Vietnam Morning News For August 20

More corrupt Vietnamese bankers jailed as anti-corruption sweep continues
Vietnam’s hard-line stance against corruption continues with a court in Ho Chi Minh City (HCMC) last week sentencing forty-six corrupt bankers and staff to terms of imprisonment of up to 20 years.
— AEC News Today

Vietnam sees sharp decline in petroleum imports in July
In the first seven months of 2018, a total of 7.8 million tons of petroleum products worth US$5.2 billion were imported, up 3.9% in volume and 31.6% in value year-on-year.
— The Hanoi Times

Vietnam spends US$592 million on car import in 8 months
Of the total number, cars with less than nine seats make up the largest proportion with 15,348 units worth US$324 million.
— The Hanoi Times

SoftBank Ventures Korea and others invest $51 million in Vietnam E-commerce site Sendo
Sen Do Technology JSC (Sendo), the #1 Vietnamese C2C marketplace, today announced that it has secured an investment of USD 51 million led by the SBI Group from Japan for Series B round, having SoftBank Ventures Korea, Daiwa PI Partners, and SKS Ventures as new investors.
— AEC News Today/ PR Newswire (media release)

Reasons why Vietnam is a frontier market crown jewel
Vietnam is the most exciting frontier market in Southeast Asia, a nation of 93 million people whose lives are being transformed by its economic doi moi programme.
— Khalee Times

Businesses, banks responsible for credit crunch: VCCI
Both businesses and banks are to blame for the credit crunch facing the former, the VCCI says.
— VnExpress

Vietnam’s steel manufacturing in a whirlwind of lawsuits
At least half of the current trade remedy, anti-countervailing and anti-dumping investigations are on products in the steel manufacturing sector.
— VietNamNet Bridge

Deputy PM confident that Vietnam will have 15,000 cooperatives by 2020
Deputy Prime Minister Vuong Dinh Hue has stated his confidence that cooperatives in Vietnam are beginning to flourish after a long period of poor performance and Vietnam’s goal to have 15,000 cooperatives established by 2020 is achievable.
— Nhan Dan Online

Vietnamese startups struggle to seek capital
Consultants say that even startups with high capability and good business ideas are finding it difficult to call for investment.
— VietNamNet Bridge

Vietnam’s 2017 instant noodle comsumption rebounds
Vietnam is currently ranked fifth in the world in terms of instant noodle consumption, behind China, Indonesia, Japan and India.
— The Hanoi Times

Public debts rise, Ministry warns of ODA trap
The interest rates offered by China are twice as much as other lenders, while the lending conditions are less preferential.
— VietNamNet Bridge

City condo market begins to recover
Condominiums remain the best bet for people living in big cities thanks to their affordable prices, and not surprisingly the HCM City apartment market is showing signs of recovering after the slowdown caused by the Carina Plaza fire at the beginning of this year, insiders said.
— Bizhub

US criticizes Vietnam for jailing peaceful activists
The United States said it was deeply concerned over Vietnam’s conviction and sentencing of an activist this week, calling the trend of increased arrests and harsh sentences of government critics “troubling.”
— ABC News

Foreign players dominate Vietnam’s animal feed market
Despite accounting for some 65 percent of Vietnam’s market share, foreign animal feed producers are continuously expanding production to further dominate the country’s fertile market.
— The Hanoi Times

Typhoon Bebinca leaves 10 people killed, 3 missing in Vietnam
Flash floods and landslides triggered by Typhoon Bebinca in Vietnam’s northern and central regions have killed 10 people and left three others missing, the National Steering Committee for Natural Disaster Prevention and Control said on Sunday.
— Xinhua

Taxation procedures prove the least pricey for businesses
Minister of Government Office Mai Tien Dung pointed out that a common point among the top three procedure groups of taxation, starting businesses and customs is the better application of online public services.
— The Hanoi Times

Masan buys tungsten facility for 29 million USD
Nui Phao Mining Company Ltd has acquired Germany-based H.C.Starck GmBH’s 49 percent stake in Nui Phao – H.C.Starck Tungsten Chemicals Manufacturing LLC (NHTCM) for 29.1 million USD.
— VietnamPlus

Vietnam beats Japan, tops group in Asiad 2018
An early goal sent Vietnam to the top of Group D in an Asian Games match on Sunday.
— VnExpress

Fine-tuning bottlenecks to lure more M&A in Vietnam’s real estate
Vietnam’s merger and acquisition (M&A) has been attractive to foreign investors in recent years, but there remain obstacles hindering the M&A market to further grow, experts said.
— The Hanoi Times

Food safety key to finding overseas markets
Good agricultural practices and food safety certification are the first requirements for agricultural producers who want to export or sell to international retail chains, experts have said.
— VietnamPlus

Logistics a key component of e-commerce in VN: study
Logistics has to play a crucial role in the success of the Vietnamese e-commerce market, property consultant Jones Lang LaSalle (JLL) has said in a report.
— Bizhub

Uber withdraws lawsuit against HCMC tax man
Ride-hailing firm Uber has withdrawn its lawsuit over HCMC’s demand for $2.3 million in back taxes and fines.
— VnExpress

Digital transformation imperative for Viet Nam and its neighbours
“Digital transformation or lose?” is a key message raised during the second-day of the Cambodia, Laos, Myanmar, Viet Nam, and Thailand (CLMVT) Forum 2018, held in Bangkok from August 16 to 17.
— Bizhub

Long An reduces number of smuggling, trade fraud cases
The Mekong Delta province of Long An has made significant achievements in the fight against smuggling and trade fraud at border areas.
— VietnamPlus

Vietnam, China link up to boost border trade in farm produce
A conference on promoting the trade of agricultural products between border provinces between Vietnam and China was jointly held by the Ministry of Agriculture and Rural Development and Lang Son province on August 18.
— Nhan Dan Online

Honey to become the bee’s knees
Viet Nam expects to have sustainable development of the domestic honey and bee industry to improve output and quality of honey over the next two years.
— Bizhub

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