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Business in brief
Date :  05/10/2018
(Sourced from various news agencies)
  • The World Bank (WB) predicts Vietnam’s GDP growth this year at 6.8 percent in its East Asia Pacific Economic Update released on October 4, compared to the 6.5-percent projection last April. According to the report, Vietnam’s economy continues to perform well, propelled by the sustained global recovery and continued domestic reforms. Robust growth is boosting job creation and income growth, leading to broad-based welfare gains and poverty reduction. Vietnam’s medium-term outlook has improved further, the WB said, adding that real GDP is now projected to expand by 6.8 percent in 2018 (up from 6.5 percent in the previous projection) before moderating to 6.6 percent in 2019 and 6.5 percent in 2020 due to the envisaged cyclical moderation of global demand. The WB expects the country’s inflation to remain around the 4-percent government target, predicated on some tightening of the monetary stance to counter price pressures emanating from domestic input price pressures and rising global commodity prices. (VNA)
  • Vietnam has attracted some 26,600 FDI projects with total registered capital of US$334 billion over the past 30 years. Of the total pledged capital, US$184 billion has been disbursed. FDI enterprises currently account for a quarter of the country’s total investments and over 70% of its export revenue. According to the Ministry of Planning and Investment, FDI firms have also created some 3.7 million direct jobs and millions of indirect jobs for local workers. Laborers have accessed the most advanced technologies in the world. FDI enterprises have made up half of the nation’s industrial production value. The rate is 70%-80% in provinces that attract the most FDI capital, such as Bac Ninh, Dong Nai, Binh Duong and Thai Nguyen. However, numerous shortcomings have been exposed in the process of attracting foreign direct investment into the country. (SGT)
  • The use of digital platforms in Vietnam and global trends, building a foundation for digital marketing, and attracting customers with digital advertising platforms are among the topics on the agenda of an event titled “Doing Practical Business in the Digital Age” to be held in HCM City next week. It will be addressed by experts from the Vietnam E-commerce Association, Google Asia and Nielsen and executives from Mắt Bão Corporation, Chili Asia, Getfly, Cloudfone, Novaon, and other companies. It is meant to help businesses understand how to adopt digital platforms, reach customers, provide products to customer care, and mitigate problems they are facing to increase sales and optimize the quality of customer service. At the event, speakers from leading companies which have successfully applied digital platforms will speak about the process. It will be held on October 12 at Capella Parkview in Phú Nhuận District. (VNS)
  • Fruit and vegetables manufacturer Nafoods has signed a memorandum of understanding with the Tay Ninh authorities to develop a special zone in the southern province to grow fruits for exports. The zone will cover 10,000 hectares and cost an estimated VND3 trillion (US$129 million) during the 2019-2023 period. Once the growing zone can provide at least 150 tons of fruit a day, Nafoods will build a processing plant, which is expected to generate export revenue of US$100 million a year. Under the agreement, Tay Ninh province will also provide 20 hectares of land for Nafoods to build a germination garden and encourage local enterprises, cooperatives and residents to take part in the project. Nafoods will be responsible for providing the seeds, fertilizers, pesticides, technical assistance and safety certification. (NDO)
  • Hong Kong-based on-demand logistics company Lalamove on Wednesday officially announced its entry into Hà Nội, one year after it started operations in HCM City. Lalamove aimed to have more than 10,000 regular drivers with an average monthly income of VNĐ7 million (US$305) in the two cities as of the first quarter of next year. According to Philippe Rambaud, Lalamove’s head for Hà Nội market development, Vietnam was a huge market for on-demand shipping companies such as Lalamove. He estimated that by 2020, the country would have more than 50 million people shopping online with the booming e-commerce industry. Lalamove provides on-demand motorbike delivery service at the fees of VNĐ25,000 for the first five kilometers and VNĐ5,000 for each additional kilometer for packages with the maximum weight of 30 kilograms. (VNS)
  • The Mekong Delta province of An Giang’s export revenue in the first nine months of 2018 topped 600 million USD, up 3.29 percent year on year, helping the locality fulfill 71.4 percent of its yearly target. An Giang estimates that its exports for the whole year will fetch over 840 million USD. In the nine-month period, the province exported rice to 38 countries, including 13 Asian, 10 African and 8 European markets, at an average price of 506.47 USD per ton, up 42 USD year on year. Meanwhile, the province shipped abroad 88,790 tons of frozen seafood for 213.3 million USD, a slight drop in volume but 24 percent rise in value, reaching 79 percent of its target for the whole year. An Giang frozen seafood have been sold in 80 countries, mostly to Asian markets. It is forecast that positive signs will continue to be seen in the demand for rice and frozen seafood, especially in the Philippines, Indonesia, the Republic of Korea, African countries and Cambodia. (VNA)
  • Nearly 1.3 billion USD in foreign direct investment (FDI) landed in the southern province of Dong Nai in the first nine months of 2018, 30 percent surpassing the yearly target, according to the provincial Department of Planning and Investment. From January to September, Dong Nai licensed 81 new FDI projects worth 605 million USD and allowed 77 others to add extra 694 million USD. Most of the new projects are in supporting industries that are environmentally friendly with high technology. The province is so far home to 1,833 FDI projects with a total registered investment of 33.1 billion USD. Of them, 1,354 projects worth 28.05 billion USD are operational while 479 others have had their licenses withdrawn. Most of the projects are run by investors from the Republic of Korea, Taiwan (China) and Japan. In 2017, Dong Nai attracted over 1.3 billion USD in FDI with the Republic of Korea being the largest foreign investors. In recent years, it has given priority to the projects using hi-tech, skilled laborers and environment-friendly. (VNA)
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