Workshop seeks to facilitate capital access for Vietnam exporters

Internet scams on the riseDuc Tam Vu Nhu Ha, chief of the HCMC Economic Police, speaks at a meeting last week with the 2030 Businessmen Club - PHOTO: DUC TAM HCMC – More and more crimes are being committed via the internet, especially on social media, and Internet users should take caution to avoid becoming victims of these scams, said Vu Nhu Ha, chief of the HCMC Economic Police. Ha mentioned three typical modi operandi taken by criminals at a meeting on “Solutions for doing business safely on the Internet” with the 2030 Businessmen Club last Thursday. In the first modus operandi, criminals often take advantage of telecommunications. At first, they will make a phone call, informing certain subscribers that they are in debt for a huge amount beyond the subscriber’s normal telecom charges. Soon after, the offender will pose as police, calling the subscribers to speak of a telecom scam, and require the user to provide their account details to quickly tackle the alleged cheat. When the victim trusts the caller and provides account information, unfortunate consequences are unavoidable, Ha said. The second way by criminals is to hack emails of businessmen frequently making transactions with foreign partners. After accessing email accounts and having a thorough understanding of transactions, the offender will create an email resembling that of their foreign partners. For example, if the email address of the foreign partner is [email protected], the criminal will register a similar email like [email protected] and require victims to conduct wire transfers…... [read more]

Located in the middle of Europe, the Czech Republic, which has a total area of 78,000 sq.m. and a population of more than 10 million, is the gateway to Eastern and Western European countries. Its admission to the European Union in 2004 and the Schengen Treaty in late 2007 has helped the country boost economic development and attract foreign investment. Between 1993 and 2006, foreign investors poured EUR55 billion into this EU member country. The Czech Republic is also one of the most dynamic economies in Europe with a GDP growth rate reaching 5.8 percent last year. Its key industries include machinery manufacturing, mining, metallurgy, automobile manufacturing, petrochemicals, and crystal and beer production. It is famous for applying advanced technology to building small and medium-sized hydro-electric power plants, manufacturing diesel-fuelled locomotives, treating environmental pollution, and producing medical equipment. After splitting from Czechoslovakia in 1993, the Czech Republic has continued to develop bilateral ties with Vietnam. The two countries have exchanged many high-level delegations, including reciprocal visits by the leaders of the two Governments and two legislative bodies. They released a joint statement during a visit to the EU member country by Prime Minister Nguyen Tan Dung last year. Economically, besides proceeding with the implementation of cooperation agreements with the former Czechoslovakia, the Czech Republic and Vietnam signed an agreement on economic cooperation and established an Inter-governmental committee for economic and trade cooperation. Late last year the Czech Republic established a trade promotion agency in Ho Chi Minh City. Two-way trade…... [read more]

The event was co-organised by Can Tho City’s People’s Committee and the China Manufacturer Alliance (CMA). Delegates heard introductory briefings on the potential advantages of the entire Mekong River Delta region and Can Tho City, particularly in terms of agricultural, seafood, and processing industries. They hoped local investment incentives will encourage Hong Kong investors to seek out the localities’ business opportunities. A CMA representative said that Hong Kong has offered business-friendly policies under its free market orientation. Hong Kong is an international trade centre with professional and efficient services. The HKSAR currently hosts the consular offices of approximately 110 nations and the headquarters or offices of around 3,750 multinational corporations. The CMA is willing to coordinate with international agencies and foreign trade associations on information sharing, new market development, and international business cooperation - including in Vietnam and the Mekong Delta provinces, said the representative. HKSAR has treasured a time-honoured relationship with Vietnam. Both sides signed an agreement on aviation services in September 1999 and an agreement on double tax avoidance in December 2008. In April 2009, the Vietnam Trade Promotion Agency and the Hong Kong Trade Development Council signed an agreement on trade promotion between Vietnam and the HKSAR. As of October 2012, Hong Kong has invested in 692 projects in Vietnam with a total capitalisation valued at US$11.96 billion, ranking sixth among foreign investors in the country. Among them, 33 projects worth US$569.9 million are in the Mekong Delta region.... [read more]

Jointly organized by the Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) and the ASEAN–Korea Centre (AKC), the event offered participants the chance to seek new partners and learn about sought-after products in the RoK. Ta Hoang Linh, Deputy Head of the Trade Promotion Agency, said since the establishment of bilateral diplomatic ties in 1992, two-way trade has increased 40-fold to US$20 billion in 2012, making the RoK the largest trade partner of Vietnam. Vietnam is creating favourable conditions for RoK businesses to expand trade in the country. Meanwhile, the RoK is also making it easier for Vietnamese goods to enter its market, and is accelerating the free trade agreement negotiations. Ki Bong-moon, AKC Representative, said the centre was set up in 1992 to promote activities in trade, investment, culture and tourism between ASEAN member countries and the RoK. It has helped Vietnamese businesses ship products to the RoK and vice versa. E-mart experts informed participants of the RoK market trend in interior decoration and household appliances. The group will open its first branch in Vietnam this year. They expect to have 17 outlets in the country by 2017. On the occasion, E-mart purchased products from Vietnamese firms to stock in its retail outlets.... [read more]

Doan Duy Khuong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), noted that although Vietnam and Cuba established diplomatic relations more than 50 years ago, their trade and investment ties have yet to match the potential. Last year’s two-way trade reached merely US$475 million, mostly from Vietnamese exports such as rice, chemicals, plastics, coal and garments. Meanwhile, Cuban exports to Vietnam remained modest at US$6 million, half of which came from pharmaceutical exports. Its cancer, meningitis, and hepatitis B drugs have been widely used in Vietnam. Cuba has invested US$6 million in a project in Vietnam, ranking 68th among foreign investors in the country. Vietnam has so far carried out two oil and gas projects in this Caribbean nation. Cuban ambassador to Vietnam Fredesman Turro Gonzlez said that Cuba’s pharmaceutical industry has developed constantly over the years. It has invented a number of drugs that cannot be found anywhere else in the world. Many of the products are available in Vietnam. He said the two countries are implementing joint projects to manufacture several pharmaceutical products in Vietnam in the form of technology transfer or other forms in agreement. The diplomat expressed his belief that medicine manufacturing will be one of the most prospective areas for cooperation in bilateral economic and trade ties in the near future. Khuong said VCCI will work closely with the Cuban Embassy, the Cuban Trade Office in Vietnam, Cuban trade promotion agencies and Cuban business communities to promote trade ties.... [read more]

At a meeting in the city on January 22, ITPC Director Pho Nam Phuong said it efforts are strategically aimed at supporting local businesses to invest in these countries in hopes of boosting cooperation and accelerating import-export activities. The ITPC is also extending invitations to multinational groups and investors to reciprocate and invest in HCM City, Phuong said. Nguyen Thi Hong, Vice Chairwoman of the municipal People’s Committee, spoke glowingly of the ITPC’s effort in promoting Vietnamese trademarks abroad and said the ITPC is an important bridge to economic development. Hong also urged the ITPC to improve upon its image and transform itself into an internationally recognized driving force in promoting trade and investment. The ITPC should strive to raise research capacity and be creative in implementing proper solutions in line with socio-economic development orientations and actively support business production, Hong suggested. As the city’s primary trade promotion agency, the ITPC conducted a number of programs in 2013, contributing to stimulating economic demand in agriculture, high-tech and the food industry. It was also instrumental in the success of a Vietnamese products fair, increasing productive dialogues between the city leaders and businesses, and promoting investment and trade activities in Japan, Laos, and Hong Kong.... [read more]

The Vietnam government has recently negotiated 10 free trade agreements (FTAs) and is trying to reach agreement on yet others in the coming time as part of its overall strategy to boost partnership with many economic powers. However, the survey conducted by the Ho Chi Minh City Support Centre on World Trade Organization Integration shows that most Vietnamese business owners have little or no understanding of the provisions of any FTAs. Up to 90% of Vietnam businesses are very small and closely held by a limited number of owners so it is not surprising that some would generally not be aware of the details of extremely complex trade deals, said Pham Binh An, director of the Centre. What is startling, however, is the sheer number of business owners that just shook their head in bewilderment and said they either don’t or couldn’t understand the complex agreements. “When asked about specific FTAs with particular foreign government such as the agreement with the Republic of Korea (RoK) the majority of responses was that they had never heard of the agreement," An said. "So yes, I think, many companies miss the benefits of the FTAs." An stressed that it is problematic such a staggering number of business owners failed to possess even a basic grasp of the content of the FTAs and their impact on the economy in general and their business specifically. Ly Kim Chi, president of the Food and Foodstuff Association in Ho Chi Minh City, in turn said the results…... [read more]

The forum focused on issues on the brand development for enterprises, national branding and products’ brand name among managers, experts and business representatives. Brand Finance representative Le Tien Manh said the value of Vietnamese trademarks have increased 30% to US$172 billion in 2014. In the ASEAN bloc, Vietnam ranks sixth in the field, after Singapore, Thailand, Indonesia, Malaysia and the Philippines. However, Vietnamese businesses have not paid attention to building trademarks in the international integration process, he added. Tran Trong Huu, President of The Northern Liquefied Gas Trading Company emphasised the need to promote a brand of products through international trade events. Bui Huy Son, deputy head of the Vietnam Trade Promotion Agency (VIETRADE) said despite Vietnamese businesses having raised awareness about the building of trademarks, there still remains some limitations. Therefore, VIETRADE will need to continue to support Vietnamese businesses’ participations in national branding programmes and training courses on the development of trademarks in order to share experiences.... [read more]

In addition, the committee announced it has scheduled a conference for August 11 to discuss the specifics of the visit and coordinate with the Vietnam Embassy in Russia, the Vietnam Trade Promotion Agency (VIETRADE), the Bank for Investment and Development of Vietnam JSC (BIDV) and INCENTRA Joint Stock Company. At the meeting, Vietnam Ambassador Nguyen Thanh Son will provide an overview of the latest information on the Russian market and talk about the types of support and assistance the embassy can provide. Representatives from BIDV and INCENTRA will also be on hand at the conference to discuss issues related to payment methods, transport of goods and services as well as miscellaneous topics of interest.... [read more]

Enterprises from Vietnam and Cuba also gathered in a workshop on the sidelines of the event to discuss their cooperation prospects. On the occasion, Deputy Head of the Ministry of Industry and Trade’s Trade Promotion Agency Bui Thi Thanh An and Director of the Cuban Foreign Trade and Investment Promotion Centre (ProCuba) Roberto Verrier inked a Memorandum of Understanding (MoU) to boost collaboration between the two organisations. Trade between the two countries will be facilitated by their strong political relations, the two governments’ support as well as mutual understanding between their people, An told the Vietnam News Agency (VNA)’s reporter. She said it is a good time for Vietnamese firms to do business in not only Cuba but also the Latin America. The FIHAV 2015 attracted more than 1,000 enterprises from 70 countries and territories worldwide, including 24 from Vietnam.... [read more]

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