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BUSINESS
IN BRIEF 28/5
Trade
surplus strikes US$928 million
Despite the month
getting off to a slow start,
The country’s exports
jumped up 16.4% year-on-year to US$51.59 billion for the May reporting
period, while imports rose 11% year-on-year to US$50.66 billion.
Overall, total five
month import-export value surpassed US$102.25 billion, an increase of 13.7%
from a year ago.
Foreign invested
enterprises raked in more than US$32.24 billion from exports, representing a
rise of 20.5% and accounting for nearly 62.5% of the country’s total export
earnings.
in the first half
of May, exports experiencing sharp declines included telephone handsets and
components (down US$473 million), crude oil (US$299 million), garments
(US$218 million), computers, electronics and components (US$130 million),
machinery, equipment and tools (US$125 million), seafood (US$97 million),
footwear (US$92 million), and wood and timber products (US$90 million).
Garment
exports reach nearly US$6 billion
Garment and textile
exports jumped 21.3% in the first four months of this year, fetching nearly
US$6 billion, according to Vietnam Customs statistics.
The
It was followed by
the EU and
Most notably,
Vietnamese garment exports to the United Arab Emirates (UAE) rose 131% to
US$35.8 million.
The Ministry of
Industry and Trade says there is ample room for future growth in Vietnamese
exports to the UAE as its demand for textiles imports is approximately US$6
billion each year.
Rice
exports exceed 2 million tonnes
Vietnam shipped
abroad nearly 300,000 tonnes of rice in the first three week of May, bringing
its total rice export volume to over 2 million tonnes since the start of this
year, according to the Vietnam Food Association (VFA).
In May, Asia
remains
It was followed by
the
As of May 22,
Businesses
eye local opportunities
New findings from a
survey conducted by global office provider Regus indicates the number of
Vietnamnese companies seeking business opportunities in the domestic market
is 260% higher than those looking overseas.
The one-month poll,
which surveyed more than 200 Vietnamese businesses, is part of global study
which collected the opinions of more than 20,000 senior executives and
business owners across 95 countries.
The research proves
that 42% of the companies are seeking domestic growth, while only 17% look
forward to growing internationally.
According to the
research, the five most important barriers to international growth by
Vietnamese firms are the need to hire top-quality staff (89%), lack of access
to flexible office space (84%), lack of market information (74%), lack of
local knowledge and connections (63%) and the need to set up a local
distribution network (63%).
The focus on
home-grown growth is even more significant in emerging markets, where three
times as many companies (51%) are seeking domestic growth compared to the
number of companies seeking growth overseas.
This provides
evidence that more people in developing countries have started to benefit
from the results of economic recovery, as consumer confidence has begun to
recover and reliance on exports has diminished.
Serge Dupaux,
country manager at Regus
Vietnam-
Singapore Biz Forum to open in HCM City
The annual Vietnam
– Singapore Business Forum 2014 (VSBF), to be held from June 4-6 in HCM City,
will offer a platform to exchange business ideas, tackle current challenges
and develop bilateral strategic partnerships.
Many industry
leaders and experts as well as businesses, organizations and 100 government
officials have registered to attend.
Over three days,
the forum will hear presentations about the latest policies and opportunities
for trade promotion and investment in
According to
organizers, the forum this year will focus on five panel discussions,
including financial services cooperation, agriculture and aquaculture
production, tourism and hospitality, real estate investment, and
environmental management for sustainable business development.
VSBF is an
important annual event that has been organized since 2005.
This event has
contributed significantly to the success of multifaceted bilateral relations
between the two countries, especially the signing of the Strategic
Partnership Agreement in 2013.
Laos,
The view was shared
by Lao Deputy Prime Minister Somsavad Lengsavath and visiting Vietnamese
Deputy Minister of Planning and Investment Nguyen Chi Dung at a meeting in
Vientiane on May 26.
Bilateral relations
have developed substantially, especially in politics, national defence,
security, and economy, Dung said, noting trade and investment ties have grown
and flourished in recent times.
He cited a number
of Vietnamese-invested projects, including the US$522.4 million salt processing
plant and the big Sekaman 1 hydropower plant as testimony to Vietnamese
businesses’ investment commitment in
Dung took the
occasion, thanking the Lao government for supporting a recently adopted ASEAN
statement on
He reiterated
Deputy PM
Lengsavath congratulated Dung on his election as vice chairman of the
Vietnam-Laos sub-Committee for Cooperation, and said both sides should
continue easing difficulties to boost investment ties.
Singapore
company expands operation in Vietnam
SUTL Corporation
Pte Ltd continues to invest in
A memorandum of
understanding to this effect was signed in
The yacht club is
one of four sections of the Vung Ro Bay resort complex project in Phu Yen
province by Vung Ro Petroleum Ltd, with estimated investment capital of
US$2.5 billion.
It will include 300
docking spots, hotels, shopping malls, bars and restaurants along the coast.
SUTL Corporation
Pte Ltd first began operating in
Later in 1997, the
corporation also became a partner of Kentucky Fried Chicken (KFC) in
According to
FDI
disbursement hits US$4.6 bln
According to the
Foreign Investment Agency (FIA), approximately US$4.6 billion in foreign
direct investment (FDI) has been disbursed over the past five months,
demonstrating a year-on-year increase of 0.4%.
As of May 20,
The processing and
manufacturing industries took the lead, attracting US$3.9 billion from 254
projects. They were followed by the construction sector (US$463.2 million
from 49 projects), and the real estate sector ((US$399.3 million from 9
projects).
Since the beginning
of this year, 38 countries and territories have poured investment into
Then came Hong Kong
(US$629.9 million),
Binh Duong province
attracted the largest FDI investment (US$813.59 million), followed by Ho Chi
Minh City (US$775.62 million) and Dong Nai (US$579.74 million).
In the reviewed
period, the foreign invested sector enjoyed a trade surplus of US$4.46
billion.
Vietnam-China
mineral plant rolls out first batch
A steel and cast
iron mill of Vietnam-China Mineral and Metallurgy Co., Ltd (VTM) in the
The factory, the
most modern of its kind in
Its capacity is the
second largest in the country, after the Thai Nguyen Steel and Cast Iron
Plant, he said.
The factory is
designed to churn out 500,000 tonnes of cast iron and 500,000 tonnes of steel
ingot per year in the first phase. It plans to double the output after
another steel mill is constructed, using raw material from Quy Xa iron
ore mine in Lao Cai.
As scheduled, the
first batch of steel ingot will be rolled out early this June.
The factory was
jointly built by the Vietnam Steel Corporation and
Agricultural
exports up 10% in five months
Export earnings
from agro-aquatic-forestry products are estimated at US$12.12 billion in the
first five months of this year, representing a year-on-year increase of
10.4%, according to the Ministry of Agriculture and Rural Development (MARD).
Of this figure,
export turnover of farm products reached US$5.94 billion, up 5.1%, aquatic
products, US$2.83 billion, up 25%, and forestry products, US$2.46 billion, up
13.8%.
Export products
which saw a significant increase in both volume and value include coffee,
pepper, cashew nut, aquatic product and timber.
The first five
months witnessed an impressive growth in coffee exports, bringing back
US$1.96 billion from selling 966,000 tonnes, up 36.7% in volume and 29% in
value.
The country shipped
abroad 17,000 tonnes of pepper worth US$126 million in May, increasing its
five-month export value to US$645 million.
Cashew nut
shipments posted strong growth both in volume and value, 10.8% and 11.5%,
respectively.
In particular, the
fisheries sector remains a key hard currency earner, bagging US$2.83 billion
in five months, a year-on-year rise of 25%.
However, some
commodities such as rubber, rice, tea and cassava experienced a drop in
export turnover.
Rubber exports saw
the steepest reduction of 20.2% in volume and 39.2% in value compared to last
year.
Rice exports also
faced a sharp decrease, down 10.2% in volume and 7.3% in value from a year
ago.
The Japan External
Trade Organization (JETRO) in HCMC, the HCMC Investment and Trade Promotion
Center (ITPC) and Thai firm Reed Tradex on May 22 clinched a deal to organize
three exhibitions in the city in October.
The events,
including METALEX Vietnam and NEPCON Vietnam 2014, will showcase products and
accessories of companies in supporting industries from October 9 to 11 at the
Saigon Exhibition and Convention Center in HCMC’s District 7. These events
are expected to attract 500 enterprises from 25 countries and territories.
According to the
organizers, local firms can find modern machines, equipment and technology at
Local firms will
have an opportunity to meet Japanese producers who look for quality
industrial components and accessories in
Hirotaka Yasuzumi,
managing director of JETRO in HCMC, said the lack of supporting industries
was the biggest problem for enterprises when investing in
A survey of the
organization showed just around 32% of components and accessories made in
Yasuzumi said the
organization was considering a policy to support development of supporting
industries in
UAE group
to develop tourism complex in Quang Ninh
Representatives of
Nakheel, a real estate developer of the United Arab Emirates (UAE), are
scheduled to visit
According to the
Quang Ninh Investment Promotion Agency, the group signed a memorandum of
understanding with the provincial government last July and the visit would be
the next step for the Halong Star project in the
The 125-hectare
Halong Star complex has an estimated investment of US$550 million and
includes a five-star hotel with 250 rooms, 226 villas, 85 houses, 114
apartments and a shopping center.
The agency said the
provincial chairman, Nguyen Van Doc, led a delegation to the Middle East on
May 12-19 and received the Nakheel chairman’s pledge to continue projects in
The Quang Ninh
government said it would create favorable conditions for the group to
implement its projects in the province.
During the trip to
the UAE, Doc also met representatives of Investment Corporation of Dubai
(ICD) and invited them to explore investment opportunities in Quang Ninh,
especially the Van Don Economic Zone, which will become a special economic
zone.
The provincial
government said that Van Don Economic Zone had many good conditions for ICD
to develop its
Through the agency,
the Swiss State Secretariat for Economic Affairs (SECO) will provide some
US$3.9 million for
Do Kim Lang, deputy
head of VIETRADE and national director of the program, told a meeting in Can
Tho City on Tuesday that the program management would develop detailed plans
for brand building and promotion of chosen products and for producers of
these items to spur their exports.
The program also
helps strengthen the capacity of local trade centers, establish
Miroslave Delaporte
of SECO said SMEs were the core of
Vo Thanh Thong,
vice chairman of Can Tho City, said that farm produce and seafood were the
spearhead products of the Mekong Delta, with rice and seafood accounting for
90% and more than 60% of the country’s exports of these products.
However, Thong said
contribution of seafood and agriculture firms in the region stayed as low as
8.3% of the nation’s total export revenue.
Vietnam’s
first ETF to debut in Q3
Speaking at a
seminar organized by the Hochiminh Stock Exchange (HOSE) on Tuesday, Luong
Thi My Hanh, deputy general director of Vietnam Fund Management Company
(VFM), said VFM in March wrote to the State Securities Commission asking for
permission to open the VN30 ETF to track the VN30 index of the southern
bourse.
VFM expects to
launch an initial public offering (IPO) of the fund in the second or third
quarter. The fund will be listed on the stock market at the end of the third
quarter.
Unlike previous
active funds, the VN30 ETF will follow developments of the VN30 index
consisting of 30 stocks with the highest market capitalization and liquidity
on HOSE.
ETFs are a choice
of investors who prefer sectors such as banking, real estate and production.
For instance, they
can invest in the banking sector of an ETF’s portfolio rather than buy
specific bank shares. With ETFs, investors can join and withdraw quickly,
Hanh explained.
ETFs have more
advantages than other funds such as transparency and low management fees. The
funds also have better liquidity as investors can transact on the primary and
secondary markets.
At present, two
large foreign ETFs, FTSE and VNM, are making strong impacts on the local
market. Established in late 2009, the two funds now have the combined scale
of around US$700-800 million compared to the initial figure of US$50 million
each.
The figures showed
that investors had strong interest in ETFs, Hanh said.
In addition,
domestic ETFs will not have to follow the rule on foreign ownership limit in
listed enterprises. However, investors of Vietnamese ETFs are regulated to
open accounts in the country.
Vietnam and Russia
will intensify economic cooperation in order to realize their two-way trade
target of US$10 billion by 2020, heard an investment and trade promotion
conference in HCMC on Tuesday.
Deputy Minister of
Industry and Trade Do Thang Hai told the conference that trade between the
two countries was still below potential of the nations but more opportunities
were out there to foster economic relations in the years to come.
Evtukhov Viktor
Leonhitdovich, Russian Deputy Minister of Industry and Trade, stressed at the
conference that
Leonhitdovich
believed lower import tariffs would encourage Vietnamese firms to increase
their exports to
Enterprises
attending the conference were also informed of the supporting policies for
exports to
At the event,
Vietnam National Textile and Garment Group (Vinatex) and Russian firms struck
an agreement to develop a Moscow-HCMC light industrial park, which is also
known as Evarz Park, in Moscow.
The group also
inked a deal with Incentra Co. to lease space for showcasing products of
Vinatex at the Hanoi-Moscow trading and hotel complex.
VAMC finds
bad debt settlement tough
A leader of Vietnam
Asset Management Company (VAMC) has admitted that the country’s leading debt trading
firm is struggling with settlement of the bad debt it has bought since
October last year.
One of the reasons
behind the difficulties is that Government Decree 53/2013/ND-CP on VAMC
establishment does not give much help to facilitating operations of the firm,
which is mandated to buy debt from local banks via bond sales.
In the first
quarter of this year, VAMC purchased over VND3.9 trillion worth of original
debt with around VND3 trillion worth of special bonds issued, meeting only 3%
of its bad debt buying target for 2014.
VAMC collected just
around VND300 billion from debt settlements during the period, less than 1%
of the debt value.
Experts said VAMC
by nature was just a place for banks to keep their bad debt temporarily. The
enterprise does not tackle debt directly and just acts as a broker or a debt
management service provider.
Experts said the
process of settling bad debt usually takes three to seven years.
In Vietnam, the bad
debt trading market is just in its infancy while other factors such as the
legal framework and manpower are still insufficient, thus affecting the bad
debt settlement process.
Therefore, VAMC’s
target to buy VND100-150 trillion worth of bad debt in 2014 is seen
completely infeasible. Notably, the figure is even bigger than the bad debt
announced in official reports of credit institutions.
If VAMC could buy
VND150 trillion worth of bad debt this year, banks will have to deduct up to
VND30 trillion for their bad debt reserve funds. The figure is higher than
the combined profit of all lenders last year.
Another concern is
that State-owned enterprises and companies in close connection with banks
account for a large ratio of total bad debt. If bad debt is settled
drastically, lending irregularities may be exposed.
As of the end of
the first quarter, VAMC bought around VND42.8 trillion worth of original debt
at VND35.4 trillion.
Leather,
shoe exports to rise
The Ministry of
Industry and Trade (MoIT) announced that the leather and footwear exports of
Viet Nam in the first four months of this year has gained a year-on-year
increase of 22 per cent to US$2.85 billion because exports of these products
to traditional markets such as the US, Japan and the EU has had a sharp
increase.
Vietnamese footwear
products to some small markets in the East Europe and
The exports to
these markets are stable at present, the ministry stated. Therefore, many
leather and footwear export enterprises so far have export contracts until
August. The enterprises have promoted cooperation to increase localisation
rates of export products.
The Viet Nam
Leather and Footwear Association said that the leather and footwear
industries have chances of increasing exports because of advantages in
markets, preferential tax and the Trans Pacific Partnership agreement that is
expected to be signed this year.
The association
added that the enterprises should have specific production and business plans
and upgrade production technology and line to avail the opportunities of
increasing exports.
The enterprises
should shift their marketing activities based on market research and increase
trade promotion activities, the association suggested.
According to the
MoIT, the world has a trend of changing from wooden interior products to
leather interior products, so that is a great chance for the local leather
and footwear export business. Thus, the enterprises should improve management
ability, build trademark and develop key export products to obtain economic
efficiency at a maximum level.
The footwear
industry is strolling towards an export target of $12 billion for this year.
The industry's
export turnover was $10.3 billion in 2013, up 18 per cent from the previous
year.
CPI rises
slightly on growing supply
The country's
consumer price index (CPI) in May inched up 0.2 per cent against last month
amid rising supply and low demand, according to the General Statistics Office
(GSO).
Compared with the
first five months last year, the index rose 4.72 per cent.
Director of the
GSO's Price Statistics Department Nguyen Duc Thang said that CPI had not
risen much in May for the past three years as prices of necessities remained
stable and the food supply in the world market was abundant, while domestic
demand was not high.
During 2006-11,
however, CPI often rose between 0.6 and 3.91 per cent in May, Thang said.
The price of food,
which accounts for a large proportion of the 11-good basket used to calculate
the country's CPI, declined 0.51 per cent as the Mekong Delta region saw a
bumper harvest and Vietnamese rice exports declined due to the increasing
supply from Thailand.
According to the
GSO, 10 of the 11 consumer goods and services in the CPI basket registered
price hikes during the month, ranging from 0.01 to 0.43 per cent.
The highest rise,
recorded in the housing and construction materials group, followed the
central bank's recent launch of a preferential credit package for the
property market.
The educational
group experienced the lowest rise, an inconsequential 0.01 per cent, followed
by medicine and health care services with an increase of only 0.06 per cent.
Although summer is
starting, the price increase of beverages was lower than the country's
average CPI rise, only 0.13 per cent.
In May, domestic
gold prices continued to drop by 0.85 per cent against the previous month, in
line with the overall world downward trend, while the US dollar also
experienced a slight decrease of 0.04 per cent.
Animal-feed
makers rely on bran imports
According to the
customs department, feed producers imported 267,000 tonnes of rice and wheat
bran as of April 23, almost a third more year-on-year, at a cost of US$55
million.
The Viet Nam Animal
Feed Association said firms want to use domestic rice bran, but cannot since
bran oxidises and curdles within a few days. The decomposition of its
nutritive substances can have a harmful impact on animals, poultry, fish and
shrimp, it said.
The rice bran
extract – which they import mostly from
The extraction of
oil from bran does not change its protein content, but can increase its shelf
life by up to six months.
Nguyen Dang Vang,
chairman of the Viet Nam Animal Breeding Association, said for other
high-protein items like soybean, fishmeal, and palm kernel meal too, the
country has to depend on imports.
Last year
Nguyen Thanh Binh,
deputy chairman of the feed industry association, said the country has for
long been contented with the increase in exports of rice and other farm
produce, forgetting that it also spends a lot of money to import animal-feed
inputs.
"We can use
items available in the domestic market to produce feed," he told Saigon
Tiep Thi newspaper.
Industry experts
said the country needs to take steps to develop local production of
animal-feed inputs.
Vietnamese
goods to be showcased in EU
Vietnamese Goods
Week will be organised in
According to the
Ministry of Industry and Trade's European Market Department, approximately 20
Vietnamese firms will attend these events, showcasing products such as
seafood, rice, wood products as well as textiles and garments in the
supermarkets of
During the events,
business forums and direct meetings between the participating Vietnamese
firms and the representatives of Metro Cash&Carry and Casino will also be
organised, the department said.
Over the last few
years, Vietnamese Goods Weeks, organised in several European countries, have
created opportunities for domestic firms to advertise their products directly
to the distributors in the bloc, and allowed updating of information about
the EU's requirements and better understanding of the consumers' tastes and
demands there.
Vietnamese Trade
Counsellor in Germany Nguyen Thien Binh said that the Vietnamese Goods Weeks
organised there earlier helped many Vietnamese products such as vegetables,
fruits and dry goods, to enter the Metro Cash&Carry supermarket chain.
During a recent
conference in
Once their products
entered these chains, he said, they could enter other distribution channels
there.
According to the
department, the EU is one of
In the first four
months of this year,
Vinh Phuc
works to lure tourists
The
The province has
upgraded its facilities at tourist destinations to attract more visitors to
see its striking landscapes and enjoy its rich cultural tradition. Street
vendors and beggars hassling visitors have been banned.
Endowed with
natural resources and a mild climate all year round, the province’s
mountainous town of
Sightseers can find
a list of attractions, resorts and spiritual hotspots worth visiting in a
recently-issued tour guide.
Among them is the
Tay Thien site, sprawling over 100ha based in Tam Dao national park. It is
home to dozens of religious buildings that can be reached by 40 electric cars
and over 50 cable cabins carrying 2,500 passengers per hour.
While touring Dai
Lai – an artificial lake with a surface water area of 530ha in Phuc Yen
township, vacationers will be able to discover its wonderful scenery amidst
ranges of mountains and ever-green forests.
Moreover, they can
enjoy their holidays at the high-end Flamingo Dai Lai ecological resort that
offers a series of restaurants, villas and recreational spaces.
In May, more than
68,200 tourists brought Dai Lai 21.2 billion VND (1 million USD) in revenue.
In the coming time,
Vinh Phuc will invest more in Vinh Son snake village, Ha Tien pagoda and Binh
Son ancient tower.
So far this year,
Vinh Phuc has recorded over 1.2 million tourist visits with more than 10,300
from overseas, fetching more than 499 billion VND (23.7 billion USD).-
Central coastal
region focuses on developing maritime economy
The central coastal
region is eyeing a long-term strategy on developing the maritime economy in
order to fully tap its abundant sea resources.
The region
comprises nine provinces from Thua Thien-Hue to Binh Thuan with a total
coastline length of more than 1,400km and the two large fishing grounds of
Hoang Sa and Truong Sa.
However, due to
out-of-date fishing and preservation methods, the seafood output and value
still remain low.
In 2012, the
region’s fisheries sector posted 27.3 trillion VND (1.28 billion USD) in
production value, accounting for 34 percent of the total
agro-fishery-forestry output but just nearly 5 percent of the total export
value of the region.
To further develop
the maritime economy, Director of the Vietnam Institute of Economics Tran
Dinh Thien said that it is necessary for the region to have a long-term
strategy for off-shore fishing and sea food processing to create its special
products.
Meanwhile, local
authorities have called for more support policy for fishermen, particularly
credit access, so that they can build modern vessels for off-shore fishing.
According to Deputy
Minister of Agriculture and Rural Development Vu Van Tam, the Ministry has
submitted to the government a proposal on building five modern fishery
logistics centres in the central region.-
Generali
Vietnam Life appoints Chung Ba Phuong as CEO
Generali Vietnam
Life Insurance Co., Ltd. last week announced the appointment of Chung Ba
Phuong as the new Chief Executive Officer.
Phuong takes over
this position from Simon Lam, who was responsible for building the Generali
Group’s business in
According to Sergio
Di Caro, regional officer for Asia, Generali was heavily committed to growing
its operations in
“
Phuong has over two
decades of experience in the financial services sector. He joins Generali
Phuong was
previously a senior vice president at the Manulife-Sinochem Life Insurance
Company and was responsible for Chinese business operations with
responsibility for products, marketing and corporate business.
Prior to that, he
worked at one of the largest global insurance groups (responsible for
Phuong holds a
Bachelor Degree in Commerce from the
According to
Phuong, Generali
“With strong
financial support and expertise from the Generali Group, the firm commitment
of Generali Vietnam’s staff, I will do my best to maintain and enhance the
momentum created during the past few years to help Generali Vietnam hold a
solid market position in Vietnam, while making greater efforts to provide
customers with innovative policies, new values and diversified financial
solutions in order to satisfy increasingly demanding customer needs,” said
Phuong.
He added that
“Generali, one of
the world’s leading groups, strongly believes in a great future, and will
continue implementing appropriate strategies for this 90 million people
market,” he added.
Generali Vietnam
Life Insurance Limited Liability Company (Generali
5
Vietnamese firms recognized by WEF as Global Growth Companies
Five Vietnamese
firms are among the 20 companies in East Asia that have been nominated as the
Global Growth Companies by the World Economic Forum, the Geneva-based
not-for-profit foundation announced on Tuesday.
The Global Growth
Companies in
“These companies
are considered trailblazers, shapers and innovators that are committed to
improving the state of their region and the world,” the document reads.
The Vietnamese
nominees are AA Corporation, The Gioi Di Dong, VNG Corporation, Thien Minh
Group, and Minh Phu Seafood Corp, according to the WEF.
Other selected
companies include Acleda Bank Plc. (Cambodia); WanaArtha Life (Indonesia);
(Japan); Kakaku.com (Japan); Hearts United Group Co., Ltd. (Japan); Cross
Company Inc. (Japan); Tokushinkai Group (Japan); LINE Corporation (Japan);
Ferrotec Corporation (Japan); Myan Shwe Pyi Tractors Ltd. (Myanmar); Capital
Diamond Star Group (Myanmar); Manila Water Company Inc. (Philippines); Banyan
Tree Holdings Ltd. (Singapore); ILJIN Group (South Korea); Fila Inc. (South
Korea); and Humax Electronics Co., Ltd. (South Korea).
“The World Economic
Forum is proud to recognize these 20 champions that are at the forefront of
driving responsible economic growth, job creation and entrepreneurism in
“We look forward to
the active and dynamic role they will play at our meeting in Manila, working
with the region’s leaders to foster inclusive, sustainable growth in the
region.”
WEF said Global
Growth Companies are fast-growing companies with the clear potential to
become global economic leaders.
“The 20 nominated
East Asian firms represent a broad cross section of industrial sectors, but
share in common a track record in exceeding industry standards in revenue
growth, promotion of innovative business practices and demonstration of
leadership in corporate citizenship,” it remarked.
The 23rd World
Economic Forum on East Asia, hosted with the support of the government of the
Philippines, took place in Manila from May 21 to 23 under the theme of
“Leveraging Growth for Equitable Progress.”
Incorporated as a
not-for-profit foundation in 1971 and headquartered in Geneva, Switzerland,
the WEF is an international institution committed to improving the state of
the world through public-private cooperation in the spirit of global
citizenship.
It engages with
business, political, academic and other leaders of society to shape global,
regional and industry agendas.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Ba, 27 tháng 5, 2014
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