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Business in brief
Date :  03/10/2018
(Sourced from various news agencies)
  • Organizations and individuals using e-commerce websites will not be required to notify or register with the Ministry of Industry and Trade (MoIT) from October 18. This follows the ministry’s Circular 21/2018/TT-BCT revising some regulations relating to e-commerce management stipulated in Decree 47 dated in 2014. According to Decree 47, e-commerce websites must be registered or notified to the ministry as prescribed by law. Almost all websites that sell and market goods and services on the internet are considered e-commerce websites. Decree 47 required organizations and individuals who owned e-commerce websites to provide information of their names, business registration, business areas, headquarters and contact information. The removal of the regulation has shown the ministry’s determination in completing administrative procedures for its deep and thorough reform. In addition, the ministry has been active in reviewing business and investment conditions to support enterprises’ development. (VNS)
  • Earnings from fruit and vegetable exports in the first nine months of the year reached VND 3.1 billion, a year-on-year surge of 17.1%, according to the Ministry of Agriculture and Rural Development. China remained the biggest exporter of Vietnamese fruit and vegetables, accounting for 74.1% of the market share with total value of nearly US$2 billion. Meanwhile, strong export growth was recorded in Thailand (37.9%), Australia (36%), and the Republic of Korea (21.4%). In the same reviewed period, Vietnam imported around US$1.3 billion worth of fruit and vegetable, with US$156 million spent in September alone. The nine-month figure represented a 12.7% increase from the same period last year. Thailand and China are Vietnam’s two largest import markets. (NDO)
  • The Vietnam Frontier Summit 2018, a one-day conference, will take place in Hanoi on October 6 with the theme ‘Fostering innovation with frontier technologies’. The event is expected to achieve objectives including strengthening and supporting frontier tech start-ups in building a sustainable business; creating strong connections and synergy of stakeholders in the frontier tech ecosystem; and promoting frontier tech such as AI, IoT, blockchain and AR/VR and the applications of these technologies in real projects. At the summit, experts and founders will discuss the context of the tech start-up ecosystem in Vietnam, as well as share experiences and solutions to enhance start-up capacity in the stated context. The summit will also feature the event ‘Always Be Raising’ where top local and international investors will share the potential for technology start-ups in Vietnam. (VNA/VNS)
  • A wide range of products, technologies and equipment used in the agricultural, forestry and fisheries sectors will be on display at Growtech, an international agriculture–forestry–fishery exhibition to be held in Hà Nội next month. According to the organizers, 150 enterprises have registered so far from around Việt Nam and countries and territories like the Netherlands, Italy, Belarus, Czech Republic, Japan, South Korea, Thailand, Taiwan, and mainland China. The second edition of the exhibition would feature advanced machinery and equipment and technology for irrigation, farming, harvesting, and preservation, machinery and equipment for forestry and machines for small-scale farming. To be held at the Hà Nội International Exhibition Centre (I.C.E) from November 21 to 23, the exhibition is expected to attract more than 8,000 visitors, delegates and specialists from more than 20 countries and territories. (VNS)
  • Military-run telecom group Viettel on Tuesday was honored as the fastest mobile network in Vietnam in the first half of this year. The award was based on speedtest.net, with statistics from 1.61 million internet users in Vietnam in the first six months of the year. SpeedTest said Viettel is the first and only Vietnamese mobile network provider to win the award. The evaluation and result synthesis were implemented independently and objectively by SpeedTest and there was no pre-announcement to internet providers. Statistics showed that Viettel’s network achieved a speed score of 26.21, with average download speeds of 28.22 Mbps and average upload speeds of 13.56 Mbps. Viettel’s mobile network speed had higher quality than other countries such as Thailand (14.65), the Philippines (14.98), Cambodia (22.91), India (10.14) and Russia (21.79). (VNS)
  • The Saigon Trading Group (Satra) has announced it will open an additional 60 Satrafoods stores between now and the year’s end, raising its total nationwide to 217. Since early this year, Satra has opened 43 convenience stores across Ho Chi Minh City, selling nearly 4,000 consumer products, mostly food. Satra has also worked with localities to monitor farming to VietGAP, GlobalGAP and food hygiene and safety standards. It has helped farmers refine farm produce quality and boost consumption in many provinces such as Long An, Tien Giang and Lam Dong. Recently at No.454 Tung Thien Vuong street, Ward 12, District 8 in Ho Chi Minh City, Satra opened its 190th store in the city, its 200th nationwide. (VNA)
  • Vinfast Manufacturing and Trading Company Limited, a subsidiary of Vietnamese conglomerate Vingroup, unveiled two of its new car models at the 120th Paris Motor Show on October 2. It’s the first time cars from Vietnam lined up with leading brands such as Mercedes, Porche, Audi, Lamborghini and Lexus. The launch of the new VinFast cars saw the presence of football legend David Beckham as guest of honour. VinFast’s sedan and SUV models used BMW’s 2.0-liter four-cylinder engines and Italian design from Pininfarina. The appearance of VinFast at the Paris Motor Show 2018 has astounded professionals in the industry and international media. Located in coastal land Cat Hai in the northern city of Hai Phong, the modern VinFast automobile plant is designed to have a capacity of 500,000 vehicles per year by 2025. (VNA)
  • State-owned shipping firm Việt Nam National Shipping Lines (Vinalines) will trade 5.4 million shares on the Unlisted Public Company Market (UPCoM) on October 8. The shares, under code MVN, will start the first trading day at VNĐ10,000 (43 US cents) per share. At this price level, the company’s market capitalization will reach VNĐ54 billion. On September 5, Vinalines put up 488.8 million shares, or a 34.8 per cent stake, on sale but only 5.43 million shares were taken at an average price of VNĐ10,002. According to the equitisation plan, Vinalines will have chartered capital of nearly VNĐ14.05 trillion, thus trading volume on UPCoM accounts for less than 0.4 per cent of Vinalines’ capital. Ending 2017, Vinalines had total assets of over VNĐ28 trillion but its liabilities were up to VNĐ20.2 trillion. The company still incurred cumulative losses of VNĐ3.25 trillion. In the first half of this year, Vinalines recorded revenue of VNĐ6.3 trillion and net profit of VNĐ23.9 billion. (VNS)
  • The Mekong Delta province of Kien Giang earned over 468 million USD from exports in the first nine months of the year, up nearly 35 percent year-on-year and over 90 percent of its planned annual total, reported the provincial Department of Industry and Trade. Accordingly, export earnings from rice surpassed 158 million USD, up 23.3 percent; fruit and vegetables hit 6.4 million USD, up more than 40 percent; aquatic products at 155.6 million USD, up 11 percent; leather and footwear reached 121.3 million USD, up 117.7 percent; and other goods reached 26.5 million USD, up 44 percent. A representative from the department said the province strives to earn more than 191 million USD from exports in the fourth quarter, raising the yearly figure to 660 million USD, surpassing the plan by 27 percent and up 40 percent annually. In the remaining months of the year, the province will continue ensuring supply to meet export demands, especially for rice and aquatic products, while strengthening traditional markets and seeking new ones. (VNA)
  • The Mekong Delta city of Can Tho earned 1.46 billion USD from exports in the first nine months of the year, reaching 81.7 percent of the yearly target and up 14.65 percent over the same period last year, according to the municipal Department of Industry and Trade (DoIT). Specifically, in the year’s first nine months, the city shipped 582,455 tons of rice abroad for 234.5 million USD, up over 8 percent in volume and more than 20 percent in value year-on-year, while exporting nearly 117,000 tons of aquatic products for 378.67 million USD, a rise of 3.83 and 10.3 percent, respectively. Alongside this, a strong rise was also seen in the export revenue of some other products, such as handicraft by 39.55 percent, garments and textiles by 37.22 percent, and farm produce by 38.46 percent. (VNA)
  • Hanoi led Vietnam in FDI inflow in the first nine months of 2018 with more than 6.26 billion USD, a 5.4-fold rise from the same period last year, according to a local official. Some 162.7 trillion VND (over 6.95 billion USD) in non-state investment was injected into 70 projects in the capital, with local investment for development estimated at 219.44 trillion VND (9.38 billion USD), up 10.3 percent. The nine-month Gross Regional Domestic Product (GRDP) rose by 7.17 percent as compared to 6.87 percent of the same period last year and is expected to exceed 7.35 percent this year. Export earnings rose by 21.6 percent to 10.51 billion USD. The city welcomed about 19.7 million visitors, including 4.3 million foreigners, up 9.2 percent and 20 percent, respectively. During the period, the city created jobs for 151,000 people, up 18.8 percent year-on-year, and 84.9 percent of the local population were covered by health insurance. (VNA)
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