A pilot labour inspection campaign in the apparel industry uncovered 1,786 violations at 152 businesses in 12 cities and provinces across the country, according to the Ministry of Labour, Invalids and Social Affairs (MoLISA). The inspections were conducted from May to September this year by MoLISA inspectors in co-ordination with the International Labour Organisation (ILO), the Vietnam General Confederation of Labour, and the Vietnam Chamber of Commerce and Industry. MoLISA Deputy Minister Huynh Van Ty said the apparel industry was chosen for the test inspections because it had been a key foreign currency earner for Vietnam in recent years, bringing in 13.6 percent of the country’s export revenue and 10.5…
Northwestern mountainous region records highest household poverty rate
Hanoi (VNA) – The Northwestern mountainous region has the highest number of poor and near-poor households, which account for more than half of its total households, according to preliminary outcomes of a recent survey. The survey, which was released at a meeting of the Central Steering Committee for Sustainable Poverty Reduction in Hanoi on March 10, reveals that the Northeastern region records the second largest rate of poor and near-poor households with 29 percent, followed by the Red River Delta and the Southeastern regions, both with less than 10 percent. Deputy Minister of Labour, Invalids and Social Affairs Nguyen Trong Dam said figures have been collected in almost all localities…
Ho Chi Minh City sees youth potential for business growth
Ho Chi Minh City (VNA) – Dynamic youth are likely to help Ho Chi Minh City realise its goal of doubling the number of enterprises in 2020, visiting senior advisor to the US Secretary of State David Thorne said to local authorities on March 8. Thorn said his visit is part of a US programme to assist ASEAN countries, including Vietnam, in promoting business and innovation. He expressed his appreciation for the southern city’s support for the construction of a Fulbright University here. He said he would try to make sure that President Barack Obama will visit the south and Ho Chi Minh City as part of his trip to…
Tourism hopeful about TPP benefits
Hanoi (VNA) – Many new opportunities will be opened up for the tourism sector by Vietnam’s participation in the Trans-Pacific Partnership (TPP) and the ASEAN Economic Community (AEC), according to an industry expert. Director of Vietnam National Tourism Administration’s Market Department Dinh Ngoc Duc said loosened regulations on investment and labour for TPP and AEC member countries will stimulate demand for travelling to seek investment, business and employment opportunities. This will give a boost to the flow of international travellers within the TPP and AEC. Duc added that most TPP members have also committed to opening the market of business travel among them. With the TPP, international travellers will enjoy…
Automobile sales plummet in February
Hanoi (VNA) – Vietnam’s automobile sales reached 11,718 units in February, down 49 percent against the previous month, according to the Vietnam Automobile Manufacturers’ Association (VAMA). The number of passenger cars sold tumbled 54 percent to 6,446 units, while commercial cars dropped 44 percent to 4,599 units and special-purpose cars decreased 21 percent to 673 units. In the first two months of this year, the sale of domestically assembled cars increased 24 percent compared to the same period last year. In contrast, imported cars sales fell 24 percent year-on-year, VAMA said. Overall, auto sales rose 8 percent year-on-year during the Jan-February period, with respective increases of 50 percent and 27…
Exchange rate to be stable in 2016
Hanoi (VNA) – The exchange rate in 2016 will not have big changes in order to ensure macro-economic stability and support economic growth in accordance with the Government’s orientations, according to Bui Quoc Dung, head of the State Bank of Vietnam (SBV)’s Monetary Policy Department. Dung said that before the SBV implemented its new exchange rate management by announcing the central rate daily, many economists and organisations had forecast an increase of 5-7 percent in the exchange rate. However, the forecasts changed as the central bank’s move helped stabilise the forex market and made the exchange rate decrease sharply. The Standard Chartered Bank predicted a rise of 1-2 percent in…
Value of goods and services rises
HA NOI (VNS) — The national retail value of goods and services in the first two months of this year experienced the same growth rate as last year. However, the strong surge experienced in several previous years was absent, the General Statistics Office (GSO) said. The office said the total retail value of goods and services in the first two months gained a year-on-year surge of 9.7 per cent to reach VND587 trillion (US$26.6 billion). That is not a high growth rate as usual because of the high demand during the Tet festival in February. Vu Manh Ha, a GSO expert, said the retail value of goods and services in…
Central rate decreases slightly
Hanoi (VNA) – The State Bank of Vietnam (SBV) on February 22 announced the central rate for the Vietnam dong against the US dollar at 21,894 VND per USD, a decrease of 6 VND compared to the late last week. With the current +/- 3 percent VND/USD trading band, the ceiling exchange rate is 22,551 VND per USD and the floor rate is 21,237 VND per USD. Meanwhile, the listing rate at commercial banks showed little change. The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and the Bank for Investment and Development of Vietnam (BIDV) posted the buying and selling rates at 22,330- 22,400 VND per US…
More than 23,000 cars sold in Jan 2016
Hanoi (VNA) – Vietnam’s automobile sales in the first month of 2016 rose 16 percent from the same period last year, amounting to 23,165 units, the Vietnam Automobile Manufacturers Association (VAMA) announced on February 16. During the month, the number of passenger cars sold increased 3 percent to 14,090 units while commercial cars shot up 50 percent to 8,200 units and special-purpose cars sales climbed 5 percent to 875 units against January 2015. The sale of domestically assembled cars over the month stood at 17,397 units, an increase of 29 percent. In contrast, imported cars sales recorded 5,786 units, a reduction of 11 percent year-on-year. However, the number of cars…
Petrol prices drop to 16,405 VND per litre
Hanoi (VNA) – The prices of RON 92 petrol and E5 bio-fuel were reduced by 391 VND per litre as of 3 pm on December 18, the 5th consecutive cut and the 22nd adjustment so far this year. The petrol and oil price control joint team of the Ministry of Industry and Trade and the Ministry of Finance said with the reduction, the price of RON 92 petrol will not be higher than 16,405 VND (0.72 USD) per litre and that of E5 bio-petrol not more than 15,910 VND (0.7 USD) per litre. The price of diesel oil also dropped by 1,246 VND per litre, while that of kerosene and…
Registrations of ‘.vn’ domains rise
Hanoi (VNA) – More than 106,300 new “.vn” domain names were registered in the first 11 months of this year, bringing the total number of “.vn” domain names to 343, 370, a year-on-year increase of 16.4 percent, according to the Vietnam Internet Network Information Centre (VNNIC). The VNNIC held a conference on December 10 to review its activities this year and discuss plans for next year. The “.vn” domain name was the most registered country-code top-level domain (ccTLD) in the ASEAN region and is now expanding in Asia. According to the Asia Pacific Top Level Domain Association (APTLD), “.vn” registrations were ranked in the top 10 in the region this…
Deputy PM: Changing cash-payment habit boosts economic growth
Hanoi (VNA) – Changing cash usage habit to e-payment will not only boost economic growth but also promote Vietnam as a civilized nation, said Deputy Prime Minister Vu Duc Dam on December 16. He made his remarks at the Vietnam E-Payment Forum in Hanoi held by the State Bank of Vietnam (SBV) and VnExpress, an online newspaper. Online payment accounts for 90 percent of total transactions in developed countries and the Gross Domestic Products (GDP) hereby rose by about 1 percent, Dam explained. Vietnam has been ready for e-payment in terms of infrastructure and the Government has set goals to stimulate online transactions for years, yet consumers seem not willing…
Banks battle it out in Tet loans market
Hanoi (VNA) – Commercial banks and financial companies are fiercely competing for a slice of the profitable personal loans market as demand often rises sharply at the end of the year. Industry insiders said the period between December till the Tet (Lunar New Year) holiday is always the most popular period for personal loans, as Vietnamese people requires money for home repair and purchase, shopping and car purchases. To meet the rising demand, many banks are offering preferential loan packages to attract customers. VietBank is marketing home purchase loans at an annual preferential interest rate of eight to nine percent for the first year. An Binh Bank is offering loans…
Vietnam believed to gain the most in TPP
Vietnam stands to gain the most among 12 countries concluding the Trans-Pacific Partnership (TPP) deal’s negotiation early this week, said the Los Angeles Times on October 8. The US-based daily newspaper quoted the Peterson Institute of International Economics as saying that Vietnam’s textile-garment and footwear sectors are very likely to boom once the TPP is effective. The pact will let the country ship many products tariff-free to a market where members together constitute two-fifths of the global trade. The nation is also improving its tax and investment policies, developing infrastructure and pursuing other trade pacts to entice more investments, the newspaper noted. Investment bank Goldman Sachs forecast that Vietnam’s economy…
More foreign investors open stock tcodes in Vietnam
VSD has also agreed to adjust information on 25 foreign investors, including six organisations and 19 individuals. It also canceled the codes of one foreign unit. In the first 11 months of the year, the authority issued tcodes for nearly 1,000 foreign investors. Of these, 661 were individual investors and 277 were foreign organisations. The number of individual investors has reached a record high since 2011, thanks to Decree No 60/2015, which went into effect in September, creating more room for foreign investors. Vietnam continues welcoming more foreign investors to the country and to open stock transaction accounts. Currently, Vietnam has issued tcodes to 18,508 foreign investors, of which 2,864…
Taiwan’s 1-bln-USD paper plant gets investment license
The People’s Committee of southern Binh Duong province granted an investment license to Taiwan-based Cheng Loong Binh Duong Paper Ltd, Co. on December 4 for the construction of a 1-billion-USD paper plant. It is the largest foreign direct investment project in the locality in 2015. The 75-hectare plant will be located at Singapore Ascendas – Protrade Industrial Park in Ben Cat district. It is designed to produce 1 million tonnes of industrial paper and 50,000 tonnes of household paper per year. The first phase of the project will start in December and is expected to be operational by January 2018. According to Chairman of Cheng Loong Corporation in Taiwan Su…
CBRE Vietnam manages Phu My Hung projects in HCM City
HCM City (VNA) – Commercial Real Estate Services (CBRE) Vietnam has been selected to manage the Phu My Hung Development Corporation’s commercial projects in Ho Chi Minh City’s District 7, according to CBRE on November 30. CBRE Vietnam will manage seven projects including office buildings and commercial centres that cover a combined area of 160,000 sq.metres. CBRE Managing Director Marc Townsend expressed his delight at the deal and hoped that the two companies will cooperate more in the future for the development of the district. CBRE Vietnam pledged to provide the best services for clients, investors and residents in the area, Marc Townsend said. Phu My Hung is the first…
Jollibee begins franchising in Vietnam
HCM City (VNA) – Jollibee has begun franchising in Vietnam, marking a new strategy in the country for the Philippine fast food chain. A five-year franchise contract, estimated to cost 4.5-5 billion VND (200,500-223,000 USD), will see Jollibee advise on staff training, restaurant layout, equipment, raw materials and others. Franchisees will also benefit from the company’s marketing activities. Tran Thi Lan Anh, deputy chairwoman of Jollibee Food Corporation and general manager of Jollibee Vietnam, said the company would have 73 of its stores nation-wide by the end of this year, up from 69 now. Founded in 1975 as a single ice cream parlour in Manila, Jollibee is today the flagship…
US’s steel antidumping investigations groundless: spokesman
Hanoi (VNA) – The US Department of Commerce (DOC)’s launch of investigations into the dumping of circular welded carbon-quality steel pipes imported from five countries, including Vietnam, is groundless, stated Foreign Ministry spokesman Le Hai Binh. Replying reporters’ queries on Vietnam’s response to this issue at the ministry’s regular press conference on November 26, Binh affirmed that Vietnamese companies are operating in accordance with the market mechanism without subsidies from the Government and they don’t dump the product in the US market. The DOC should acknowledge and address the issue objectively and fairly in the spirit of trade liberalisation and in accordance with commitments to multi-lateral trade liberalisation as well…
Farm produce exports to China hit 4.3 bln USD in first 9 months
Hanoi (VNA) – Vietnam’s agricultural product exports to China reached about 4.3 billion USD in the first nine months of 2015 as heard at a conference on Vietnam-China trade and investment on agricultural product in Hanoi on November 24. The event was organised by the Vietnam Chamber of Commerce and Industry, the Hanoi Investment, Trade and Tourism Promotion Centre and the China-ASEAN Centre reported Ha Noi Moi newspaper. Representatives from the two countries’ enterprises exchanged information on fruit export-import demand, particularly in the context of the expansion of trade with third countries through Vietnam-China border gates. Deputy Chairman of China’s Food and Agriculture Products Rong Weidong said China is a…
PV Gas named in list of ASEAN 100 companies
Hanoi (VNA) – PetroVietnam Gas (PV Gas) has been named in the list of ASEAN 100 companies by Asia’s leading business magazine Nikkei Asian Review. With a market capitalisation of 9.43 billion USD and a net profit of 584 million USD in the latest fiscal year, PV Gas was placed in the 48th position and is the only Vietnamese company on the list. PV Gas is the third largest company in the region’s oil and gas sector, behind only Thailand’s PTT and its affiliate PTT Exploration and Production. Singapore Telecommunications tops the list with a market capitalisation of 47 billion USD.-VNA http://en.vietnamplus.vn/pv-gas-named-in-list-of-asean-100-companies/85185.vnp (151130)
Eximbank to deploy new banking software
Illustrative image (Source: Internet) Hanoi (VNA) – The Vietnam Export-Import Commercial Joint Stock Bank (Eximbank) will use India- based Infosys’ new software Finacle Core Banking for its banking products and services and internal management. The agreement was made at a signing ceremony held in HCM City last week. The software has a modern architecture and technology foundation that can help banks easily develop products, services and expand branches in the future; provide the ability to handle online transactions in multiple languages and currencies; and shorten time to solve problems. “Customer demand for modern banking technology is increasing. It requires Eximbank to choose proper technology solutions”, said Dang Phuoc Dua, Eximbank…
Luxury cars to be shown at int’l motor expo in HCM City
HCM City (VNA) – A number of authorised auto importers and distributors in Vietnam have confirmed they’ll attend the 2016 Vietnam International Motor Show (VIMS) scheduled for October 26-30 next year in Ho Chi Minh City. Four-wheeled vehicle fans in the city will have a chance to contemplate a variety of imported models from well-known brands such as Audi, BMW, Jaguar, Land Rover, Mini, Porsche, Renault, Rolls-Royce, Subaru and Volkswagen. The event follows October’s successful VIMS 2015, the first motor show of its kind in Vietnam. It was held in Hanoi. Laurent Genet, General Director of Audi Vietnam, representing car importers, said the five-day VIMS 2015 attracted more than 70,000…
Is Vietnam’s productivity low because Vietnamese work for foreigners?
When asked to make comments about Vietnam’s low productivity reported by International Labor Organization (ILO), Nguyen Xuan Duong, chair of Hung Yen Garment Company, said the productivity of the garment industry was low, but specific businesses had a higher level of productivity. The productivity is calculated based on workers’ skills. At Hung Yen Garment Company, productivity in 2014 was $2.5 per working hour, which was equal to that of Thailand in 2012. However, the average productivity in the garment industry was just equal to 60 percent of other regional countries, $1.5-1.8 per working hour. Vietnam’s garment industry only began developing in a number of years ago, and workers still don’t…
Imports of used IT goods to be banned
Hanoi (VNA) – The import of second-hand information technology (IT) products will be prohibited from December 15. The Ministry of Information and Communications has issued Circular No 31/2015/TT-BTTTT, stipulating the ban for products such as laptops, tablets and mobile phones, along with speakers, flash disk drives, as well as liquid-crystal display and light emitting diode screens, digital cameras. The ban will also apply to used components and accessories of these products. The circular provides guidelines for the implementation of Decree No 187/2013/ND-CP, which was issued in November 2013 on enforcing the law of commerce with regard to the international trade of goods. It replaces Circular No 11/2012/TT-BTTTT. -VNA http://en.vietnamplus.vn/imports-of-used-it-goods-to-be-banned/84750.vnp http://en.vietnamplus.vn/imports-of-used-it-goods-to-be-banned/84750.vnp
Rice export deals hit record level in October
HCM City (VNA) – Exporters signed contracts to sell nearly 2 million tonnes of rice overseas in October, exceeding the figure of the same period last year by over 22 percent and a record volume for one month. The outcome is attributable to the winning of bids to sell more than 1.5 million tonnes of rice to the Philippines, Indonesia, and Cuba. According to the Vietnam Food Association (VFA), in the last ten months, Vietnam exported over 5 million tonnes of rice, a slight decrease of 6 percent year-on-year. The export price also dropped by 24.03 USD per tonne. Asia maintained its position as Vietnam’s biggest rice importer, despite an…
Millions of credit cards idle in Vietnam
VietNamNet Bridge – About 20 percent or 20 million Vietnamese residents have bank accounts but the number of issued cards quadruples it to reach 86 million this year meaning tens of millions of cards have been idle, according to the General Statistics Office of Vietnam. The Vietnam Bank Card Association said that the number of cards issued this year has been up 30 percent over 2013, comprising 90 percent domestic cards and 10 percent international cards. Banknet.vn reported that 50 percent of current payment cards in Vietnam do not operate at all. The above numbers prove that bank card issue has run after quantity not customers’ demand, causing waste because…
Vietnam attends leading SEA food showcase in Indonesia
Jakarta (VNA) – A number of Vietnamese firms are joining the international exhibition on food and beverages InterFood Indonesia 2015, Southeast Asia’s leading food showcase held annually in Jakarta, Indonesia. The four-day event offers a venue for networking and accessing new innovations used in food and beverage manufacturing. Exhibitors are more than 800 local and foreign enterprises from 22 countries, including leading players in the industry that came to seek suppliers of materials and goods. Sideline events include a seminar and customer conferences that introduce new products and technological advances. With a population of approximately 250 million people, Indonesia is a promising market for food and beverage products which account…
Electricity output up nearly 13 percent in first 10 months
The total power output of the electricity sector in the first ten months of this year reached 136.25 billion kWh, up 12.95 percent compared to the same period last year, according to a report released by the Electricity of Vietnam (EVN). The group’s power output alone in the period was 132.64 billion kWh, up 11.69 percent year-on-year. Of the figure, power generation from hydroelectricity plants made up 37.6 percent of the total while, those from from thermal power and gas-fuelled plants were 31.69 and 29 percent, respectively. EVN completed four 500-220kV transmission line projects and began construction on seven 220kV projects. According to the EVN, the group is accelerating to put…
New boost given to support industry
Hanoi (VNA) – A number of incentives to boost the development of the have been introduced, under a recently approved decree. According to Decree No. 111/2015/ND-CP, organisations and individuals who study and work to develop prioritised support industry products under the Support Industry Development Programme will be eligible for financial and land incentives. Those involved in technology transfer in the prioritised support sectors will also get incentives. In addition, individuals who participate in the Support Industry Development Programme will be trained at home or abroad to enhance their abilities. The prioritised support industry products will be introduced in a national trade promotion programme, receive financial support for brand name registration,…