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Business in brief
Date :  04/10/2018
(Sourced from various news agencies)
  • FDI in Ho Chi Minh City rose sharply in the last nine months, with 5.47 billion USD poured into the southern economic hub over the period, up 50% year on year. The property sector received 20.2% of the FDI capital. The FDI flow mostly came from the Republic of Korea (28.1%), Singapore (25.7%), Norway (11%) and Japan (10%), according to the municipal People’s Committee. Between January and September, new and additional domestic capital registered in HCM City hit nearly 673.49 trillion VND (28.66 billion USD), up 11.2% from a year earlier. The figure included more than 372.43 trillion VND (15.85 billion USD) in 30,600 new businesses and 301 trillion VND (12.8 billion USD) added to existing firms. Real estate attracted the most capital in the period, with 40.7%. Regarding the continuous increase of capital poured into the property market, insiders predicted the sector will witness an even stronger capital influx in the remaining months of 2018. (VNA)
  • So far seventeen nations and territories have started investigation over 128 trade defense cases against Vietnam’s export goods, 85% of these are related to steel industry. A total of 11 markets have filed lawsuits against Vietnamese steel namely the US, the EU and the Eurasian Economic Union (EAEU) while Malaysia, Turkey and Taiwan (China) are considering doing so. Production capacity has outstripped demand by 700 million tons in 2015 and 800 million tons in the following year. As of April this year, the United States Department of Commerce has launched 437 anti-dumping duty investigations and orders including 225 orders concerning to steel including Vietnamese products, according to deputy minister of Industry and Trade Tran Quoc Khanh. The European Community (EC) has applied defense measures against import steel products to prevent them from shifting from the US to nations in the union. Vietnamese businesses have focused on improving their production process and competitive ability to deal with the increasingly trade defense. (SGGP)
  • SMEs in Vietnam have made technology their top investment priority to ensure growth, according to the ASEAN SME Transformation Study. The study, by Singapore’s United Overseas Bank (UOB), EY and Dun & Bradstreet, found that close to three in five Vietnamese SMEs favor investments in technology over traditional areas such as factories or machinery as they seek growth opportunities in the digital economy. Of them, 71% said they would invest in software such as mobile applications and digital marketing since these would improve customer experience and increase customer loyalty. Hardware and infrastructure investments ranked second at 64%. The majority of Vietnamese SMEs -- 86% -- surveyed also viewed technology as a way to improve cost management over other options such as reducing overheads and sourcing from cheaper suppliers. SMEs in Vietnam also seek to use technology to simplify their banking needs. Almost four in five SMEs indicated a preference for online options when applying for financial products or services such as business loans. (VNS)
  • More than 3,500 representatives of foreign-invested companies, cities, and provinces, as well as government authorities joined the national conference on 30 years of FDI attraction in Vietnam, taking place today at the National Conference Centre (NCC) in Hanoi. In the framework of the conference, representatives of the Ministry of Planning and Investment reviewed the achievements and un-resolved problems on 30 years of foreign direct investment capital in Vietnam. Besides, the organizing board also staged numerous investment promotion activities in order to cement Vietnam’s position on the FDI map of the world and Asia. Besides, the conference gave a thorough run-down on the incentive policies. The conference also provided a platform for investors and provincial leaders to connect and discuss seven sectors, including manufacturing and processing, real estate, renewable energy, logistics, and infrastructure. (VIR)
  • The Ministry of Information and Communications has proposed the ban of pre-used SIM card sale to better control network subscribers. If approved, its amendments to a 2011 government decree will outlaw sales of existing prepaid SIM cards. They will also ban the activation of SIM cards before full and correct information about subscribers is obtained. This is the ministry's latest attempt to regulate the use of mobile services and check the widespread use of SIM cards registered in other people’s names. In an attempt last year it had ordered mobile network operators to sign agreements to stop selling pre-registered SIM cards and sought to punish violations. But the effort failed with sales of pre-registered SIM cards continuing to occur openly, allowing people to easily buy SIM cards without providing any identification whatsoever. (Vnexpress)
  • The Mekong Delta province of Tien Giang lured 22 new projects worth over 2.85 trillion VND (122.55 million USD) in the first nine months of 2018, up 58% over the same period last year, according to Vice Chairman of the provincial People’s Committee Tran Thanh Duc. Duc said that nearly 1.59 trillion VND (67.94 million USD) was added into nine underway projects, raising total investment in the province in nine months to 4.4 trillion VND (189.2 million USD), up 31% year on year. Currently, Tien Giang industrial parks are hosting 98 projects, including 70 foreign-invested one, with total investment of 1.73 million USD and 4.08 trillion VND, along with 79 projects in industrial clusters worth 4.4 trillion VND, according to Duc. He added that in the first nine months of 2018, Tien Giang also has 545 new enterprises with combined investment of 3.47 trillion VND, a rise of 15% in the number of firms and 88.9% in capital year on year. (VNA)
  • Masan Group Corporation has announced the completion of SK Group’s purchase of 109.89 million of its treasury shares at VNĐ100,000 (US$4.28) per share for a total consideration of $470 million. The South Korean company is now the largest foreign shareholder in Masan Group with a 9.5% stake. The two had signed a strategic agreement last month to jointly pursue transformational business opportunities in Vietnam and to synergize existing business units. Masan has said it plans to utilize the money to fund future growth initiatives and strengthen its balance sheet. Masan will add up to $50 million in net earnings per annum from next year while gross debt to EBITDA is expected to decrease to 2.5 times this year. Its management expects core net profit after tax to jump by at least 50% in 2018 and forecasts similar earnings growth momentum in fiscal year 2019 as all its core businesses continue to achieve growth plans. (VNS)
  • VinFast is the first winner of the award “A Star is Born” from the organization AUTOBEST, which recognizes automobiles available on the European market, at the Paris Motor Show 2018 from October 1 to 16. For a car to become an AUTOBEST winner, it must represent the best offering for most European customers. Price, service network, spare parts distribution and versatility are the most important criteria in the voting process. “What VinFast is doing is quite extraordinary,” commented Dan Vardie, Chairman of AUTOBEST. VinFast LUX A2.0 sedan and LUX SA2.0 SUV were introduced to the global automobile market in Paris on Tuesday, with the motto “Style - Safety - Innovation – Pioneer”. VinFast said after developing the domestic market, it would set up plans to export cars by 2020. Meanwhile, VinFast is also researching and developing a range of new products, including electric vehicles, urban small cars, electric buses and electric motorcycles. The company expects to export these products in the coming years. (VNS)
  • Sacombank has launched a program called 4.0 Enterprise Bank with preferential fees and promotions worth around VNĐ2 billion (US$85,574) to corporate customers using online banking services. From now until December 31, when corporate customers conduct transactions at the bank’s counter or website for making transfers, opening deposit accounts, payroll, buying bank guarantees worth at least VNĐ20 million, and others will receive a code to participate in a lucky draw. Sacombank will organize three draws in November, December and January, with a first prize of a trip to Japan for two, two second prizes of a Surface Pro 5 tablet and three third prizes of an Apple Ipad, besides 30 consolation prizes of suitcases. The winner of a special prize of a Kia Sedona car will be announced after the final draw. Besides, new customers will have all fixed fees like account management fee, transaction alert fee and fee for maintaining e-banking services waived until next June. (VNS)
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