The Hanoitimes – The business community in 2017 has experienced ups and downs, but with more business mindsets and ideas to break away from tradition, 2018 is expected to be year for enterprises to flourish. As the government is pushing up with the divestment plan of state fund from state owned enterprises (SOEs), new doors are open for private enterprises to set foot in essential economic sectors in Vietnam. The shift of trade and investment flows through new-age free trade agreements to preparations for the fourth industrial revolution also create chances in attractive investment – business channels. 2018 is expected to be year for enterprises to flourish. The divestment plan of state fund from the Saigon Beer Alcohol Beverage Corp (Sabeco), resulting in Vietnam Beverage successfully bought 53.59% Sabeco shares has raised 4.8 billion USD in revenue. This successful deal has eased off concern from investors and some administrative agencies, showing the positive responses from the market toward determination and effort of the government in respecting market principles and meeting expectation for a transparent business environment. As such, this deal will lay the foundation for other SOEs to speed up the equitization process, such as Hanoi Beer Alcohol & Beverage (Habeco), Vietnam National Petroleum Group (Petrolimex), Mobil Fone, PV Oil, PV Power, Vietnam National Tobacco Corporation (Vinataba), or Binh son Refining and Petrochemical Company (BSR). Previously, some expressed concerns over the government is selling the best Vietnamese brands to foreign investors, but through divestment plans, the aim is to…
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*Can you identify any major achievements in attracting foreign direct investments in the past 30 years? Figuresfrom the Ministry of Investment and Planning showed that valid foreigndirect investment registered nationwide as of July amounted to 242billion USD. What is important about this figure is that it accounts for25 percent of the nation's total investment capital. It is alsoimportant because it helps establish new leading industries for thecountry like oil refinery, automobile manufacturing and chemicals. *Doyou think that in previous years, Vietnam wasted many opportunities toattract FDI because of complicated administrative policies andprocedures? Maintaining the same policy for attracting FDI fortoo…... [read more]
Updated at Tuesday, 02 Jan 2018, 16:49 The Hanoitimes - 2018 is expected to be a breakthrough year for Vietnam’s effort in attracting foreign direct investment (FDI). Vietnam has been a successful story in attracting huge FDI in 2017, with total registered capital of 36 billion USD and disbursement rate of 17.5 billion USD. This is a big achievement and far exceeded expectation in the beginning of 2017, considering the FDI to Vietnam in the last few months of 2016 was slowing down. Many experts considered this as a consequence of a potential breakdown of the Trans Pacific Partnership (TPP). …... [read more]
Illustration photo The GSO said that registered capital of a newly-founded enterprise averaged VND 9.8 billion, up 24.3%. The economy absorbed VND 2.7 billion of capital from newly-founded enterprises and those with additional capital.Meanwhile, 24,349 enterprises resumed operation, representing a year-on-year decline of 0.9%. The total number of newly-founded enterprises and resumed businesses was 140,400. In January-November, the newly founded enterprises generated over 1.06 million jobs, a year-on-year decline of 8%. Noticeably, in 11 months, 41,600 newly-founded enterprises operated in the wholesale and retail sectors (occupying 35.9% of total number); up 15.7% against the same period last year; 14,800 others in…... [read more]
“Currently, some agricultural business start-ups and big corporations have shifted to agriculture. Spreading the experience of these businesses to rural areas to stimulate entrepreneurship among farmers is very important,” said Dr Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), at the Forum “Promoting business roles in new countryside construction” held by VCCI in Hanoi. Revolutionary thinking and action in rural areas neededDr Loc said, although Vietnam has 10 years or so to restructure its agricultural sector, its confrontation to big economies is still very limited. Even big economies like Japan, an agricultural powerhouse, cannot retain…... [read more]
Vietnam regards Japan as one of itsmost important partners, thus it places importance on developing itsstrategic partnership with Japan, for peace and prosperity in Asia,State President Nguyen Minh Triet has said. Meetingwith Prime Minister Yukio Hatoyama in New York on Sept. 24, theVietnamese State President congratulated the Japanese leader on his newposition, stressing that the two countries’ comprehensive partnershipis well developed. He thanked the Japanese government and people for their positivesupport for Vietnam, especially via official development assistance(ODA), in the latter’s renewal process, national development andinternational integration. President Triet said he believed that under the leadership of PM YukioHatoyama and…... [read more]
NDO – Minister of Planning and Investment Bui Quang Vinh, who is head of the leading agency in Vietnam responsible for implementation of the national green growth strategy, talked with Nhan Dan Monthly about solutions for developing a green economy. Q: In Vietnam, green growth is not yet a trend as related parties are not fully aware of its importance in comparison with economic growth. Similarly, the majority of people and businesses are not fully aware of the urgency of the matter of environmental protection. Will this be a weakness for Vietnamese enterprises in the context of today's globalisation, minister?A:…... [read more]
The Law on Cooperatives will take effect from July 2013. Accordingly, in Vietnam, cooperatives will no longer be regarded as enterprises as regulated under the Law on Enterprises 2003, although they are “twins” in terms of their operation mechanisms and business functions. As judged by delegates at a meeting on drafting the Law on Cooperatives, a cooperative is an economic model for disadvantaged and poor people to gather for doing business, and where there are many disadvantaged people in the market, there is development of cooperatives. This is the thinking of old cooperatives’ operation. Facts have shown that during the development…... [read more]
Before the sixth term of the Vietnam Chamber of Commerce and Industry(VCCI), Vietnam Business Forum had an exclusive interview with him onthis issue. * How do you assess the position androle of VCCI in business development support and promotion in the pastterm? What should VCCI do in the next term to further promote its‘gathering’ and ‘connecting’ roles? As a national agencyrepresentative of the business community, VCCI has actually ‘gathered’companies in Vietnam in various fields and ‘connected’ companies withcompanies, companies with markets, companies with domestic andinternational business associations. These activities have been, andwill be, helping improve performance efficiency of companies in…... [read more]
According to the master plan on Vietnam leather and footwear development to 2020, with a vision to 2025, the leather and footwear sector will become a spearhead export sector of Vietnam by 2020, create more jobs for the society, increase incomes for labourers, and seriously exercise social responsibility. To seize opportunities and achieve objectives, Vietnam’s leather and footwear industry has a lot of work to do. Spearhead and potential industry The Ministry of Industry and Trade said Vietnam mainly exported leather-capped shoes to the former Soviet Union in the 1990s. The quality was not high and designs were simple at…... [read more]
illustration photo “The current difficulties facing firms could be swept away if enterprise-oriented solutions on product consumption and a resolution of non-performing loans were implemented. Many of the existing solutions have proved ineffective,” said the committee’s chairman Nguyen Van Giau at last week’s National Assembly meeting. For example, since May 2013 the government has deployed a VND30 trillion ($1.43 billion) package to provide loans for people and enterprises to buy social housing. However, by late August, only about VND100 billion ($4.7 million) had been disbursed. “The economy has been stagnating due to over-tightening of resources used for growth. Over the…... [read more]
