Vietnam, Mongolia news agencies renew cooperation deal

NDO/VNA – The Vietnam News Agency (VNA) and the Montsame News Agency of Mongolia signed a new cooperation agreement on August 15 to tighten their professional links in the digital era. Accordingly, the two agencies will maintain the exchange of text news and photos with captions in English and increase the sharing of news videos, especially documentaries concerning the land and people of Vietnam and Mongolia. The documentaries will also include information on investment and business opportunities in each nation. They pledged to maintain annual exchanges of reporters and also committed to continue supporting each other at regional and international press forums, particularly within the framework of the Organisation of Asia-Pacific News Agencies (OANA). Speaking at the talks in Hanoi, VNA General Director Nguyen Duc Loi noted the agencies’ implementation of the 2001 protocol on specialised cooperation, which, as he stated, has yet to tap into the bilateral cooperation potential, urging the two sides to strengthen their ties in the time ahead. Regarding APEC Vietnam 2017, he commented that the VNA is ready to provide information about this event for Montsame, and it hopes that the Mongolian news agency will step up the promotion of this event on its communication channels. Congratulating the VNA on its recent achievements, Montsame General Director Ganchimeg Badamdorj also expressed her wish to reinforce the cooperation between the two sides. Both general directors shared the view that the VNA and Montsame need to boost exchanging information about their countries’ economy,…... [read more]

Thousands of tourism businesses will take part in the International Travel Expo HCM City (ITE HCMC) 2017 from September 7 to 9 at the Saigon Exhibition & Convention Center (SECC). To be held for the 13th time, ITE HCMC 2017 provides an ideal marketing opportunity and excellent backdrop to enhance participants’ brand equity in the eyes of travel trade professionals and discerning end consumers. Hundreds of exhibitors and thousands of regional and local tourism stakeholders will benefit from this, the largest global tourism platform in the Mekong region, through the extensive networking opportunities, exclusive access to major stakeholders and key business insights into this growing industry it will offer. To meet the multi-faceted and cross-border business needs of global tourism businesses, ITE HCMC 2017 will again host a multitude of national pavilions set up by double the number of participating countries as last year, including Australia, Cambodia, Germany, India, Indonesia, Japan, South Korea, Malaysia, Maldives, Myanmar, the Philippines, Russia, Taiwan, Thailand, and Turkey. ITE HCMC 2017 expects an overall increase of 20 per cent in participation from last year. International and local airlines, hotels, resorts, tour companies and travel representatives from countries including Australia, Cambodia, Germany, India, Indonesia, Japan, South Korea, Malaysia, Maldives, Myanmar, Taiwan, Thailand, Turkey, the UAE and Việt Nam among others will add to the breadth of diversity. More cities and provinces in Việt Nam have also shown support and will participate in this year’s event, including…... [read more]

Don Lam, VinaCapital General Director, said Vietnam has exerted efforts to improve the business climate, evidenced by higher rankings in surveys conducted by the World Bank.  However, half of the surveyed enterprises confirmed that regulatory barriers, including overlapping, unclear and inefficient regulations, are hurting them, diminishing the sector’s competitiveness.  Ho Sy Hung, head of the Enterprise Development Agency under the Ministry of Planning and Investment, said over the past few years, the size of private enterprises has not improved, in terms of capital or the average number of employees, making it hard for them to invest in technology, machinery and fixed assets to reduce costs. The failure to expand has also made cumbersome administrative procedures a bigger problem, such as inconsistency between the Law on Investment, the Law on Environmental Protection, the Land Law and the Construction Law.  Hung admitted that enterprises, especially small and medium-sized ones, struggle to access loans and credit guarantees. He suggested offering loan packages with reasonable interest rates and transparent and simple lending procedures and diversifying banking products and services to increase access to capital.  Economist Vu Dinh Anh said policies and mechanisms for the private sector must be based on the principle of “equality, no preference, respect and initiative”.  The results of the survey indicated that 63% of respondents plan to expand operations while 44% reported they have missed out on business opportunities due to legal barriers and market restrictions.  Up to 37%…... [read more]

Illustrative image (Source: VNA) Hanoi (VNA) – A recent survey by the Vietnam Private Sector Forum has shown that the confidence of private business executives keeps improving, with the private sector increasingly asserting its important role in Vietnam’s economic growth.  Don Lam, VinaCapital General Director, said Vietnam has exerted efforts to improve the business climate, evidenced by higher rankings in surveys conducted by the World Bank. However, half of the surveyed enterprises confirmed that regulatory barriers, including overlapping, unclear and inefficient regulations, are hurting them, diminishing the sector’s competitiveness. Ho Sy Hung, head of the Enterprise Development Agency under the Ministry of Planning and Investment, said over the past few years, the size of private enterprises has not improved, in terms of capital or the average number of employees, making it hard for them to invest in technology, machinery and fixed assets to reduce costs. The failure to expand has also made cumbersome administrative procedures a bigger problem, such as inconsistency between the Law on Investment, the Law on Environmental Protection, the Land Law and the Construction Law. Hung admitted that enterprises, especially small and medium-sized ones, struggle to access loans and credit guarantees. He suggested offering loan packages with reasonable interest rates and transparent and simple lending procedures and diversifying banking products and services to increase access to capital. Economist Vu Dinh Anh said policies and mechanisms for the private sector must be based on the principle…... [read more]

The Thua Thien-Hue Provincial People’s Committee has proposed the prime minister to permit the development of a casino in Laguna Lang Co integrated complex. Potential profit from the casino industry is too lucrative to overlook (Photo: Le Toan) It is not the first time the province has asked for governmental approval to build a casino. Earlier in June 2015, Thua Thien-Hue proposed that the prime minister add the province’s Chan May-Lang Co Economic Zone to the list of areas allowed to have casinos in the country, but failed. Numerous foreign investors visited Thua Thien-Hue looking to develop casino projects. In late July, US-based casino operator and hospitality business Hard Rock International Inc. confirmed its interest in developing a casino at Laguna Lang Co integrated resort complex. Daniel Cheng, Hard Rock’s senior vice president for casino business development in Asia, told GGRAsia that Hard Rock finished all site studies and completed all project financing. All the company is waiting for is the Vietnamese government to issue the casino license after which Hard Rock can put the spade to the ground immediately. Earlier in July 2014, Singaporean resort developer Banyan Tree Holdings sought the provincial leaders’ approval to build a casino in the complex, claiming the step would play an important role in the development of Laguna Lang Co Resort, the company’s first project in Vietnam. The casino project is a part of a proposal…... [read more]

At the talks (Source: VNA) Thua Thien – Hue (VNA) – Leaders of the central province of Thua Thien-Hue and the Lao province of Sekong signed a Memorandum of Understanding (MoU) on cooperation in various fields during their talks in Hue city on August 9.  Accordingly, the two sides will facilitate the exchange of regular high-level visits. In the near future, Thua Thien-Hue province will help Sekong with short-term training courses on Party building and share its operation experience of the People’s Council. They will continue raising public awareness of strictly implementing an agreement on Vietnam-Laos land border and border gate management regulations, and a Protocol on Vietnam-Laos borderline and border markers. Thua Thien-Hue and Sekong provinces will continue effectively deploy a model of village-village twinning relations in border areas and assisting local firms in trade promotion activities held in each locality. The two provinces will jointly hold cultural exchanges and boost educational and health cooperation, under which Thua Thien-Hue will provide 10 full scholarships each year for Sekong students and offering health checks-up to residents in border areas. Sekong will help Thua Thien-Hue enterprises seek business opportunities in Ka Lum district. Over the past years, Thua Thien-Hue and Sekong have regularly held friendly visits, unearthed and repatriated remains of Vietnamese soldiers, experts and voluntary soldiers who sacrificed in Laos during the war. Since 2002, Thua Thien-Hue has created favourable conditions for 110 Lao students to study…... [read more]

NDO – A recent survey on business confidence conducted by the Vietnam Private Sector Forum (VPSF) showed that the confidence of private business leaders continues to increase, as the private sector is increasingly asserting its important role in Vietnam's economic growth in the near future. However, there remain a number of barriers causing difficulties for businesses in their operations. Each industry has its own problems but the common concerns arise from complex administrative procedures and constraints during access to financial sources. Don Lam, General Director of VinaCapital Group said that Vietnam has made great efforts to improve its business environment, evidenced by Vietnam's rankings which, according to the business environment rankings conducted by the World Bank, have improved. However, up to 50% of enterprises surveyed by the VPSF confirm that regulatory barriers are causing problems for private enterprises. In particular, overlapping, unclear and inefficient regulations have caused the private sector to suffer informal additional costs and have proved to be time-consuming. This problem has led to a significant decline in the sector’s competitiveness. Ho Sy Hung, Head of the Enterprise Development Agency under the Ministry of Planning and Investment, said that while the efficiency of business production and operation remains limited, the private sector is increasingly contributing to the socio-economic development. However, over the past few years, the size of private enterprises has not improved, both in terms of capital and the average number of employees. Limited capital size is one of the major obstacles preventing private enterprises from taking…... [read more]

In recent years, Vietnam and Singapore’s matured co-operative relationship has given signs that it is entering its prime. Singapore’s Ambassador to Vietnam Catherine Wong Siow Ping told VIR’s Thanh Tung that Vietnam will continue to see robust investment from her country in the coming time. How important is Vietnam’s market to Singaporean investors, particularly after  the establishment of the ASEAN Economic Community (AEC) more than one and a half years ago? Do you see any signs of notable new Singaporean investments into Vietnam’s property, manufacturing, and processing sectors in the time to come?   Vietnam is one of the key markets of interest in Southeast Asia for Singaporean companies. Singapore is currently the third-largest foreign investor in Vietnam, with registered cumulative investments of $41.6 billion in 1,894 projects. Singapore is also Vietnam’s top investor among ASEAN countries, accounting for about 60 per cent of ASEAN’s total foreign direct investment (FDI) into Vietnam. Singaporean companies tend to take a long-term approach when investing in Vietnam and have continued to explore business opportunities across a variety of sectors. In recent years, Singaporean investors in Vietnam have also diversified from a traditional focus on Ho Chi Minh City and Hanoi into other regions such as the Mekong Delta region, Danang in central Vietnam, and Haiphong in the north. Manufacturing continues to be a very viable sector in Vietnam, especially after the establishment of AEC. Vietnam has successfully established itself…... [read more]

Vinamilk CEO Mai Kieu Lien Name: Mai Kieu Lien Age: 64 Business group: Viet Nam Dairy Products JSC (Vinamilk) ‘Dairy Queen’ reigns supreme Vinamilk is Viet Nam’s largest dairy firm its CEO Mai Kieu Lien has been the key person in its emergence from a small, State-run firm to one of the most profitable brands in the country. Known as the “Dairy Queen”, Lien is the only Vietnamese woman to be named among Asia’s 50 Most Powerful Businesswomen four times by US business magazine Forbes. Once called “Margaret Thatcher of Viet Nam” by CNBC, Lien has been a pioneer in making milk a regular source of nutrition for Vietnamese people. She has also been instrumental in developing material resources for the nation’s dairy sector. Born in 1953 in France, but graduating from a university in Moscow, Lien has worked with Vinamilk for over 40 years, of which 35 years at the helm, steering the company to become an outstanding example of equitisation of State-owned enterprises. After its public listing in 2006, the company’s market capitalisation has increased to nearly US$9.8 billion, based on July 31 share prices. In 2016, it reported total sales of nearly VND47 trillion ($2.1 billion), up 17 per cent year-on-year. In the first half of 2017, its revenues topped VND25.4 trillion, up 11.5 per cent year-on-year, pre-tax profits reaching VND6.92 trillion. In terms of sales, Vinamilk was already ranked among the world’s 50…... [read more]

A group of three Japanese businesses have signed a Memorandum of Understanding (MoU) with a Vietnamese partner to invest in a high-tech agriculture project in the northern province of Bac Ninh. Chairman Nguyen Thu Quynh in the meeting with Daisuke Ogiwara, executive director of Ogiwara At an August 1 meeting with Nguyen Tu Quynh, Chairman of the Bac Ninh People's Committee, Ogiwara, Raycean, and Daimasa Engineering said that they are seeking for business opportunities in high-tech agriculture in the province. Ogiwara, which specialises in growing mushroom on corn cores, now has the biggest enokitake market share in Japan. Raycean provides consultancy services and support for Japanese investors in Vietnam, while Daimasa Engineering specialises in solar energy and biogas production as well as solid waste treatment. After a fact-finding trip in the province, the Japanese enterprises decided to cooperate with Lucavi in producing mushroom, melon, and export smoked wild duck to Japan. Quynh asked the Department of Agriculture and Rural Development to develop the concentrated corn cultivation area and sign MOUs and long-term cooperation agreements with Japanese firms. Regarding the export of smoked wild duck to Japan, the chairman asked Lucavi to build a detailed plan and then submit it to the people's committee for approval soon. Bac Ninh has so far attracted more than 1,000 foreign firms, 80 of which are Japanese. Together with investing in industrial manufacturing, Japanese firms have invested…... [read more]




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