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Business in brief
Date :  24/09/2018
(Sourced from various news agencies)
  • Southeast Asia has become Vietnam’s biggest iron and steel importer, making up 57.6 percent of the country’s total export volume in the sector, statistics show. In the first eight months of this year, Vietnam’s export of iron and steel increased nearly 41 percent in volume against the same period last year to reach 4.05 million tons, worth 2.99 billion USD. In August, Vietnamese iron and steel were sold abroad with prices up more than 14 percent year-year-year. Among the Southeast Asian countries, Cambodia made up 34.9 percent of Vietnam’s total iron and steel export value. It was followed by Malaysia, Indonesia, the Philippines and Thailand. The US is Vietnam’s second biggest iron and steel importer over the past time. Vietnam’s iron and steel export to the EU also expanded 65 percent year-on-year to hit 364,408 tons. Meanwhile, the volume to the Switzerland, Saudi Arabia, Pakistan, Australia and Spain dropped between 30-95 percent. (VNA)
  • The Ho Chi Minh City Department of Labor, Invalids and Social Affairs and the Management Board of Saigon Hi-tech Park have run a refresher course to develop skills of engineers and technicians for the city’s supporting industry in 2018. The first refresher course attracted participation of 80 electronic and robotic automation engineers from Global Equipment Services (GES), Jabil Vietnam, Nidec Vietnam and Minh Nguyen. As per the plan, from now to the end of the year, around 500 engineers working in the field of mechanic, electronic – IT, chemicals, food processing will take part in refresher courses run by local and Japanese experts. Enterprises will partake in the on-demand refresher training courses. Currently, the Hi-tech Park in HCMC has around 38,000 employees. Each of employees who participate in the refresher course will be given VND1 million ($42.8) as a support. (SGGP)
  • The Vietbuild Ho Chi Minh City 2018: International Exhibition (Phase 2) will take place at the Saigon Exhibition and Convention Centre from September 26-29, according to an announcement from the organizer at a press conference to introduce the event in HCM City on September 21. The exhibition will draw more than 900 domestic and foreign exhibitors, including more than 500 foreign businesses and groups from 27 countries and territories in the world such as the US, Japan, Russia, the UK, France, the Netherlands, Germany and the Republic of Korea. On display across 2,500 pavilions will be a host of products from the real estate, architecture, and interior and exterior décor sectors. In addition, there will be meetings between domestic construction and real estate associations, and economic groups with foreign partners, helping domestic businesses to grasp integration demand, and technological development breakthroughs of construction products in accordance with the efforts to increase sustainable development and environmental protection. (VOV)
  • A delegation of 25 travel agents from 12 European nations will visit Hanoi from October 4-10 in a bid to strengthen cooperation in tourism. The tour is expected to offer a chance for Vietnamese and European travel agents to meet, introduce tourism products, and intensify tourism promotion, thus helping popularize the image of Vietnam in general and the capital city in particular. The delegation is scheduled to make a fact-finding tour to tourist attractions in Hanoi and surrounding areas before participating in a meeting between Vietnamese and European travel agents. The European firms will discuss tourism products and destinations of Hanoi and Vietnam Airlines on October 10. Hanoi expects to welcome nearly 20 million tourist arrivals in the first nine months of this year, or a year-on-year rise of 9.2 percent. Of the total, foreign visitors are estimated at 4.3 million, up 20 percent year-on-year, and accounting for nearly 40 percent of the total number of foreign tourists to Vietnam. (VNA)
  • The Vietnamese Goods Fair kicked off in Hanoi on September 22, featuring 300 stalls by 200 firms from Hanoi, Bac Kan, Tuyen Quang, Quang Tri, Hung Yen and Bac Giang. On display are industrial products such as electronics, electrical devices, household appliances, computers, interior décor, food, beverages, apparel, footwear and other consumer products. Favorite products voted by consumers over years, genuine and fake goods are also showcased. Processing and export firms, supermarkets, shopping centers, food transaction floors are also invited to a space introducing local signature farm produce to form networking and expand markets. Outstanding Vietnamese goods on display will be introduced for the program. The event will last till September 25. (VNA)
  • Vietnam is a guest of honor at the International Fair of Caen underway in Calvados, Normandie, France from September 21 – 30, according to Ambassador of Vietnam to France Nguyen Thiep. The 860-sqm pavilion of Vietnam features areas for promotion of culture, tourism and trade, a performance stage and a restaurant. Visitors can learn about the country’s distinctive culture through various folk performances, traditional foods and sophisticated handicrafts and souvenirs. A number of agreements and business contracts have been inked this year, alongside the hosting of many cultural exchange events, he added. The International Fair of Caen is a platform to foster cooperation between Vietnamese localities and Normandie as the two sides expect Phu Tho of Vietnam and Caen of France will soon achieve fruitful cooperation results, contributing to the success of the 11th locality cooperation conference between the two nations to be held in Toulouse in April 2019. (VNA)
  • The Technology Demonstration and Connection Conference 2018 (TechDemo) will be held in the Mekong Delta city of Cần Thơ from October 3 to October 5. At the conference, 120 domestic and international businesses, research institutions and universities will exhibit 500 new products. There will be international participants from South Korea, Denmark, Germany, the US, Israel and Japan. TechDemo 2018 will focus on agriculture, forestry, new materials, construction, motorbike and automobile industry, and the Internet of Things. Renewable energy and environment protection technologies will also feature. This year, an online technology database will provide robust support for organizations and individuals in need of information technology supplies. (VNS)
  • Vietcombank has offered to sell 45.6 million shares it is holding in the Vietnam Export-Import Commercial Bank (Eximbank). Vietcombank plans to sell the shares at nearly VNĐ14,500 (US$0.64) per share and expects it would receive at least VNĐ661 billion ($29.4 million) from the deal. Vietcombank holds more than 101 million shares of Eximbank, equal to an 8.24 per cent stake. If the deal is successfully carried out, Vietcombank will cut its ownership in Eximbank to below 5 per cent. The deal aims to help Vietcombank comply with Circular 36, released in November 2014 by the State Bank of Vietnam and regulating a below-5-per-cent-stake held by a financial institution in another. Vietcombank and Eximbank shares are listed on the HCM Stock Exchange with ticker VCB and EIB, respectively. (VNS)
  • The Ministry of Industry and Trade (MoIT) proposed removing two plants from the list of 12 enterprises punished for low effectiveness and progress. The proposal was put forward at a conference held in Hà Nội yesterday afternoon. The conference was chaired by Deputy Prime Minister Vương Đình Huệ. The two plants are the DAP Fertilizer Plant No 1 in the northern port city of Hải Phòng and the Việt-Trung Iron and Steel Plant in Thái Nguyên northern province. Deputy Minister of Industry and Trade Hoàng Quốc Vượng said that the two plants had had incredibly effective work results and gained profits. A report by the MoIT shows that after one year of punishment and supervision, all 12 enterprises and projects gained better results. (VNS)
  • The southern province of Ba Ria-Vung Tau has been among leading localities in the country in attracting FDI over the past 30 years, with 343 projects totally valued at 27.3 billion USD. Currently, renowned firms from some 30 countries and territories are landing investment in the province, including reputed names like ACDL, SMC, Nippon, Mitsubishi, Posco, Sumitomo, Itochu and Kyoei Lotte, among others. The provincial Party’s Committee recently issued a resolution on improving the efficiency of investment attraction by 2020. Accordingly, the province will give top priority to projects which are environmentally friendly, and focus on sea port, port logistics, tourism, and high-tech agriculture. The resolution also stipulates regulations on shortening the time taken for administrative procedures and developing the Provincial Competitiveness Index, among others to build a positive business climate. This is believed to be key for the province to develop sustainably in the future. (VNA)
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