maandag 8 juli 2019

Vietnam: Automotive industry expected to get stronger

Automotive industry expected to get stronger

VNS/VOV A stronger automotive industry with higher participation of foreign firms will boost the domestic auxiliary industry, businesses said last week. "The Vietnamese automobile and motorbike industries have been very lively in the last two decades and there is still room for further development," Nghiêm Văn Hùng, assistant manager at sales and marketing department, Inoac... View Article

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EVFTA, EVIPA offer equal benefits to signatories

VOV The EU-Vietnam Free Trade Agreement and the EU-Vietnam Investment Protection Agreement are comprehensive and high-quality deals that would bring about equal benefits to both Vietnam and the EU, according to the Ministry of Industry and Trade. The EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) were both signed by Vietnam... View Article

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Wood exports bring home nearly 5 billion USD in H1

VNA/VOV The export value of wood and wood products reached nearly 5 billion USD in the first half of 2019, according to the Ministry of Agriculture and Rural Development. The US was the biggest importer of the country's wood and wood products. During January-May, the export turnover to the US accounted for 45% of the... View Article

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Criteria for investors of North-South Expressway disclosed

VIR/VOV The investors selected to develop the North-South Expressway will have to have successfully developed at least one similar project in an overseas market. As of now, there are 120 dossiers submitted to the Ministry of Transport proposing to develop eight subprojects as part of the big-ticket the North-South Expressway project, under the public-private partnership... View Article

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Retail revenues surge 11.5% in H1

VNS/VOV The nation's total revenue from retail sales and services saw a significant growth of 11.5% to more than VND23.9 quadrillion (nearly USD102 billion) in the first half of this year. The increase was the highest level seen in the first half of any of the past three years, the General Statistics Office (GSO) has said... View Article

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ILO congratulates Vietnam, EU on signing free trade deal

VNA/VOV The International Labour Organisation (ILO) has welcomed the signing of the EU-Vietnam free trade agreement (EVFTA) on 30 June in Hanoi, which promotes the respect for fundamental labour rights as a basic condition for fair international trade. "I congratulate Vietnam and the EU on this milestone. It is an excellent example of how free... View Article

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Vietnam's outlook remains positive: WB

Vietnam's growth momentum moderated since the beginning of the year, but outlook remains positive, according to Taking Stock, the World Bank (WB)'s bi-annual economic report on Vietnam released on 1 July. During the reported period, the service sector performed robustly – signaling sustained buoyancy in domestic demand and especially private consumption.  The public debt-to-GDP ratio... View Article

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EVFTA to boost export growth by 5%

VOV Vietnam, one of the region's fastest-growing economies backed by robust export and foreign investment inflows, is forecast to enjoy an annual average export growth ranging from 5 to 8% between 2019 and 2023. This forecast was made by the Vietnamese Ministry of Planning and Investment in a newly-released report that reviews the potential impacts... View Article

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CPTPP to advance Vietnamese farm produce's foothold in global supply chain

VOV Agricultural firms should be keen to seek potential alliances with partners from CPTPP member countries in order to benefit from the transfer of cutting-edge technologies by the latter through the joint implementation of large-scale projects, thus deepening their penetration into regional and global supply chains. Pham Quynh Mai, deputy head of the Multilateral Trade... View Article

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Foreign ownership cap to deter foreign capital in Vietnam's fintech

Hanoitimes/VOV It is good for Vietnam to get foreign investment in its fintech sector as support in technology, experience and capital from global major foreign financial groups will help local firms further develop. A Vietnamese central bank's proposal to limit foreign ownership in the country's fintech sector might prevent local firms from calling for foreign... View Article

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Quick delivery, entertainment: e-commerce players focus on differentiation

Vnexpress/VOV Tiki is pouring money into warehousing and Lazada is live-streaming videos on social media as competition intensifies in Vietnam's e-commerce market. Tran Ngoc Thai Son, founder and chairman of Tiki, said it now has 30,000 square meters of storage and plans to more than triple this figure to 100,000 square meters in the next... View Article

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The time is right for fintech firms

Vietnamnet/VOV A typical characteristic of the 4.0 industry revolution is the faster diffusion and larger coverage of new technologies, as well as the higher speed in realizing innovative ideas. A survey conducted by Solidiance, a consultancy firm, showed that Vietnam's fintech market value hit USD4.4 billion in 2017 and the figure will rise to USD7.8... View Article

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Low CPI growth facilitates inflation control: Deputy PM

VNA/VOV A CPI rise at three-year low during the first half of 2019 has greatly helped stabilise the macro-economy, promote economic growth and leave much room for inflation control for the remaining of the year, according to Deputy Prime Minister Vuong Dinh Hue. He made the assessment at a meeting of the Steering Committee for... View Article

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Vietnam loosens bank savings rules for foreigners

Saigontimes/VOV The State Bank of Vietnam has issued a new circular relaxing regulations on bank deposit services for foreigners and nonresidential organizations in Vietnam, a move designed to attract idle funds from the expat community in the country. According to Circular 49, foreigners who reside in the country for six months or more will be... View Article

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Industrial, economic zones attract 8.7 billion USD in FDI in H1

VNA/VOV Vietnam's industrial and economic zones attracted 340 foreign-invested projects with a total newly-registered capital of 8.7 billion USD in the first six months of 2019, according to the Ministry of Planning and Investment's Economic Zone Management Department. In the period, the zones drew 334 domestic investment projects totaling 83 trillion VND (3.56 billion USD).... View Article

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Savills: EVFTA positively impacts on Vietnam's industrial real estate market

VNA/VOV The EU-Vietnam Free Trade Agreement (EVFTA) has a positive impact on Vietnam's real estate market, especially the industrial real estate, said experts from Savills Vietnam. EVFTA is a landmark deal and strongly promotes industrial and export sectors in Vietnam by removing 99% of tariffs on goods from both sides. Vietnam's industrial clusters and zones... View Article

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82 solar power plants connected to national grid

VNA/VOV As of 30 June, as many as 82 solar power plants with a combined capacity of 4,460MW had been connected to the national grid, according to the Vietnam Electricity (EVN) group. This makes solar power currently account for 8.28% of Vietnam's electricity capacity. Earlier, the EVN agreed to continue the current feed-in tariff (FiT)... View Article

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Ministry to release "made in Vietnam" criteria

Hanoitimes/VOV The move aims to systematize the standards and conditions for a product to be labeled as "Made in Vietnam" or of Vietnamese origin. Vietnam's Ministry of Industry and Trade (MoIT) is gathering feedback for the first draft of criteria for products to be certified as made-in-Vietnam, VnExpress quoted Deputy Ministry of MoIT Tran Quoc... View Article

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Forex reserves reach highest level to date

VNA/VOV The State Bank of Vietnam (SBV) obtained a large amount of foreign currencies in the first half of 2019, pushing foreign exchange reserves recorded in the period to the highest level to date. The information was released by SBV Governor Le Minh Hung at a regular Government teleconference with 63 provinces and cities nationwide... View Article

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Managing HR and payroll is an unpredictable business

TMF Group These key factors can slow down your business expansion plans. Setting up processes to manage the hiring, terminating and paying of employees is 'extremely' or 'very' complex in 42% of jurisdictions, according to a new business complexity survey of 76 locations across the globe. The complexity lies in local labour laws, reporting requirements and significant difficulty... View Article

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