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Business in brief
Date :  19/09/2018
(Sourced from various news agencies)
  • The Vietnam Southern Food Corporation (Vinafood 2) has signed a Memorandum of Understanding (MoU) with the AgriNurture Inc. (ANI) from the Philippines to become an exclusive supplier of two million tons of rice annually from 2019. The nearly US$1 billion deal which was signed by ANI CEO Antonio Tiu and Vinafood 2 General Director Tong Ngoc Nam late last week will be implemented for two years. ANI has been allowed by the Philippines National Food Authority (NFA) to increase rice imports to ensure market supply and national reserve. Accordingly, ANI will import 500,000 tons of rice every quarter. Earlier, NFA granted ANI a license to import 132,000 tons of rice to meet domestic demand in Zambasulta province. (VOV)
  • Vietnamese food producers and exporters are attending the international food and drink exhibition, WorldFood Moscow 2018 from Sept. 17 to 20. Vietnamese enterprises feature several famous brand names such as Da Kao, Nam Viet, Pearl, Tan Phat, Hanoi Trade Corporation, Trung Nguyen Group, and TH Group. They are showcasing cashews, tea, coffee, canned tuna and dairy products. Vietnamese businesses have expressed their hope that the event will promote Vietnamese agricultural products to Russian consumers, while allowing them to find partners to export their products to the Russian market. Located in the exhibition area for the Vietnam delegation are more than 10 booths run by Vietnamese enterprises. The rich and diversified goods have attracted great attention from local businesses and visitors. Within the framework of the event, the MARD will organize a trade conference between Vietnamese enterprises and Russian ones, aiming to help Russian companies better understand Vietnamese agricultural products, so that they can find partners and sign business cooperation contracts. (NDO)
  • The Vietnam-China international trade fair will take place in the northern border province of Lạng Sơn from October 30 to November 7, according to its organizing board. The event is expected to feature about 300 booths, including 250 booths from domestic enterprises and 20 Chinese booths. This is a significant export-oriented trade promotion event within the framework of the National Trade Promotion Program in 2018 in order to link Lạng Sơn market with the whole country as well as connect the domestic market and the Chinese market. The Vietnam-China international trade fair will also help promote trade activities in Lạng Sơn Province, support enterprises to boost production and business, develop markets, seek partners, marketing products; thereby creating opportunities for trade between Vietnamese and Chinese enterprises to co-invest and develop, Trưởng added. (VNS)
  • The turnover of Vietnam’s top 50 IT companies topped $16 billion last year, according to the Vietnam Software Association. The association (VINASA) released the figures on Monday along with the ranking of top 50 IT firms this year and top 10 companies with 4.0 technology capabilities. There are 53 honorees in these two groups and their total turnover reached more than $16 billion, accounting for 35.5 percent of the country's total software, digital content and IT services revenues last year. According to VINASA, the 53 companies employ a total of 92,795 people, or 22.9 percent of the total human resources in the sector. The top 10 outstanding enterprises in digital transformation for industry 4.0 era are Deha Vietnam, FPT, Misa, Sao Bac Dau, Viettel, V-Next Software, Novaon, VNG, VNPay and Nash Tech. (Vnexpress)
  • The Republic of Korea’s Kolon Industries Binh Duong Co. Ltd opened a plant in the southern province of Binh Duong on September 18 to manufacture polyester tire cord fabrics. Built at a total cost of 220 million USD, the plant is currently able to produce 1,400 tons of fabrics each year. Earlier, the provincial People’s Committee and Kolon Industries Group signed a Memorandum of Understanding on building a plant manufacturing car tire belts and air bags worth 1 billion USD on a about 42ha at Bau Bang industrial park. Capital for the first stage from 2017-2018 will be 220 million USD while the second stage from 2018-2026 needs 600 million USD, and nearly 1 billion USD for the third stage. Founded in 1954, Kolon Industries Group is a multinational corporation focusing on high-tech products such as car tire belts, air bags and materials used in electronics, electricity and fashion. (VNA)
  • HDBank was recently named the best company to work for in Vietnam by HR Asia, a leading publication for human resources professionals. The honor recognizes the bank’s positive working environment, HR practices, employee engagement and job satisfaction. The annual awards are held across the region, comprising companies in Hong Kong, Singapore, Indonesia, Malaysia, the Philippines, and Taiwan and Vietnam for the first time this year. There are 26 Vietnamese firms on the HR Asia’s “Best Company to Work For” list. HR Asia interviewed more than 3,730 employees at 130 businesses to measure their satisfaction with the workplace environment. As of May 31, HDBank had more than 5,550 employees nationwide, 30 percent of whom have more than five years of working experience. The bank’s HR strategy focus on bringing long-lasting value to the workers through building an ideal working place, attracting talented laborers and creating favorable conditions for each employee to improve their capacity. (VNA)
  • The national carrier Vietnam Airlines will co-operate with Hong Kong’s King Power Traveler to launch a duty-free shop named Lotushop starting in October this year. The carrier said the co-operation would last five years, aiming to expand and improve the Lotushop’s quality service to four-star standard under Skytrax, the world airline and airport rating organization. It will offer a wide range of products such as perfume, cosmetics, watches, bags and suitcases so that passengers can shop on 30 international routes of Vietnam Airlines including South Korea, Japan, China, Britain, France, Russia and Germany. Passengers are expected to experience convenient shopping with prices 15 per cent lower than downtown stores. The King Power Traveler is an affiliate of King Power Group in Hong Kong. It is trading in various sectors, in which it specializes in duty free retail, in many countries of Asia Pacific and Europe. (VNS)
  • Saigon Cosmetics Corporation (SCC) has attracted VNĐ22 billion (US$940,000) from two new shareholders to support growth as competition heats up in the domestic cosmetics market. For the first time in the 10 years since it became a public company, the Saigon Cosmetics Corporation (SCC) has announced two strategic investors are buying over 1 million shares more than a month after launching private offerings. They are Ho Chi Minh City Securities Corporation (HSC) and Ngô Hùng Dũng. Of these, HSC has registered to buy more than 842,000 shares limited transfer in a year, holding 8.87 per cent of SCC’s capital after the issuance. Meanwhile, Ngô Hùng Dũng has registered to buy more than 194,000 shares, holding 2.05 per cent of the capital. With the price of VNĐ21,000 per share, SCC has expected to earn VNĐ22 billion. The money will be invested to buy machinery and equipment, upgrade the factory and develop a system of 10 new design shops in HCM City and Hà Nội. (VNS)
  • Calling for investment in agriculture to optimize the potential and strengths of the locality is a priority of the Mekong Delta province of Ben Tre, said Cao Van Trong, Chairman of the provincial People’s Committee at a conference promoting investment to the sector on September 18. At the event, which drew some 350 enterprises, Trong noted that Ben Tre holds great advantages in agriculture with over 80,000ha of coconut trees and more than 28,000ha of specialty fruit farms. Furthermore, the province also has nearly 47,000 hectares of aquatic farms, the provincial leader added. In the first eight months of 2018, export revenue of agricultural firms reached 215 million USD. So far, the province has sold its farm produce to 70 countries and territories. It has lured 24 foreign invested projects in agriculture with a combined investment of 225.7 million USD, making up 26 percent of total FDI in the locality. At the conference, local firms voiced their pros and cons regarding investment in Ben Tre, mostly in accessing bank loans, land rent, and connectivity with local farmers to build value chains and develop material regions. (VNA)
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