Vietnam Morning News For August 29

Vietnam Morning News For August 29

Vietnam morning newsVietnam FDI inflows up 5% to $10.3bn this year
Vietnam received an estimated US$10.3 billion in foreign direct investment (FDI) inflows in January-August, up 5.1% from the same period in 2016, the government said on Monday.
— Bangkok Post

Việt Nam to export dragon fruit to Australia
Australia last week announced that it would permit the import of Vietnamese dragon fruit, making Việt Nam the first country to get licence to export fresh dragon fruit there.
— Viet Nam News

51 bankers, businessmen on trial in Vietnam for fraud
A former banking magnate and 50 others went on trial in Vietnam Monday over a multi-million dollar fraud at a major private bank, as the communist nation cracks down on corruption in the sector.
— Channel NewsAsia

Challenges still ahead for Vietnamese seafood exporters
Despite rosy seafood export growth in the first seven months, Vietnamese enterprises still face a line-up of hurdles in the remaining months of the year, including input material quantity and quality and barriers from import markets, heard a conference in Ho Chi Minh City on August 28.
— VietnamPlus

Kyo York supports Co.opmart, Vietnamese goods
On August 26 American singer Kyo York, despite a rainstorm, took a flight to Saigon and went straight to the Co.opmart Foodcosa supermarket, on Quang Trung Street, Go Vap District, to participate in a performance programme to promote Vietnamese goods.
— Bizhub

Tax agencies ramp up anti-transfer pricing measures
Having entered into force on May 1, the government’s Decree No.20/2017/ND-CP provides specific guidance on the tax administration of enterprises with related party transaction.
— VietnamNet Bridge

Hoa Phat Poultry Co imports high-quality chicken breed
Hoa Phat Poultry Company Limited has imported the first batch of Hyline Brown chicken breed, the world’s most balanced brown egg layer, from the UK-based Hy-Line International.
— Bizhub

New entrants heat up Vietnamese beauty market
Nguyen Van Minh, vice chairman of the Vietnam Essential Oils, Aromatherapy and Cosmetics Association, is confident that the market will maintain its bullish trajectory in the coming years.
— VietnamNet Bridge

Vietnam to reform rice production, improve exports
Vietnam will reform rice production to gain sustainable development in the production and export of rice, according to Vietnam’s Rice Market Development Strategy from 2017 to 2020.\
— VietnamPlus

Car dealers warned of bad business performance in second half of year
TMT JSC reported modest revenue of VND1.244 trillion and post-tax profit of VND3 billion for the first half of the year, a sharp fall of 94 percent against the same period last year. To date, it has fulfilled 25.5 percent of the yearly plan in revenue and 2.4 percent of profit.
— VietnamNet Bridge

Cashew sector may miss export target
Vietnam may not reach this year’s targeted cashew export value of 3.3 billion USD, due to a shortage of raw materials for cashew export processing.
— VietnamPlus

New collateral rules good for VN banks: Moody’s
The speedy repossession of collateral is a credit-positive step for Vietnamese banks, which continue to grapple with legacy asset-quality issues caused by rapid credit growth and loose underwriting standards of the past decade, Moody’s Investors Services said in a note on Monday.
— Viet Nam News

Wealthy Vietnamese shoppers prefer to purchase products online
Unlike the North Asian markets of China, Taiwan and the Republic of Korea, which posted robust growth, online commerce is still dwarfed by other non-digital channels in the Vietnamese market where its development faces numerous challenges.
— VietnamNet Bridge

Foreign investment on the rise in VN
The foreign investment is looking up, as the total capital pledged for investment in the country until August 20 was nearly equal to that for the entire 2016.
— Vietnam Times

Best Western Signs Best Western Premier in Vietnam
Best Western Hotels & Resorts has revealed plans to open a beachfront resort in Phu Quoc, Vietnam.
— Hotel Business

Utah’s governor in Singapore, Vietnam for trade mission
Utah’s governor is leading a trade mission in Singapore and Vietnam this week.
— Miami Herald

Vietnam to lift airport charges in October
Vietnam will raise airport charges across the board in October to cover maintenance expenses, improve service quality, and pay back some of the state investments in aviation infrastructure, the Civil Aviation Authority of Vietnam (CAAV) announced.
— Nikkei Asian Review

Da Nang IT Park restarts construction
The Trung Nam Group has restarted construction of the Da Nang Information Technology Park (DITP) in Hoa Vang District after an agreement to buy a 65 per cent stake from the US’s Rocky Lai & Associates Inc, the project’s former investor.
— Bizhub

Despite courting US, Vietnam won’t break up with China
Relations between China and Vietnam have taken a dive since June, after Chinese General Fan Changlong cut short his visit to Hanoi and cancelled a cross-border gathering for the two militaries aimed at building mutual trust.
— Today Online

Room for mobile platform development
E-commerce revenue in Vietnam is forecast to reach $2.1 billion this year and with annual growth of 6.5 per cent is expected to hit $4 billion in 2021, according to Statistic Portal.
— Vietnam Economic Times

MoET: Schools should not collect “extra fees”
The Ministry of Education and Training (MoET) has requested all public educational establishments to refrain from collecting fees other than tuition fees in the 2017-18 school year.
— Viet Nam News

Think it’s bad to have 1 internet cable disrupted in Vietnam? Now there are 3
The official culprit remains unknown but telecom firms believe tropical storms have ruptured the cables.
— VnExpress

 

Feature photo Oxfam in Vietnam
Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

 

Vietnam morning news by AEC News Today is your one stop source for Vietnam news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies, not politics.

 

 

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Sreypov Men recently completed a course of study in International Relations at the Institute of Foreign Languages.

She commenced as an intern at AEC News Today and was appointed as a junior writer/ trainee journalist on April 2, 2018

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