Vietnam Morning News For August 22

Vietnam named third most active startup ecosystem among ASEAN-6
The years of 2018 and 2019 have seen a new wave of Vietnam’s startups that raised US$50 million to $US100 million rounds for the first time.
— The Hanoitimes

Ministry proposes major solutions to fuel economy in central region
The Ministry of Planning and Investment (MPI) proposed three large groups of solutions to boost economic development in the central region, during a conference held in Binh Dinh province on August 20.
— VietnamPlus

Vietnam slashes business license fee to spur economic growth
The new adjustment is revealed as part of a recently-released circular of the Ministry of Finance, prescribing the rates of charges for provision of enterprise information and fees for enterprise registration.
— The Hanoitimes

Vegetable, fruit exports target for 2019 reachable: experts
With good results seen in the first seven months of this year, experts forecast that the revenue target of 4.2 billion USD in vegetable and fruit exports for 2019 is reachable.
— VietnamPlus

Vietnam Airlines revises down revenue goals for 2019
Vietnam Airlines Group, listed with code HVN, has revised down the projected consolidated revenue for 2019 from over 111.7 trillion VND (4.8 billion USD) as set in the shareholders’ annual general meeting in May to nearly 104.6 trillion VND (4.5 billion USD).
— VietnamPlus

Banks raise certificates of deposit rates to more than 10%
Banks have increased their interest rates on certificates of deposit (CDs), bringing them in excess of 10 per cent per year with the aim of mobilising long-term capital.
— Viet Nam News

New FTAs facilitate Vietnam’s FDI attraction
The EVFTA will help Vietnam improve the quality of foreign investment, attracting more capital in a number of industries in which the EU is strong such as processing and manufacturing, hi-tech applications, clean energy and financial services.
— The Hanoitimes

Viet Nam ranked the ninth most robust data centre market in Asia-Pacific
Viet Nam is ranked the ninth most robust data centre market in Asia-Pacific, according to the Data Centre Competitive Index 2019 released this week by global real estate services firm Cushman & Wakefield.
— Viet Nam News

Biwase, Vietinbank form comprehensive partnership for water supply
The Binh Duong Water – Environment JSC (Biwase) and the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) signed a comprehensive credit cooperation pact in the southern province of Binh Duong on August 20.
— VietnamPlus

MoIT investigates anti-dumping plastic products
The Ministry of Industry and Trade (MoIT) has issued Decision No.2334/QÐ-BCT on launching anti-dumping investigation on Biaxial Oriented Polypropylene (BOPP) film originating from China, Thailand and Malaysia.
— Viet Nam News

Big discounts offered on over 30,000 made-in-Vietnam products
Saigon Co-op in coordination with hundreds of suppliers will offer the biggest promotion month in the year dedicated to goods produced in Vietnam to mark the National Day and the 10-year implementation of the campaign “Vietnamese people prioritise using Vietnamese goods”.
— NDO

Insurance industry targets 20 per cent growth this year
The country’s insurance sector has targeted a growth rate of 20 per cent this year, according to the Vi?t Nam Insurance Association.
— Viet Nam News

Fintech firms need clear policy to develop
Vi?t Nam needs a proper legal framework for financial technology (fintech) services, a State Bank of Vietnam official said on August 20.
— Viet Nam News

Shrimp exports recover in July
Vi?t Nam’s export of aquatic products in July showed positive signs with an increase of 9 per cent in exports of shrimp and other products also rising, except for pangasius.
— Viet Nam News

PM’s Vietnam visit highlights importance of Canberra-Hanoi ties
The Prime Minister Scott Morrison flies to Vietnam today for a two-day visit aimed at boosting trade and security ties.
— ABC

Manufacturers Want to Quit China for Vietnam. They’re Finding It Impossible.
With the U.S. and China tangled in a nasty trade fight, this should be Vietnam’s time to shine. Instead, it is becoming increasingly clear that it will be years, if ever, before this Southeast Asian nation and other aspiring manufacturing destinations are ready to replace China as the world’s factory floor.
— Wall Street Journal

Vingroup to support science and technology projects
Vingroup Innovation Foundation (VINIF) on Monday announced a VNÐ124 billion (US$5.32 million) for 20 science and technology projects.
— Viet Nam News

Programme built to better use of trade remedies
A report on the building of a general programme for the use of trade remedies in several production industries is being compiled by the Trade Remedies Authority of Vi?t Nam (TRAV) under the Ministry of Industry and Trade.
— Viet Nam News

Vietnam internet speed 10 times slower than Singapore
Internet speed in Vietnam is ranked 89th out of 207 countries and territories and far behind some of its regional peers, according to a survey.
— VnExpress

China’s rise the subtext of Australia-Vietnam leaders meeting
Jakarta: China’s growing economic and military strength will loom over Prime Minister Scott Morrison’s first visit to Vietnam, but trade and economic ties will top the agenda when he meets his Vietnamese counterpart Nguyen Xuan Phuc in Hanoi this week.
— SMH

Vietnam gets a bite at the cherry as US farm exports find new market amid US-China trade war
American producers fretting as fresh food approaches sell-by dates are being forced to offload meat and fruit at knockdown prices.
— South China Morning Post

Vietnam among world’s fastest-growing tourism destinations
The United Nations World Tourism Organisation (UNWTO) has picked out Vietnam as one of the world’s 10 fastest-growing tourism destinations.
— NDO

Vietnam joins biggest-ever SEACAT exercise led by US Navy
Among 11 partner nations, Vietnam helps promotes shared commitments to maritime partnerships, security and stability in Southeast Asia.
— The Hanoitimes

Vi?t Nam adopts pro-active measures to protect trade
Luong Kim Thành, a senior officer from the Trade Remedies Authority of Vi?t Nam, talks to Hà N?i M?i (New Hà N?i) newspaper on Vi?t Nam’s resolve to be pro-active in the international market in all circumstances.
— Viet Nam News

Vietnam lacks teachers to reach language targets
The Ministry of Education and Training in Vietnam has once again expressed concerns that the quality of foreign language instruction in the country is preventing English proficiency goals from being met, the PIE News reports.
— Vietnam Insider

Officials stress connectivity in central region’s development
Officials attending a conference on August 20 underlined the need to promote connectivity among central localities so as to create a driving force for economic growth of the whole region.
— VietnamPlus

Japanese-invested solar power plant inaugurated in Bình Ð?nh
A solar power plant funded by Japan’s Fujiwara company was inaugurated in the city of Quy Nhon in the south-central province of Bình Ðinh on August 19, with Deputy Prime Minister Truong Hòa Bình in attendance.
— Viet Nam News

Most expats don’t expect promotions in Vietnam, survey finds
A majority of expats, 65 percent, nurse no ambitions for career advancement, coming to Vietnam only for a new experience.
— VnExpress

Start-up RedDoorz raises $97m, eyes new tech hub in Vietnam
Hospitality start-up RedDoorz has raised US$70 million (S$97 million) in its ongoing Series C funding round, the company announced yesterday.
— The Straits Times

Authorities urged to promote Central region’s economy
Prime Minister Nguyen Xuân Phúc wants the central regions of Vi?t Nam to become a driving force for the country’s socio-economic development and an important sea gateway of the Central Highlands provinces linking the East-West corridor.
— Viet Nam News

South Korean fined for smoking on Seoul-HCMC flight
Vietnamese aviation authorities fined a 77-year-old South Korean man VND4 million ($172) on Tuesday for smoking on a flight from Seoul to Saigon.
— VnExpress

HoSE announces lower profit in H1
Viet Nam’s major trading bourse Ho Chi Minh Stock Exchange (HoSE) has reported its pre-tax profit dropped by almost half year-on-year to VNÐ200 billion (US$8.6 million).
— Viet Nam News

E-commerce narrows gaps between businesses
E-commerce allows small and medium enterprises to close the gap between them and large enterprises thanks to the equal and flexible competitiveness of the digital business environment.
— Viet Nam News

Passion fruit processing pollutes environment in Ð?k Nông Province
Residents from Qu?ng Tân Commune in Central Highlands Province of Ð?k Nông claim their lives are being affected by a passion fruit processing facility in the region.
— Viet Nam Net

Policies needed to adapt to rising labour cost
Director General of the Asia-Pacific Economic Centre Võ Ð?i Lu?c talks to Doanh nhân Sài Gòn (Sài Gòn Businessmen) online newspaper about the need for Vi?t Nam to have policies to adapt to increasing labour costs
— Viet Nam News

JD.com-backed Vietnamese e-commerce firm Tiki buys event ticketing startup Ticketbox
This deal is part of Tiki’s efforts to build an “all in one” e-commerce ecosystem Vietnam’s leading e-commerce company Tiki.vn has announced that it has acquired local online ticketing platform Ticketbox, according to various reports.
— e27

Hoàng Anh Gia Lai still controls its agricultural arm
Agricultural group Hoàng Anh Gia Lai (HAGL) still has the controlling stake in its member HAGL Agrico despite having reduced its ownership to below 50 per cent.
— Viet Nam News

Culture shock jolts 60% of foreign workers in Vietnam
The survey on “Overseas candidates: Expectation and challenges when working in Vietnam” was carried out on overseas respondents from different continents and working positions.
— The Hanoitimes

VN stocks on mixed notes while trading liquidity remains moderate
Vietnamese shares were mixed on Wednesday morning, with moderate trading liquidity being recorded on the two local exchanges.
— Viet Nam News

Hanoi Innovation Summit 2019 to gather world’s leading technology giants
The Hanoi Innovation Summit 2019 scheduled to take place at the National Convention Centre on August 29-10 is expected to attract the participation of the world’s leading technology firms, such as Microsoft, Amazon Web Services, Golden Gate Venture, NBC News and others.
— NDO

Mekong province seeks investment in hi-tech agricultural park
The C?u Long (Mekong) Delta province of H?u Giang continues to solicit investment in its hi-tech agriculture park, including in its infrastructure.
— Viet Nam News

Scientists mull how to fight bacterial leaf blight of rice at global conference
The C?u Long (Mekong) Delta should use technology to create rice varieties resistant to bacterial leaf blight, speakers told an international conference that ended on August 20 in C?n Tho.
— Viet Nam Net

Executive Interview: Matthew Marsh and supporting brand sponsorship at Formula 1
Vietnam will join the Formula 1® calendar in 2020 with a new race in the capital city, Hanoi. The inaugural race will take place in April 2020 and will begin “a thrilling street race in the heart of the city”.
— Vietnam Insider

Saigon Beauty Show to debut next month
The first Saigon Beauty Show will be held in HCM City from September 5 to 7.
— Viet Nam News

Drought in Phú Yên destroys several hectares of forest
The prolonged severe drought has dried up thousands of hectares of protection forest in the southern coastal province of Phú Yên, causing many forest fires.
— Viet Nam Net

Feature photo IFRC

This week’s Vietnam morning news feature photo focuses on World Humanitarian Day, August 19.

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).

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