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Vietnam moves towards a digital economy

Vietnam moves towards a digital economy

HANOI: Vietnam is moving forward in reducing cash transactions and formalizing electronic payment methods. Deputy Prime Minister Vuong Dinh Hue signed a plan that ensures that the country has the infrastructure and equipment that it needs to progress toward a cashless economy by 2020. Focus areas that the government is pushing toward cashless payments include supermarkets, shopping malls, and distributors. ... Read More »

VN Central Bank pledges to offer $4.39b for hi-tech agriculture


HANOI: The State Bank of Vietnam (SBV) has pledged to provide a VND300 trillion (US$4.39 billion) credit package for hi-tech agriculture with suitable interest rate after Prime Minister Nguyen Xuan Phuc instructed the bank and relevant ministries to develop the field, head of SBV Credit Department Nguyen Quoc Hung has told Sai Gon Giai Phong Newspaper. Under the package, commercial ... Read More »

Gov’t, bankers, businesses cooperate to breed shrimp


HANOI: The target of exporting $10 billion worth of shrimp products by 2025 is within reach, he said.  The Ministry of Agriculture and Rural Development (MARD) said it hoped the shrimp export turnover would climb to $10 billion a year by 2030. However, Phuc said the target was too low and that this can be reached sooner, by 2025. He ... Read More »

Car imports from ASEAN states explode in Jan


HANOI: According to figures released by the Vietnam Customs Office on Monday, Viet Nam imported 3,408 cars from the two countries in January, accounting for 62.8 per cent of total imports of cars with nine seats or less. “In just the first month of the year, the volume of imported cars of nine seats and less equalled 45 per cent ... Read More »

Hanoi plans to impose taxi badges on Uber, Grab cars


HANOI: The competition between traditional taxis and app-based taxis like Uber and Grab has continued unabated. Conventional taxi companies have said they had to meet numerous requirements and pay various taxes and fees which Uber and Grab taxis aren’t required to and that this was unfair. In Document 399, the Hanoi’s Department of Transportation said they had gathered opinions from ... Read More »

Vietnam vows to develop national rice brand


HANOI: Vietnam is a big rice exporter, but the world only knows Its white rice products with different broken grain proportions. Vietnam’s rice exports do not bear a Vietnam brand, but they are put in bags with import countries’ labels. In the domestic market, Vietnam’s rice is less favored than imports from Thailand, Cambodia, Taiwan and Japan. Vietnam exports rice ... Read More »

Vietnam aims to raise shrimp export to US$10b by 2025

Vietnam shrimp export

HANOI: Vietnamese Prime Minister Nguyen Xuan Phuc urged the shrimp industry to apply better technologies to increase its productivity to aim at reaching an export value of USD10 billion by 2025. “I urge the sector to earn USD10 billion by 2025 and become a major industry of Vietnamese agriculture,” Phuc said during a conference on shrimp production held in the ... Read More »

Two Japanese charged by Vietnamese court for smuggling gold


HANOI: The Hanoi People’s Procuracy completed the indictment prosecuting two Japanese men for smuggling seven golden statues through the Noi Bai International Airport. Iwamura Masakazu, 46, and Kitada Takayoshi, 34, were prosecuted for smuggling under clause 153, article 4, point of the Criminal Code. According to the indictment, Iwamura Masakazu was former director of the Japanese-based RG Innovation Company, a ... Read More »

Vietnams aims for 8% boost in tuna exports


HANOI: Vietnam’s tuna exports are expected to increase by 8 per cent this year to $524 million, according to the Vietnam Association of Seafood Producers and Exporters (VASEP). VASEP general secretary Truong Dinh Hoe said that, after a three-year decline, tuna exports by 9 per cent last year to $500 million, with frozen tuna loin and canned tuna accounting for ... Read More »

Vietnam approves Samsung extra pouring


HANOI: According to SDV’s plan, the firm will carry out the expansion for five years starting in 2018, bringing the sum to be invested in this project to $6.5 billion and making it the largest project invested in by the South Korean giant. “Government approval will be officially announced soon,” said Minister-Chairman of the Government Office Mai Tien Dung at ... Read More »

Vietnam faces strange steel shortage


HANOI: Though Vietnam possesses huge amounts of iron ore, there is a serious shortage of steel for the mechanical engineering industry and defense industry, said Truong Thanh Hoai, Director of the Heavy Industry Department under the Ministry of Industry and Trade. This is the paradox of Vietnam’s steel production, causing a trade deficit and affecting the stability of the macro ... Read More »

Vietnam’s trade surplus with US worries economists


HANOI: The latest report by the Ministry of Industry and Trade (MOIT) about the import/export in 2016 showed that the US and the EU were Vietnam’s two biggest export markets despite big difficulties. The US spent $38.1 billion to buy Vietnam’s goods, while it only exported $8.7 billion worth of products to Vietnam. This means that the US saw the ... Read More »

CPI ups 0.46% in January


HANOI: The prices of nine out of the 11 goods groups used for calculation increased, with the highest rise recorded in transportation, at 3.21 percent. The price of pharmaceuticals and healthcare service was up 1.01 percent, while that of housing and construction materials increased 0.57 percent, goods and other services, up 0.48 percent, and education, up 0.47 percent. Meanwhile, a ... Read More »

Foreign funds pour money into Vietnamese startups


HANOI: John Wu has been the ‘technology pillar’ of Alibaba for almost 10 years. The former technology director and a leading group of investors have poured nearly $3 million into Vntrip.vn – a Vietnamese startup operating in online hotel reservations. Le Dac Lam, the founder and CEO of the startup, has confirmed the news. More Vietnamese startups have received huge ... Read More »

VnSteel aims to increase revenue by VNĐ800b


HANOI: Vietnam Steel Corporation (VnSteel) aims to earn a consolidated revenue of VNĐ18.8 trillion (US$835.5 million) in 2017, an increase of VNĐ800 billion from 2016. It will produce around 2.4 million tonnes of steel billets this year, up 17 per cent from 2016, VnSteel said. To accomplish these goals, VnSteel will work on improving its business efficiency through better market ... Read More »

Vietnam rice exports continue to fall


HANOI: Rice exports out of Vietnam continue to decline as increasing export competition as well as self-sufficiency amongst key importers takes its toll on the world’s third largest exporter. In January, Vietnam is forecast to ship an estimated 325,000tonnes of the grain, down 32.3% from a year earlier, the agriculture ministrysaid last week. Read More »

Extruded aluminium from Malaysia to Vietnam raises


HANOI: Trade statistics from the third quarter of 2016 are in, and they paint an interesting picture relative to the ongoing saga of China Zhongwang and its alleged involvement in the transshipment of aluminium extrusions. Readers of this site will undoubtedly be familiar with the story to this point – for the better part of two years Zhongwang, the world’s ... Read More »

Vietnam posts $2.5bn trade surplus in 2016


HANOI: Vietnam posted a trade surplus of US$2.52 billion in 2016, reversing from a $3.55 billion deficit a year earlier, the customs department said today. Exports last year expanded 9 percent to $176.6 billion, and while imports rose 5.2 percent to $174.1 billion, the Finance Ministry-run Vietnam Customs said on its website. In December, the Southeast Asian nation posted a ... Read More »

VN faces strange steel shortage


HANOI: Though Việt Nam possesses huge amounts of iron ore, there is a serious shortage of steel for the mechanical engineering industry and defense industry, the Ministry of Industry and Trade’s Heavy Industry Department Director Trương Thanh Hoài was quoted by the online newspaper news.zing.vn on Monday. This is the paradox of Việt Nam’s steel production, causing a trade deficit ... Read More »

Free trade agreement between EAEU, Vietnam expands markets


HANOI: A free trade agreement between the Eurasian Economic Union and Vietnam will allow Belarus to expand the export of meat and dairy products, as well as potash fertilisers and oil products to the Asian country’s market. A positive effect for EAEU exporters is expected to reach 60 million dollars a year. This opinion was expressed by Ambassador of Vietnam ... Read More »