Vietnam plans to spend over $6 bln for crude oil, fuel storage

These data were reported at conference to review the first phase of the city’s economic census 2017, presided over by standing deputy chairman of the city People’s Committee Le Thanh Liem. A representative of HCMC’s Statistics Department said that the city would investigate the 160,560 active businesses to collect information about their production and trading activities in 2016. In addition, the department will take the 20,400 businesses who have halted operation to the investigation to fully estimate the performance situation of enterprises in the city. In addition, the city now has 115,000 businesses who were registered in early 2017 but tax and statistics agencies have not found them. The Steering Committee of Economic Census 2017 has proposed the city People’s Committee to require relevant sides to set up a plan to verity the existence of these 115,000 businesses. After four months of the economic census, HCMC has delivered questionnaires to 173,590 enterprises and collected 141,480 ones accounting for 81.5 percent. The rate was only 72-75 percent in previous years. The economic census has showed a high increase in the number of individual business households nearing 448,330 households in 24 districts as of June 20, much higher than the reported number of 200,000 previously. According to the steering board, that has been due to the hike in the number of households with houses or rooms for rent. Mr. Liem required tax and statistics agencies to review these numbers, saying that individual business households play a significant role in the city’s…... [read more]

Vietnam National Petroleum Group (Petrolimex) and Vietnam Railways (VNR) will strengthen cooperation in investment and business activities in the future. Petrolimex, VNR signed comprehensive cooperation agreement Petrolimex and VNR signed an agreement today to comprehensively boost cooperation and fully exploit their existing advantages. Under the agreement, VNR will prioritise using Petrolimex's petrol products. Regarding transportation services, the two sides will study the possibilities of connecting railway routes and petroleum storages. VNR and Petrolimex also agreed to study the former's infrastructure system and select reasonable locations for investment and the development of petroleum stations. The two companies will also cooperate in banking and financial services, insurance, and the promotion of brand names, among others. "With specific cooperation projects and support from the Ministry of Transport and the Ministry of Industry and Trade, the cooperation will bring fruitful results," Petrolimex chairman Bui Ngoc Bao said. "The comprehensive cooperation between VNR and Petrolimex will help the two sides to tap into their own potential and advantages, thus increasing added value and developing each other," added VNR chairman Vu Anh Minh. At the event, units of VNR and Petrolimex signed cooperation agreements, including one between Petrolimex Paints Company Limited and Railway Transport and Trade Joint Stock Company (Ratraco), and another between Petrolimex Hanoi Co., Ltd. and Ratraco. Additionally, PG Bank also signed agreements with Saigon Railway Transport Company and Hanoi Railway Transport Joint Stock…... [read more]

Despite the increasing number of outlets, the market share of mobile retailer The gioi Di dong, which belongs to Mobile World Investment Corporation (MWG), has stayed unchanged at 42 per cent, thus, MWG has to find ways to solve its growth problems. RELATED CONTENTS: Cambodia ops, grocery arm fail to meet MWG’s expectations Consumer electronics retail losing its appeal Thai investment fund buys MWG shares for $11m MWG 2017 growth prospects uncertain MWG plans foreign expansion Mobile World makes it into Top 50 again MWG make VND165 billion profit in two months MWG sets $1 billion revenue target for 2015 MobileWorld: the best working place in Vietnam MWG share price dives ahead of listing Mobile phone and consumer electronics outlets see no growth According to newswire VnExpress, MWG’s business report for the first half of 2017 revealed that the company’s revenue and after-tax profit were more than VND31.2 trillion ($1.4 billion) and VND1 trillion ($44 million), respectively, producing a growth of 59 and 28 per cent compared to the same period last year. Of the total, the revenue from online sales was nearly VND2.6 trillion ($114.4 million), nearly double of the corresponding period last year. This…... [read more]

The Japanese government’s campaign will be observed annually for the next three years, starting on July 24, known as Telework Day, in a bid to reduce congestion ahead of the 2020 Summer Olympics in Tokyo. According to Japanese media, more than 900 companies participated in the first Telework Day on Monday, even though commuters gave mixed responses to the campaign. In Vietnam, many tech or tech-based companies already allow employees to work remotely, even though it is not an official policy. Advocates of the trend say telework will create a friendly and open business culture, and help to retain talent. Work from home, work better Thanh Tam, a specialist working for a media company in Ho Chi Minh City, encourages her employees to work “from anywhere they deem comfortable, even at home.” “Work effectiveness is the top priority, no matter where the workplace is,” Tam told Tuoi Tre (Youth) newspaper. “So my employees can choose where they want to work from.” Sharing this view, Thu Ha, an editor of a local news website, said she was able to telecommute because “my job does not require me to be in the office.” “So long as I can get things done, I can just stay at home,” she said. For some employers in Vietnam, telling their employees not to go to the office is like giving them an incentive or reward. Nghia, a KPMG employee based in Ho Chi Minh City, said his company has…... [read more]

A local pharmaceutical company and a New Zealand dairy producer have closed a deal on sheep milk distribution in Vietnam, the first of its kind between the two countries. The signing ceremony was held by the New Zealand Consulate General in Ho Chi Minh City on Monday, under which Viet Ha Pharma Corporation agreed to purchase dairy products from Spring Sheep Milk Co. Viet Ha Pharma Corporation is a local supplier and distributor in the medicine and dietary supplement sector, while Spring Sheep Milk is a global supplier of pure, highly nutritious sheep milk. This first-ever agreement to distribute New Zealand sheep milk in Vietnam will pave the way for further trade cooperation within the dairy sector between the two countries, according to industry insiders. It will also allow Vietnamese consumers to access a new kind of high quality sheep milk loaded with essential vitamins, minerals, and nutrients. New Zealand is the world’s ninth-largest dairy producer and accounts for more than 35 percent of global dairy trade, though it is only responsible for 2.4 percent of global milk production. The Kiwi country’s milk production has achieved spectacular growth over the last 30 years, mushrooming from 6.7 million metric tons in 1982 to over 21 million metric tons in 2016, according to the New Zealand Consul General and Trade Commissioner Karlene Davis. “New Zealand has a long trading history with Vietnam,” Davis said at Monday’s ceremony. “Last year New Zealand exported US$249…... [read more]

Hanoi, July 28 (VNA) - Local private enterprises have improved their productions and operations, but half of them still must take operational and production loans, according to the Vietnam Chamber of Commerce and Industry (VCCI).  VCCI research surveys show that Vietnamese private enterprises had developed robustly since 2000, and they had registered to operate mainly in sectors of commerce, services and construction.  Few of them had joined the production and industry sectors, and local private enterprise contribution to the domestic economy remained limited, said the VCCI.  According to the survey roughly 50 percent of local private enterprises have taken loans. Large firms commonly took big loans. They have used the loans mainly to stabilise operations, but not to invest in updating equipment and technology.  At 2 percent, the portion of enterprises using high technology is very low compared to other countries in the region. Small and medium-sized private enterprises have invested only 0.2-0.3 percent of their revenue to technology reform.  Small and medium sized enterprises (SMEs) and private firms have paid attention to quality of products and strategies on products because of high market demand.  However, SME production has continued a low technology rate and has been mainly based on labour advantages.  Meanwhile, SME managers lack skills, management knowledge and reform experience, leading to a failure to implement regulations on tax, financial management, labour, product quality and intellectual property.  Dau Anh Tuan, Head of VCCI Legal Department, said according to…... [read more]

Rapid e-commerce development is favourable for the digital economy. — Photo thethaovanhoa.vn Viet Nam needs to form policies that will boost the digital economy, a move that will generate added value and help sustainable development, experts said at a conference on Wednesday in Ha Noi. Dao Huy Giam, General Secretary of the Viet Nam Private Sector Forum (VPSF), said that more than ever, it’s time for Viet Nam to pay attention to digital economy. Giam cited statistics showing that 1.7 per cent of the population are involved in the digital economy and contribute 5 per cent to the gross domestic product (GDP). Each labour worked in the digital economy creates added value three times higher than the national average. “The digital economy stimulates high added value and leads to breakthroughs in capacity for sustainable development,” Giam stressed. According to Nguyen Trung Chinh, head of the VPSF’s working group on digital economy, with US$900 million revenue from e-commerce in 2016 and 60 million smartphone users, Viet Nam had significant room to boost the digital economy. Still, the biggest challenge is that Viet Nam had not had favourable policies to encourage new business models and digital technology-enabled companies, Chinh said. He said that to develop digital economy, the Government should hasten efforts in limiting the use of cash, promoting e-commerce and e-contracts and creating payment infrastructure for electronic transactions. In addition, incentives should be given to the software industry and hi-tech zones. …... [read more]

A corn field in Moc Chau District in Son La Province. — VNS Photo Viet Nam imported 3.53 million tonnes of corn in the first half of this year, up 5.6 per cent over the same period last year, according to the Crop Production Department. Last year 8.5 million tonnes had been imported, a year-on- year increase of 9.5 per cent, with Argentina, Brazil accounting for 47.2 per cent and 41.2 per cent of the imports. The imports this year are expected to match last year’s, the department said. The area under corn in Viet Nam reached 1.15 million hectares last year, with output being 5.24 million tonnes, the department said. According to the Institute of Policy and Strategy for Agriculture and Rural Development (IPSARD), about eight million tonnes, mostly from imports, are used every year to produce animal feed. The rest is directly used for food, food processing and producing bio-energy, it said. IPSARD has forecast that demand for corn used to produce animal feed is expected to increase to 9 million tonnes by 2020, and the country will continue to rely on imports. With high production cost and low yields, domestic output is unable to compete with imports, it said. Besides, taxes on corn imports are likely to decline in the future. The country hopes to have 1.16-1.26 million hectares under corn cultivation by 2020 and 950,000-1.1 million hectares by 2025, and output of 5.4-5.8…... [read more]

Though locked in a constant struggle against complaints over their service quality, low-cost carrier Vietjet reported a whopping 46 percent growth in profit for the first half of 2017. Vietjet posted a revenue of VND10,743 billion (roughly US$473 million) in the Jan-Jun period, according to an announcement by the company on Thursday citing unaudited business results. That number is a 45.1 percent jump from the same period last year, and accounts for 108 percent of the no-frills carrier’s six-month budgeted plan. Vietjet also reported a pretax profit of VND1,090 billion ($48 million), an increase of 46 percent compared to the first half of 2016. The airline asserted that it has already achieved 54 percent of its full-year profit target, thanks in part to the five brand-new A321 aircraft and five wet-leased planes put into operation during the six-month period. Vietjet noted that optimizing operation costs was a significant factor in its revenue boom, claiming to have operated 49,151 flights at a technical reliability rate of 99.55 percent and an on-time performance rate of 85.7 percent during the period.  Its flights carried an average load factor of 87.7 percent. Nearly 8.27 million passengers traveled with the no-frills airline in the first half of this year, up 22.4 percent year-on-year. Like us on Facebook or follow us on Twitter to get the latest news about Vietnam! ... [read more]

Illustrative photo (Photo: VNA)     Hanoi (VNA) - Local private enterprises have improved their productions and operations, but half of them still must take operational and production loans, according to the Vietnam Chamber of Commerce and Industry (VCCI). VCCI research surveys show that Vietnamese private enterprises had developed robustly since 2000, and they had registered to operate mainly in sectors of commerce, services and construction. Few of them had joined the production and industry sectors, and local private enterprise contribution to the domestic economy remained limited, said the VCCI. According to the survey roughly 50 percent of local private enterprises have taken loans. Large firms commonly took big loans. They have used the loans mainly to stabilise operations, but not to invest in updating equipment and technology. At 2 percent, the portion of enterprises using high technology is very low compared to other countries in the region. Small and medium-sized private enterprises have invested only 0.2-0.3 percent of their revenue to technology reform. Small and medium sized enterprises (SMEs) and private firms have paid attention to quality of products and strategies on products because of high market demand. However, SME production has continued a low technology rate and has been mainly based on labour advantages. Meanwhile, SME managers lack skills, management knowledge and reform experience, leading to a failure to implement regulations on tax, financial management, labour, product quality and intellectual property. Dau Anh Tuan, Head of VCCI Legal Department,…... [read more]




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