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BUSINESS IN
BRIEF 29/11
Market economy to drive
Next
year is expected to bring a flurry of stock listings by Vietnam`s state-owned
enterprises -- a development symbolized the country`s shift from a
government-led economy to one powered by market principles.
The
"new driving force of
Already,
the government's changing approach is encouraging companies to be more
proactive about expanding their businesses, spurring positive changes in the
economy that will promote a better environment for both local and foreign
investors.
While
the government has moved to allow greater foreign ownership and is pushing
its approximately 700 SOEs to list, the pace of initial public offerings has
been slow so far.
Progress
is expected to pick up in 2018, however, as the government is warning there
will be consequences for those in charge of state companies that miss the
deadline for restructuring and equitization.
Shosuke
Mori, deputy head of international banking at Sumitomo Mitsui Banking Corp.,
noted that the SOE sector has seen slower growth than the private sector and
foreign-owned companies in
A
number of forum participants from Vietnamese companies said they have had
positive experiences welcoming overseas shareholders. Vietnam Airlines
Chairman Pham Ngoc Minh said its Japanese partner, ANA Holdings,
"satisfied all criteria" for an investor. ANA holds an 8.8% share,
and the strategic partnership can "support Vietnam Airlines’ expansion
and growth," Minh said.
Nguyen
Quoc Khanh, executive director of research and development at Vietnam Dairy
Products (Vinamilk), said the company will "improve itself in every
field" to attract investors. Vinamilk was the first in the country to
completely remove limitations on foreign ownership, paving the way for
international investors to hold more than 58% at present. Large shareholders
include Singapore-based peer Fraser and Neave.
Following
a successful second auction of Vinamilk shares in early November, the State
Capital Investment Corp. began to inform potential investors of the
divestment procedures for its four blue chip companies, including information
technology player FPT and Tien Phong Plastic.
Nguyen
Quang Dung, the deputy CEO of Vietnam National Petroleum Corp., or
Petrolimex, hailed a partnership the company forged last year with
In
the background of all this is the Trans-Pacific Partnership trade agreement,
to which
Meanwhile,
Pham Hong Son, vice chairman of the State Securities Commission of Vietnam,
said his organization is planning to launch bond futures at the local stock
exchange. "Besides covered warrants products to be launched later this
year, we are planning to launch government bond futures next year," said
Son during his opening speech at the forum. This follows the opening of the
derivatives market at the Hanoi Stock Exchange in August this year.
The
administration of a city in southern
The
proposal has been submitted to the municipal People’s Council for review and
approval.
According
to the proposal, all airlines opening new routes to the Can Tho International
Airport will be subsidized based on ticket price.
Specifically,
passengers flying from the airport would enjoy an airfare of just 70% the
normal cost, with the remaining 30% paid for by the city.
The
subsidy is expected to encourage local and foreign airlines to open new
routes to the airport, which is operating well below its design capacity of
five million passengers a year.
Located
in Can Tho’s Binh Thuy District, Can Tho International Airport was upgraded
from the former
Can
Tho is considered the economic hub of the delta.
However,
airlines have been reluctant to operate flights to the airport due to low
demand, as it sits only 180 kilometers away from the busy
Airlines
eligible for the planned subsidy must be committed to operating at least
three flights weekly for domestic routes and at least two flights weekly for
international routes.
All
routes must be available for a period of at least three years.
According
to the administration of Can Tho, the airport is expected to welcome over
612,000 passengers in 2017, which is only about 20% of its current maximum
capacity.
Despite
being an international airport, it currently serves predominantly domestic
routes, including those to and from
The
only international route between Can Tho and
Recent
reports of emissions exceeding the permissible amount at
The
ministry gave the explanation on November 25 following rumors that the
Taiwanese steel business was once again bringing harm to
Hung
Nghiep Formosa Ha Tinh Steel Co. Ltd., or
Last
June, the firm’s top executives admitted wrongdoing and pledged a hefty
monetary compensation of US$500 million after wastewater from its factories
was found responsible for mass fish deaths along the central coast of
In
a statement released on November 25, MONRE acknowledged that some readings on
Specifically,
the sulfur dioxide (SO2) and nitrogen oxides (NOx) levels in
However,
such incidents were due to the company raising its capacity above the usual
level to inspect and evaluate the emission treatment system.
According
to the ministry, responsible authorities have kept a close watch on the
company’s operations and emissions since the scandal last year, and so far
have found no violation of environmental standards.
A
US$100 million SO2 and NOx treatment system is being installed at its steel
plants, with the completion date scheduled for June 2019.
In
the meantime, the company is obliged to use clean fuel to power its mills to
make sure no air contaminants are produced and emitted to the environment.
The
ministry also dismissed claims that it was drafting a new set of
environmental standards to legalize
Vietnam promotes Vietnamese brands in RoK
Vietnam-Republic
of Korea trade ties are flourishing with trade revenue growing from US$500
million in 1992 to US$45 billion in September this year. But the number of
Vietnamese brands in
Trung
Nguyen coffee is the only Vietnamese product widely distributed in the
Do
Kim Lang, Deputy Director of the Trade Promotion Department of the Ministry
of Industry and Trade, said
Le
An Hai, Deputy Director of the Asian–African Market Department, urged
Vietnamese businesses to learn Korean food safety, product quality, and
trademark registration in order to secure a firm foothold in the Korean
market.
Hai
said “We have to export our products through Korean distributors, who have
their own standards and requirements in design and packing. Securing a market
share in the Korean market depends on the competence of each company.”
Pham
Duy Khuong, Director of SB Law, a law firm specializing in intellectual
property, said “Domestic enterprises should increase their market study and
professional evaluation. We need legal experts who will help us check and
verify legal issues with our trading partners and whether our trademark and
packing meets the host country’s standards.”
Vietnam products introduced at Prague International Christmas
Fair
A
full range of
The
annual event organized by the Diplomatic Spouses' Association (DSA) in the
Myung-Ji
Suh, Korean Ambassador’s wife and DSA president, said since 2000, the
Association has donated 66 million CKZ to charity programs in the
She
said she hopes that the event will help bring different cultures closer
towards tightening friendships among countries and promoting humanitarian
activities in support of unprivileged people in society.
The
organizers said around 30 charity projects will receive aid from the DSA in
the coming time. Last year roughly 2.8 million CKZ (VND2.8 billion) was
allocated to 34 programs.
Distinguished businesswoman sets shining example of patriotism
Hoang
Thi Minh Ho, wife of patriotic businessman Trinh Van Bo, passed away on
November 5 at 104, was a great patriotic spirit, dedicated to the nation.
Hoang
Thi Minh Ho was born in the capital city to a Confucian scholar and wealthy
merchant in the early 20th century. Her husband, Trinh Van Bo, was the son of
Trinh Phuc Loi, also a well-known merchant.
In
1932, Trinh Van Bo married Hoang Thi Minh Ho. Together, they leveraged their
inherited silk store to even greater prosperity. The couple showed great
generosity to disadvantaged people and they were totally dedicated to the
revolution.
Responding
to a Gold Week launched by the government in the early days of the 1945
August Revolution, they donated more than 5,000 tael of gold equivalent to
more than US$8 million at the current rate and mobilized another 1,000 tael
of gold from other businesses in
90-year-old
Dinh Quang Thieu of Dong Da district,
During
the struggle against the French colonialists, Ho and Bo received a delegation
from the interim Government, who travelled from the Viet Bac military base to
their house at
Nguyen
Xuan Ha, Ho’s daughter in law, said: “For my mom, money is not too important.
She said giving creates happiness”.
Mr.
Trinh Van Bo passed away in 1988. Bo and his wife were awarded the Order of
Independence, first class, by the State.
Youngsters show off talent in performing Cai Luong
A
national competition on performing reformed opera and drama for young artists
took place in Dong Nai province recently drawing 20 art troupes nationwide.
The contest created an opportunities for the young performers to show off
their talents and preserve the traditional art form.
Art
troupes from Long An, Tien Giang, Can Tho, Dong Thap, Ca Mau, Bac Lieu and
Kien Giang province were among the contestants.
Performing
three excerpts, 4 young artists of the Huong Tram troupe of Ca Mau province
were highly applauded by both judges and the audience for their excellent,
and emotional performing skills.
Artist
Quoc Tin of Head of the troupe said "We tried our best to enable young
artists to demonstrate their talent. 2 of our contestants were newly
recruited and don’t have experience. But we want them to participate in the
contest to learn experience from other artists from across the country.”
Emeritus
Artist Dinh Minh Man, Head of the Dong Thap troupe, said that they set up a
new play for the contestants while senior artists played supporting
roles.
“We
invited some Emeritus artists to the play to assist the young ones. Emeritus
Artists Trong Duong and Hai Yen played supporting roles for young artists”,
said
Performances
of the Tay Do troupe province received much applause from judges thanks to
their thorough preparation.
Director
of Tay Do Theater Hong Quoc Khanh said "Our young artists received good
comments that made them very happy. But to be honest artists of other troupes
are much better than us because they perform more regularly. This contest
created an opportunity for our artists to gain more experience.”
Organizing
the contest, the Ministry of Culture, Sports and Tourism hopes to honor
artists with outstanding achievements, creativity, and talent.
Footwear exports enjoy 13 percent rise during Jan-Oct
The
export turnover of Vietnamese footwear products hit 11.82 billion USD in the
first ten months of 2017, up 13 percent year-on-year.
Exports
to
The
Vietnam Leather, Footwear and Handbag Association predicted that the footwear
sector’s production will enjoy a growth rate of 5 percent this year compared
to last year, while the export value of footwear and handbags will reach
nearly 18 billion USD, or a 10-percent rise a year-on-year.
Sabeco towering over stock market
The
value of Saigon Beer, Alcohol, and Beverage Company (Sabeco)’s shares flew to
a new record, surpassing VND300,000 ($13.21) apiece to become the largest
value ticker on the Vietnamese stock exchanges.
According
to information published by the Ho Chi Minh City Stock Exchange (HoSE), as of
half of the transaction session on November 27, the value of Sabeco shares
reached VND319,000 ($14.09), increasing its capitalisation to VND200 trillion
($8.8 billion).
Being
a point of extreme interest among investors, the state divestment from Sabeco
has been accelerated after the Ministry of Industry and Trade asked the HoSE
to organise roadshows in
Within
the framework of the roadshows, a representative of Sabeco would provide
general information about the corporation, its manufacturing system,
subsidiaries, distribution network, its financial potential (through the financial
reports from the past three years), as well as its plans to develop after
being equitised.
Accordingly,
on November 24, the roadshow was organised in
Back
to Sabeco’s share value, it is not the first time that Sabeco’s shares are
pushing records. Previously, on the first transaction day on December 6,
2016, Sabeco’s shares increased by the ceiling set by the HoSE. Notably, from
a reference price of VND110,000 ($4.9), the ticker opened the day already at
VND132,000 ($5.84), a 20 per cent increase from the get-go.
After
eight transaction sessions, Sabeco’s shares increased to VND211,500 ($9.40),
up 92.3 per cent from the launch.
Divesting
the state’s ownership in Sabeco has drawn in investors by the droves,
especially foreigners. To date, several foreign breweries have admitted to
eyeing Sabeco since it was earmarked for equitisation, such as San Miguel,
Heineken, SABMiller, Thai Beverage Public Company Limited (Thai Beverage),
Japanese Asahi Group Holdings Ltd., and Kirin Holdings Co.
Sabeco
is the largest brewer in
Mixed-use development boom in
During
the last 10 months,
In
mid-November, Singapore-based CapitaLand announced that it paid $38 million
to acquire a new residential project located in
According
to Chen Lian Pang, CEO of CapitaLand Vietnam, 2017 has so far been a record
year in terms of growth for CapitaLand in Vietnam, with home sales in the
year’s first nine months surpassing those of fiscal year 2016 by close to 50
per cent.
“Beyond
the residential market, we have made strategic inroads and expanded our
footprint in the country with prime assets in gateway cities,” Chen said.
In
September, VinaLand Limited – the real estate investment arm of Vietnam-based
asset manager VinaCapital – transferred its stake in VinaSquare, a mixed-use
3.1-hectare development site in Ho Chi Min City’s District 5, to Tri Duc Real
Estate for $41.2 million.
In
addition, its 182ha My Gia, one of the largest township projects in the
central city of Nha Trang, was also unloaded by VinaLand for over $11
million.
In
August, Anpha Holdings, a Vietnamese real estate development firm, acquired
nearly 100 per cent of Nova Galaxy, a subsidiary of the listed developer
Novaland.
In
In
a similar move, FLC Group won a bid for the land-use rights of the 6.4ha DM1
land plot, located in South Tu Liem district, for nearly $38 million. They
plan to build townhouses, villas, and apartments on the parcel.
According
to a recent report released by Savills
With
strengthening demand on the back of healthy foreign direct investment and
robust GDP growth, Savills
Vikram
Kohli, executive director of Business Operations and Strategy at CBRE
Southeast Asia, said that the real estate market in
“For
developed countries like
However,
in order to make the M&A market in real estate more attractive to
foreigners, there needs to be more product diversity to provide foreign
investors with more choice.
Furthermore,
increased transparency and legal protection for contracts are also needed to
properly develop the M&A real estate market, which has seen increased
participation from foreign developers in
These
buyers are interested in large-scale mixed-use developments comprised of
apartments, serviced apartments, retail, and office space in
Major expos to promote Vietnamese supporting industries
Vietnam
Hardware & Hand Tools 2017 will take place on December 6-9 in
According
to Do Phuoc Tong, chairman of the Ho Chi Minh City Association of Mechanical
and Electrical Enterprises, the on-going expansion of multinational
corporations in the manufacturing sector has facilitated the development of
the domestic supporting industries in recent years. A growing number of local
firms have seized the chance to join global supply chain networks.
“
This
year, the exhibition will welcome 250 enterprises from 20 different countries
and territories. It will cover an area of 5,000 square metres at Saigon
Exhibition & Convention Centre (SECC). The four-day event is expected to
attract 6,000 visitors.
Vietnam
Hardware & Hand Tools 2017 focuses on four main sectors, including tools
and DIY, building hardware, fasteners and security solutions, locks and
fittings. The expo will be an effective commercial connection programme to
bridge the gap between sellers and buyers as well as give buyers a chance to
approach new technology and products.
Along
with Vietnam Hardware & Hand Tools 2017, another mega exhibition known as
Vietnam Expo 2017 will be hosted at SECC from December 6 to 9. The expo is a
major trade promotion channel between
With
the participation of 750 companies from 16 countries and territories, Vietnam
Expo 2017 will showcase a plethora of products, including electronics,
electrics, tech devices, and equipment and accessories. Manufacturing
machines, construction materials, tools and hand tools, interior and outdoor
decorations, food, beverages, and cosmetics will be on ample display.
The
expo also features a series of conferences and programmes, such the
Vietnamese-Chinese mechanical engineering exchange programme, a seminar on
economic, trade and investment co-operation in China’s three provinces of
Beijing, Tianjin, and Hebei, as well as a workshop on opportunities and
challenges for Vietnam’s supporting industries in the context of Industrial
Revolution 4.0.
Italian businesses seeking partnerships
The
Italian Business Mission to Vietnam 2017 will bring more than 70 Italian
firms and 150 delegates representing world-leading Italian brands and
businesses to meet with Vietnamese counterparts to seek business
opportunities and strengthen ties between the two countries.
Led
by Mr. Ivan Scalfarotto, Deputy Minister of Economic Development, the Italian
Business Mission 2017 is organized by the Italian Trade Commission (ITC), the
Italian Confederation of Industries (Confidustria), and the Italian Banks’
Association (ABI). Events will be held in
Economic
cooperation is a central pillar in Italy-Vietnam ties. Bilateral trade has
achieved significant outcomes and increased ten-fold over the last decade,
reaching over $4.6 billion in 2016 and making Italy Vietnam’s third-largest
business partner in
Bilateral
trade and cooperation are still growing steadily as officials from both
countries have been actively focusing on fostering trade and investment
relations to provide better access to the market in each country.
“Vietnam
is an important market with the key traditional and developing sectors of
footwear, textiles, building materials, and foodstuff, and is now escalating
to more sustainable industries such as renewable energy and smart
infrastructure,” said Mr. Paolo Lemma, Italian Trade Commissioner in Vietnam.
“Italian
companies consider
This
year’s Business Mission includes roundtables on the following three focus
sectors: infrastructure and transportation, power generation and renewable
energy, and machinery and technology. A major highlight of the
Vietnamese
companies who are already doing business with Italian counterparts or seeking
new ones are encouraged to register for the event, particularly the two
business-to-business (B2B) meetings in
The
last Italian Business Mission to
Retail industry aims at 15.5 percent GDP by 2025
The
Ministry of Industry and Trade has issued a commerce development strategy by
2025, setting up the target that retail field will contribute to 15.5 percent
of the country’s Gross Domestic Product by 2025.
The
retail trade revenue will reach VND419 trillion (US$18.44 billion) by 2020
and VND700 trillion ($31 billion) by 2025.
According
to the strategy, total retail sale of goods and services will post the annual
growth rate of 13 percent to approximate VND5.8 trillion by 2020, jumping to
14 percent to hit VND11 trillion in the phase of 2021-2025.
The
country now has 8,660 traditional markets where goods volume accounts for
35-40 percent.
Modern
retail channel has strongly developed with the establishment of supermarket
chains and convenient stores. The network of supermarkets and trade centers
last year hiked 2.1 times compared to 2006, present in 62 out of 63 provinces
and cites in the country.
Saigon
beer has been recommended to customers at the first
The
fair held in mid-November aims to promote food and drink from
President
and CEO of Diplomat, Roni Bornstein said he was impressed by the showcased
Vietnamese products. The company decided to import Saigon beer into
Diplomat
had spent two years persuading
He
revealed that the first batch of
Vietnamese
Ambassador to Israel Cao Hoang Quoc Hai said to help
The
fair provided a good chance for
Vietnam attends Sirha trade fair in Istanbul
Sixteen
Vietnamese businesses have showcased their agricultural products like rice,
cinnamon, cashew nuts, pepper and coffee at the Sirha trade fair in
At
the opening ceremony on November 16, Vietnamese Ambassador Pham Anh Tuan
spoke highly of domestic businesses’ efforts to help
vietnam
attends sirha trade fair in istanbul hinh 2 Ambassador Pham Anh Tuan held a
working session with DEIK president Nail Opak, who affirmed that DEIK will
serve as a bridge to further foster economic cooperation between the two
countries.
Mr
Tuan expressed his hope that DEIK and the embassy continue to regularly
exchange information to further promote their roles in supporting businesses
of both sides.
Sembcorp increases stake in VSIPPL
Sembcorp
Industries’ wholly-owned subsidiary Sembcorp Development has entered into a
sale and purchase agreement that will increase its interest in Vietnam
Singapore Industrial Park Pte., Ltd. from 92.9 to 96.6 per cent.
According
to the firm's press release, the share acquisition in Vietnam Singapore
Industrial Park Pte., Ltd. (VSIPPL) from a minority shareholder is expected
to be completed by the end of November 2017. The total purchase consideration
of $6.9 million was calculated based on the net asset value of VSIPPL as of
September 30, 2017.
VSIPPL
represents the Singaporean consortium which holds a 51 per cent stake in
Vietnam Singapore Industrial Park Joint Venture Co., the developer of
The
acquisition will be funded internally and is not expected to have a material
impact on the earnings per share and net asset value per share of Sembcorp
Industries for the financial year ending on December 31, 2017
Since
1996, Sembcorp has been a partner to the Vietnamese government to create
integrated townships and industrial parks in the country that are complete
work-live-play environments. There are seven VSIPs in
These
projects uniquely integrate industrial, commercial, and residential solutions
localised to suit the demands of
Fibre segment to beat $3-billion export target
Bypassing
the concerns that the application of anti-dumping tariffs in some export
markets might cast a negative impact on export performance, the fibre sector
is solid on its way to beat the 2017 export value of $3.1 billion.
According
to preliminary figures from the Vietnam Textile and Apparel Association
(Vitas),
As
the fibre sector is encountering anti-dumping tariffs in some major export
markets like
According
to Vitas chairman Vu Duc Giang, after Turkey imposed anti-dumping tariffs on
several types of export fibre, such as draw textured yarn (DTY) and synthetic
fibre in 2016, local export firms have been successful in finding alternative
markets, which was the factor behind the more than 20 per cent jump in the
fibre sector’s ten-month export value.
Soi
The Ky JSC (STK), a major player in the local fibre industry, is one of the
businesses whose export operations were affected by
Via
effective market expansion activities, in the first nine months of this year
the company reaped VND1.45 trillion ($66 million) in total export value, a
big jump compared to the VND972 billion ($44 million) it posted in 2016’s
similar period.
The
company’s net revenue rose by VND206 billion ($9.3 million) in 2017’s third
quarter alone, up 67 per cent on-year.
According
to an STK source, the company’s soaring revenue came on the back of effective
sales promotion activities, particularly successes in finding new markets and
customers.
With
such upbeat results, STK is confident in reaching the full-year revenue and
after-tax profit targets of VND1.9 trillion ($87 million) and VND87 billion
($3.9 million) by the end of the year.
The
Vietnamese fibre sector has carved itself a place in the global fibre map and
is well positioned to compete with big foreign rivals like
The
export prospects of local businesses in the rest of the year and next year
are forecast to be bright.
According
to Nguyen Minh Dao, head of the Fibre Business Department of Vinatex Nam Dinh
Spinning Factory, a member of state textile and garment conglomerate Vinatex,
with a monthly export value averaging at $1.1 million, they are confident in
reaching 2017’s export target of $15 million.
For
a plant which only commenced operations a little over a year ago, not having
unsold stock and counting stable export value is deemed as fair business
results.
Why to enter Vietnamese fruit processing market now
The
Vietnamese fruit industry has been steadily growing in recent years, however,
there remains much place for development by applying new technology in
production to enhance added value for processed products, grow the share of
sustainable profit, and meet domestic and international demand.
According
to data from the Ministry of Agriculture and Rural Development (MARD)
released at the seminar on Vietnam's fruit processing market and technology
on November 21, 2017 in Hanoi, with growth across various segments,
Vietnamese fruit production and export value has been continuously growing in
recent years: from several hundred million dollars per year to over $1.07
billion in 2013 and reaching $2.458 billion in 2016, the first time exceeding
rice exports ($2 billion), and for the first time accounting for more than 80
per cent of total export value.
In
the first ten months of 2017, the export value of fruits reached $2.48
billion, an increase of 47.3 per cent over the same period in 2016. Major
fruit export products include dragon fruit (about $900 million in 2016),
banana, rambutan, longan, litchi, mango, mangosteen, and durian.
Major
fruit and vegetable import markets continued to grow in value: from 13
markets importing over $1 million in 2004 to 10 markets over $20 million in
2016. Aside from China, which is the largest market (accounting for 70.8 per
cent of total fruit exports), growing volumes have been exported to
high-demand markets, such as the US, Korea, Japan, the Netherlands, Malaysia,
Taiwan, Thailand, Singapore, and Australia.
However,
with the global import value of vegetables and fruits being in excess of $200
billion per year since 2011,
In
additional, the main exports of
“Fruit
production and processing in
It
is necessary to continue promoting the application of science and technology
to fruit production in order to increase productivity, yield, and improve
quality, which would ensure food safety and reduce postharvest losses.
Additionally the development of preservation and deep-processing technology
for fruit products would increase production value as well as expand markets,
raising export volume and value on traditional and new markets alike.
There
are two pieces of high-technology for fruit processing to help enterprises in
“
Rieckermann
was established in 1892, is a reliable partner for industrial production and
processes, as a full-service solution provider along with the whole value
chain of industrial production and processes. It offers complete engineering
design, from concept to the last detail, supplies single machines, process
lines, integrated systems and technical services.
“According
to the 2020 target, the total area of orchards in the country will be 910,000
hectares, with a total output of over 9.5 million tonnes of fruit. Through
this, the fruit and vegetable export turnover will increase by an average of
20 per cent per year, striving to achieve the export value of over $4.5
billion in 2020, of which fruit will account for more than 80 per cent,”
noted Nguyen Quang Huy from the Department of Crop Production at MARD.
SCIC to divest from powerful companies next month
Next
month, State Capital Investment Corporation (SCIC) will divest the state’s
stake in a number of large-scale companies, including FPT, Bao Minh Corporation,
and Domesco JSC.
The
total state capital value in these firms is VND1.645 trillion ($74.77
million). As planned, detailed information about the divestment will be
announced in December.
According
to Le Long, manager of SCIC's Strategy and Planning Department, SCIC has so
far divested from 975 companies with proceeds of VND27.47 trillion ($1.24
billion), equivalent to three or four times the book value.
During
2017-2020, SCIC plans to divest from 132 companies with expected proceeds of
over VND13.5 trillion ($613.6 million). They include the two giants: Vinamilk
with 39 per cent and Vietnam Construction Import-Export JSC with 58 per cent.
For
2017, SCIC plans to divest from 115 companies. It has divested over 30 firms
and will divest the rest by the end of 2017.
DHL eCommerce launches ServicePoints
DHL
eCommerce, a division of the world’s leading logistics company, the Deutsche
Post DHL Group, has launched a nationwide network of ServicePoints, enhancing
its already successful and rapidly growing domestic delivery network, which
was launched in July. The new service offers considerably more choice and
convenience for e-tailers and consumers.
The
ServicePoint network allows
“
DHL
eCommerce has already launched more than 100 ServicePoints and will continue
to rapidly expand to more than 1,000 in the coming months.
E-tailers
can register with DHL eCommerce and simply deposit shipments at the nearest
ServicePoint and have their shipments processed in less than a minute without
any paperwork. ServicePoint operators manage the processing and handover of
all parcels with a single mobile app, while their shoppers will receive
shipment confirmation via SMS and email. Shipment track-and-trace, cash on
delivery, and shipment insurance services are also available.
“
Expanding
the ServicePoint network is a strategic move by DHL eCommerce after its major
investment in launching the Domestic Delivery network in
Conditions in place to develop innovative startup ecosystem
The
components for eco-innovation in the country are in place and are actively
supporting innovative projects and enterprises in the country.
There
are now about 21 institutions, seven business promotion organizations, and 22
domestic and foreign investment funds that are key components of a startup
ecosystem.
Mr.
Tran Van Tung, Deputy Minister of Science and Technology, told the forum that
in
For
many reasons, however, the ecosystem has not been able to bring its potential
into full play, mainly due to the fact that startup supporters are active but
lack cohesion.
Over
the last two years, many specific policies have supported young people
wishing to do business, small and medium-sized enterprises (SMEs), startups,
innovative businesses, and businesses with growth potential. Decision No. 844
from the Prime Minister approved the scheme on “Supporting the National
Innovation System to 2025”.
Ms.
Thach Le Anh, Project Manager at Silicon Valley
“Despite
these capital mobilization channels, startups are often only able to mobilize
capital from angel investors, venture capital funds, and initial investment
funds,” she told the gathering. “The amount of fund management is very small
and often not enough to scale up the fund management team.”
Mr.
Dam Quang Thang, General Director of the Agricare Vietnam Co. and Chairman of
the Hanoi Agricultural Chemicals Association - Entrepreneurship Advisor, said
the best solution now is to exploit the huge resources of SMEs.
According
to Mr. Thang, SMEs have quite a lot of experience from their successes and
failures - the experience that starting a business is easy. In addition, they
can also advise and help with product development, have good financial
resources, and stable businesses.
“At
the same time, SMEs are applying technology that is a good example for
startups in regards to innovation,” he said.
Digital technology changing accountancy
Digital
technology is transforming businesses and economies across the globe and
increasingly affecting the accountancy profession, technical sessions
organized by the
Mr.
David Lyford-Smith, ICAEW’s IT Faculty Technical Manager, emphasized that it
is imperative for members of the profession to equip themselves with the
necessary skills to deliver higher-value services or risk becoming
marginalized by automation and artificial intelligence.
During
the technical sessions, he shared the findings of recent research by ICAEW on
how current digital technology trends are changing the accounting profession
in terms of emerging business opportunities and challenges and also outlined
its approach to helping industry professionals stay on top of the game.
Today,
digital technology powered by the exponential growth of computing power opens
up a whole new world of opportunities. This allows for unprecedented
innovations in financial services, resulting in a higher level of operational
efficiency and access to entirely new markets. A good example of the
technology that is changing today’s global business landscape is
“blockchain”, a system of universal entry book-keeping where a transaction or
a single input of data can be easily viewed by or shared with many parties on
the same network in a systematic and secure manner.
“If
a marketplace or system is running on a blockchain, the nature of security
assurance that is needed will change,” said Mr. Lyford-Smith. “You don’t need
assurance that your asset exists or that your records agree with others’,
because that’s certain in a blockchain environment. So instead the focus of
assurance turns to the ties between the blockchain record and the physical
world, and more generally to the economic reality of the transaction that is
seen in the blockchain. For example, a blockchain might give you certainty
over the timing and amount of a purchase of some goods, but it can’t assure
you of the condition of those goods.”
Another
example is the change taking place in the relationship between individuals
and taxpayers and national tax authorities and the role of professional
advisers, including accountants. A recent study by the ICAEW on the
digitization of tax systems in seven countries shows that with greater
automation and analytical capacity and based on connected database
infrastructure, tax authorities can provide basic tax information based on
self-contained data, and then send this to individuals and taxpayers for confirmation.
Electronic
tax in
However,
along with new opportunities comes the growing fear that the traditional
approach to financial reporting and routine accounting tasks are steadily
being taken away by automation and artificial intelligence, and members of
the profession are not adapting to the new technological trends quickly
enough to take advantage of new platforms and risk becoming marginalized.
According
to Ms. Trang Dang, Head of ICAEW Vietnam, technology capabilities need to be
applied into the specific business context in a way that provides value. As
the pace of change in technology is typically faster than change in human
behavior, even where capabilities exist, altering the way accountants perform
their daily tasks can be a long process.
“To
provide greater leadership in the exploitation of data, accountants may well
need stronger technical skills around data and a greater understanding of
statistics to challenge the method, assumptions, and output of predictive
models,” Ms. Trang added.
Can Tho to host Int’l Agriculture Fair 2017
The
festival aims to support agricultural development in the Mekong Delta region
through the research and application of science and technology advances in
production and building trademarks to increase competitiveness.
Major
activities of the event include introducing farm produces, meetings of
scientists and enterprises to deal with current issues in researching and
applying science and technology in agricultural production to increase
productivity and quality.
An
exhibition on agricultural products will be held with the participation
of about 200 enterprises, along with a conference on science-technology
application in agricultural development.
Domestic
businesses and those from the
In
addition, diverse activities will be held during the fair to facilitate
farming in the Mekong Delta region. They include a production agriculture
seminar, a consultation workshop on agricultural equipment and products, a
training workshop on farming techniques, art exchanges, trade promotion and
introduction of agriculture start-up projects in Can Tho.
The
event is part of the national trade promotion program 2017.
Shipping lines required to use digital signatures for customs
declarations
Shipping
lines, cargo agents and freight forwarders will have to use digital
signatures from January 1, 2018 when they make customs declarations through
the single national portal.
According
to Document No.7392 issued by the General Department of Vietnam Customs,
shipping lines, cargo agents and freight forwarders are required to register
and authenticate their digital signatures no later than December 15, 2017.
According
to the customs, the use of digital signatures on customs declaration forms
will simplify customs procedures and thus help businesses save time and
money.
Palm-leaf design sought for Long Thanh airport
Airports
Corporation of Vietnam (ACV) has proposed the Ministry of Transport select
the palm-leaf design for the
When
a decision is made, ACV will proceed to the design stage for the passenger
terminal, the local news site VnExpress reports.
According
to ACV, the three proposed designs come with the shapes of lotus, bamboo and palm
leaf. They all appear to be feasible and can be used for the feasibility
study for the terminal.
The
cost of the feasibility study as previously estimated by ACV and examined by
the
In
the preliminary round, the lotus-shaped design prepared by Heerim Architects
& Planners was favored by a board of professionals, but the cost was
suggested at around US$6.5 million, 1.44 times higher than estimated.
Meanwhile,
the bamboo-shaped design of the Japan Airport Consultants-Adp
Ingenierie-Shigeru Ban Architects consortium and the palm-leaf design of the
CPG Consultant-Azusa Sekkei-Pae consortium come with lower consulting costs,
US$3.88 million and US$3.64 million respectively, equivalent to 86% and 80% of
ACV’s estimates.
Heerim
then proposed US$3.61 million.
ACV
has told the consulting firms to reconsider their costs. The adjusted costs
of the three firms are now US$3.4 million, US$3.61 million and US$2.99
million respectively.
The
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Thứ Ba, 28 tháng 11, 2017
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