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Business in brief
Date :  11/10/2018
(Sourced from various news agencies)
  • The European Parliament (EP)'s Committee on International Trade (INTA) on October 10 held an opening hearing on the Free Trade Agreement (FTA) and the Investment Protection Agreement (IPA) between Vietnam and the European Union (EU). Addressing the event, Head of the Vietnamese delegation to the hearing Deputy Minister of Industry and Trade Tran Quoc Khanh noted the benefits brought by the agreements, from boosting trade exchange and fostering investment of European countries into various spheres, to helping Vietnam improve its standards to conform with international ones. Under the roadmap, the EC will send a dossier to the European Council to ask for authorization to sign the EVFTA. After signing, the agreement will be submitted to the European Parliament (EP) for approval. The EP can adopt the agreement ahead of the new European parliamentary elections scheduled for May 2019. (VNA)
  • The State Bank of Vietnam (SBV) has recently issued a standard set for domestic chip cards for the first time to enhance safety and service quality of the country’s bank card operations. The new standard set, which includes technical requirements for bank cards using contact and contactless chip technology in Vietnam, is compatible with EMV standards as well as standards of international card organizations such as Visa, MasterCard, JCB and UnionPay. The new set will also help commercial banks switch from the current magnetic strip ATM cards to chip cards. The SBV expects some 70 million bank cards with magnetic strips, which can be easily hacked due to weak security features, to be replaced by chip cards with EMV standards by 2020 as planned. (VNS)
  • A wide range of automobiles manufactured by the world’s leading brands will be on display during the Vietnam Motor Show 2018 in HCM City this month. The exhibition is being organized by the Vietnam Automobile Manufacturers Association (VAMA) and the Vehicle Importers of Vietnam Association (VIVA). It is set to be the most exclusive and largest specialized automobile show held in Vietnam this year. It will feature 15 leading global automotive manufacturers, domestic assemblers and importers, including: Audi, Chevrolet, Ford, Jaguar, Honda, Land Rover, Lexus, Maserati, Mercedes-Benz, Mitsubishi Motors, Nissan, Subaru, Toyota, Volkswagen and Volvo, together with two commercial vehicle manufacturers DCar Limousine and Eicher. There will also be an exclusive area for supporting industries. The Vietnam Motor Show 2018 will take place from October 24 to 28 at the Saigon Exhibition and Convention Centre in District 7, HCM City. (VNS)
  • The first Nutrition and Natural Health Festival to be held in HCM City from Oct. 18 to 21 will seek to network local producers of food and agricultural products, customers and local and foreign distribution systems. Organized by the High Quality Vietnamese Products Business Association, it has attracted 100 businesses who will display products such as fish sauce, spices, processed foods, fresh fruits and vegetables, rice, and other agricultural products. Exhibitors will have the chance to meet leading local and international distributors and retailers from the Global Retailer Alliance, the EU and the Middle East, buyers from Singapore, Thailand and Korea, large supermarket chains in Vietnam such as Co.opmart, Big C, Vinamart, Aeon, GS 25, Lotte Mart, and Auchan, and e-commerce businesses such as A Đây Rồi, Tiki and Lazada. Representatives of industrial parks and processing zones and five-star hotels and restaurants will come to the event to source food and farm produce, offering exhibitors a chance to sign deals with them. The festival will be held at the Nguyễn Du Stadium in District 1. (VNS)
  • Vietnam CEO Forum 2018, an annual event for Vietnamese chief executive officers, is set to kick off on October 24 in HCMC. The event is expected to gather more than 1,000 CEOs to discuss the opportunities and challenges of the Industrial Revolution 4.0. Leaders of the HCMC Youth Business Association (YBA-HCMC) on October 9 held a press conference to announce the event, themed, “CEO 4.0 – Surf or Sink?”. This year’s theme was chosen based on hot issues expected to arise when Vietnam enters the digital transformation era and witnesses an explosive development in science and technology, with multiple innovations. The event will also be attended by nearly 10 local and international speakers, who are high-ranking leaders from leading corporations, comprising Ernst & Young, Minh Long Company, technology firm VNG and Phu Nhuan Jewelry. In addition, their speeches are expected to be helpful and practical for medium and small-sized enterprises in the country. (SGT)
  • The 7th annual Buon Ma Thuot coffee festival will be held between March 9-16, 2019 in the Central Highland province of Dak Lak with a broad array of activities on offer such as an opening ceremony, a closing ceremony and the 2019 Dak Lak investment promotion conference. The festival promises to be packed full of diverse activities including an exhibition on coffee, a seminar on the development of Vietnamese specialty coffee, an exhibition on the world’s coffee history, a street festival, a contest for farmers, a Vietnamese specialty coffee quality competition, free coffee tasting sessions, a Buon Don elephant festival and an international paragliding contest. The annual event aims to promote Buon Ma Thuot coffee brand, develop Vietnam specialty coffee and gradually turn Buon Ma Thuot city into a destination for coffee aficionados worldwide. (VOV)
  • People belonging to Generation Z make all the decisions related to household shopping in Vietnam, a survey released Wednesday reveals. Eighty percent of Gen Z respondents, defined as those born between 1996 and 2005, said they are the ones who choose and buy beverages for their families, the report by market research firm Nielsen said. Seventy one percent said the same about snacks such as cookies, chips and sweets. Over half said they make the decision on what to do and where to go for a family night out, and four out of 10 said they decide what gadgets to buy at home. But Gen Z is not known for loyalty to brands, with almost four out of 10 respondents saying they are willing to try a new brand though they have a favorite brand. Only 16 percent said they select a brand carefully and do not want to change it later. The survey polled 370 people in Hanoi and Ho Chi Minh City, with 210 of them Gen Z and 160 of them Millennials. (Vnexpress)
  • About 3.5 million hectares of pepper grown in the southern province of Dong Nai recently received a certificate for organic farming standards of the German-based Certification of Environmental Standards (CERES). The recognition is expected to offer new chances for exports and brand building of pepper of Vietnam. The certified pepper areas are under the management of Lam San cooperative in the province’s Cam My district, said Director of the cooperative Nguyen Ngoc Luan. Lam San is the sole cooperative in Vietnam to export pepper directly to global markets, with an annual amount of 600 tons in of the past three years. Pepper produced by the cooperative has been shipped to European nations, including Germany and the Netherlands. Germany-based CERES offers certification for organic farming and food processing. (VNA)
  • Low-cost carrier Vietjet announced the opening of three air routes linking Vietnam with Japan at the Vietnam-Japan Investment Promotion Conference in Tokyo on October 10. Specifically, the Osaka-Hanoi route will commence operation on November 8, 2018, the Osaka-Ho Chi Minh City route on December 14, 2018, and the Tokyo-Hanoi route on January 11, 2019. All routes are operated with a daily return flight each. Customers can now book these routes on the carrier’s website vietjetair.com. Vietjet has already worked with Japanese partners to organize several flights from Vietnam to airports in Osaka, Tokyo, Sendai, Nagoya, Komatsu, Ibaraki and Fukushima. Vietjet is the first airline in Vietnam to operate as a new-age airline offering low cost and diversified services to meet customers’ demands. (VNA)
  • A food processing factory worth 7 million USD was opened in Trang Bom district, the southern province of Dong Nai, on October 10. The factory, covering 6 hectares in Trung Hoa commune, was built under a partnership between the GreenFeed Vietnam JSC and Dong Nai Food Industrial Corporation (DOFICO). It is equipped with pig and chicken slaughtering lines and a European-standard food production system. With technologies imported from Germany and Denmark, it can slaughter 250,000 – 300,000 pigs and 6 – 9 million chickens a year to produce about 19,000 tons of pork and 10,000 – 13,000 tons of chicken meat. This plant is also set to manufacture about 3 – 5 tons of processed meat products daily. (VNA)
  • Japan’s Binh Dinh Evertrust firm began construction on a seafood processing and preservation plant, the first of its kind in the Nhon Hoi economic zone in Quy Nhon city, in the central province of Binh Dinh on October 10. Costing nearly 8 million USD, the plant sits on a site of 5ha and is designed to process and preserve 2,000 tons of aquatic products each year. It will also offer services including hot baths, Japanese cuisine and cultural products for visitors. The first stage of the project is scheduled to be put into operation by mid-2019. General Director of Evertrust Kosaburo Kimura expressed his wish to turn the plant into a source of tuna for both domestic and foreign supplies so that more consumers can access Vietnamese tuna. (VNA)
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