia interviewed over 3,730 full-time employees at 130 businesses to measure their satisfaction with the workplace environment. In-depth interviews with managing executives and personnel managers were also conducted to better understand HR policies and strategies. HDBank earned high scores in the surveys for its ideal working conditions and attractive welfare measures for employees. (VNS)
  • The southern province of Long An is taking action to increase the efficiency of FDI attraction as this form of investment plays an important role in the locality’s socio-economic development, said Chairman of the provincial People’s Committee Tran Van Can. According to Can, the province has stepped up investment promotion both inside and outside Vietnam, targeting big groups. It has also implemented administrative reform well, improved the business and investment climate, and increased its ranking on the provincial competitiveness index, especially in the fields of investment, land, taxation, customs, and labor. In addition, Long An has regularly organized dialogues with investors to help them deal with difficulties and speed up the implementation of projects, while at the same time working to build a convenient, open, and transparent business and investment environment. To date, the province has attracted 928 FDI projects with a total registered capital of over 5.9 billion USD, mainly in the fields of garment and textiles, footwear, and food processing. (VNA)
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