Korean multinationals suggest solutions to ease difficulties in Covid-19

Vietnam Airlines’ airplanes which have been left idle because of Covid-19 could be used to carry cargo, offering benefits to both the air carrier and export companies.

The proposal was suggested by Choi Joo Ho, CEO of Samsung Vietnam, at a dialogue between the Advisory Council for Administrative Procedure Reform and South Korean businesses in Vietnam on July 17.

Korean multinationals suggest solutions to ease difficulties in Covid-19



Choi said many export companies in Vietnam are facing difficulties in importing materials needed for domestic production. As airlines have stopped providing international flights, including to Europe, the aviation logistics industry is facing big problems.

He proposed that Vietnam Airlines use its passenger airplanes to carry cargo.

Vietnam Airlines’ airplanes which have been left idle because of Covid-19 could be used to carry cargo, offering benefits to both the air carrier and export companies.

The South Korean business community has made a noteworthy proposal related to the loosening of entry conditions for businesspeople from the country.

 

According to Kocham, which represents South Korean businesses in Vietnam, businesspeople now have to spend big money and time on quarantine, two weeks in South Korea and two weeks in Vietnam, which makes it impossible for them to travel between the two countries.

Kocham asked the government of Vietnam to remove the policy or shorten the time of quarantine for businesspeople connected to investments and technologies. Investment projects need to be implemented quickly or opportunities will be missed.

Kocham also complained that specialists sent to Vietnam for short-term working courses are bearing double taxation. This explains why many businesses don’t want to send specialists to Vietnam.

Under the current laws, when real investment capital is much higher or lower than the registered capital, investors must report this to appropriate agencies and change investment registration certificates. However, according to Choi, this takes investors a lot of time.

A subsidiary of Samsung had to spend money last year on these procedures and it almost missed an opportunity to make new products. Thanks to active support from state management agencies, the problem was finally settled. However, Choi is afraid that other companies may face the same problem.

Samsung is one of the biggest foreign investors in Vietnam. Its export turnover in 2018 was over $60 billion, which accounted for 25 percent of Vietnam’s total export turnover.

Meanwhile, Lotte Group of South Korea wants to get support from the Government Office in accelerating approval of the master plan for an amended waste water treatment project in the western part of HCM City.

The representative of the company said Lotte would start building the waste treatment plant soon after the master plan is approved.

Kim Chi 

FDI relocation "wave" still unclear as Vietnam faces competition from India, Thailand, Indonesia

FDI relocation "wave" still unclear as Vietnam faces competition from India, Thailand, Indonesia

Vietnam has a great opportunity to receive new FDI, but it has been warned of the ‘the other side of the coin’.

Vietnamese businesses burdened with taxes, FIEs at ease with tax exemptions

Vietnamese businesses burdened with taxes, FIEs at ease with tax exemptions

Studies have found that Vietnam’s taxation system offers many incentives to foreign invested enterprises (FIEs), but puts an increasingly heavy burden on Vietnamese enterprises and people.

 
 

Other News

.
Proper mechanism needed to export farm produce by sea to China
Proper mechanism needed to export farm produce by sea to China
BUSINESSicon  15/01/2022 

The Ministry of Agriculture and Rural Development and the Ministry of Transport recently co-hosted a conference on promoting the export of agricultural products through maritime transport as a way of devising a proper mechanism for farm exports.

Hanoi to establish 2-5 new industrial parks by 2025
Hanoi to establish 2-5 new industrial parks by 2025
BUSINESSicon  15/01/2022 

The Hanoi government has approved a plan to establish an additional two to five new industrial parks (IPs) in the 2021-2025 period.

What’s behind Tan Hoang Minh’s sky-high bidding price?
What’s behind Tan Hoang Minh’s sky-high bidding price?
BUSINESSicon  15/01/2022 

Tan Hoang Minh won the bid in a ‘duel’ to buy the 3-12 land plot in Thu Thiem new urban area in HCM City, but finally gave up.

Vietnamese FDI attraction likely to hit US$40 billion this year
Vietnamese FDI attraction likely to hit US$40 billion this year
BUSINESSicon  15/01/2022 

Amid rapid economic recovery following the COVID-19 pandemic, Vietnam’s foreign direct investment (FDI) attraction this year is anticipated to record positive signs and hit US$40 billion, according to insiders.

Agriculture Ministry denies that cross-border exports are low-quality products
Agriculture Ministry denies that cross-border exports are low-quality products
BUSINESSicon  15/01/2022 

Vietnam exported $3.52 billion worth of vegetables and fruits in 2021, an increase of 8.6 percent over the year before. China remains the biggest client consuming 54.5 percent of the exports.

Online shoppers warned of cunning tricks
Online shoppers warned of cunning tricks
BUSINESSicon  15/01/2022 

Along with the popularity of online shopping in Vietnam come several cunning tricks of criminals to steal money from consumers. 

Vietnam to be Asia's next startup hub
Vietnam to be Asia's next startup hub
BUSINESSicon  14/01/2022 

In an interview with Bloomberg recently, Binh Tran - co-founder of Ascend Vietnam Ventures - said that Vietnam's nascent start-up sector is developing and Vietnam is becoming the next technology hub of Southeast Asia.

Police ask for documents of 11 Hanoi-based projects of Tan Hoang Minh Group
Police ask for documents of 11 Hanoi-based projects of Tan Hoang Minh Group
BUSINESSicon  14/01/2022 

The Police Agency for Investigation of Crimes on Corruption, Economy and Smuggling (C03) of the Ministry of Public Security has asked the Hanoi People's Committee to provide documents related to projects based in Hanoi of the Tan Hoang Minh Group.

US$15 billion bailout package a stimulus to economic recovery
US$15 billion bailout package a stimulus to economic recovery
BUSINESSicon  15/01/2022 

Given the severe impact of COVID-19, the National Assembly’s recent approval of a VND350 trillion (US$15 billion) economic recovery package is considered by businesses and experts as an extremely important leverage and motivation moving forward.

HAGL sells over 48 million shares to pay debts
HAGL sells over 48 million shares to pay debts
BUSINESSicon  14/01/2022 

Hoang Anh Gia Lai Joint Stock Company will sell more than 48.1 million shares of its subsidiary HAGL Agrico (HNG) from January 17 to February 15 to pay debt.

Lang Son to stop receiving fresh fruit vehicles from Jan 17 to Tet
Lang Son to stop receiving fresh fruit vehicles from Jan 17 to Tet
BUSINESSicon  14/01/2022 

The northern province of Lang Son has announced that it would stop allowing vehicles transporting fresh fruits to its border gates for export to China from January 17 until the lunar New Year holiday or Tet.

VIETNAM BUSINESS NEWS JANUARY 14
VIETNAM BUSINESS NEWS JANUARY 14
BUSINESSicon  14/01/2022 

Cashless payments account for over 70 percent of retail transactions in 2021

Stock market sets new record on billion dollars of capital inflow
Stock market sets new record on billion dollars of capital inflow
BUSINESSicon  14/01/2022 

The Vietnamese stock market continued to reach another historic record, with the largest number of new accounts opened in December after 21 years of operation.

WB forecasts Vietnam’s growth at 5.5 percent in 2022
WB forecasts Vietnam’s growth at 5.5 percent in 2022
BUSINESSicon  14/01/2022 

The World Bank (WB) has forecast that Vietnam’s economic recovery is likely to accelerate in 2022 as GDP growth is expected to rise to 5.5 percent from 2.6 percent in the year just ended.

Vietnam reconsiders electricity sources after making international energy commitments
Vietnam reconsiders electricity sources after making international energy commitments
FEATUREicon  14/01/2022 

Vietnam’s commitments at 26th United Nations Climate Change Conference of the Parties (COP 26) will have a big impact on the country’s energy system. 

Vietnam’s economic growth forecast to rebound strongly in 2022
Vietnam’s economic growth forecast to rebound strongly in 2022
BUSINESSicon  13/01/2022 

Some foreign financial organisations have issued relatively positive predictions for Vietnam’s economy this year, with growth expected at 6.5 - 6.7 percent.

Three factors behind FDI attraction in Vietnam
Three factors behind FDI attraction in Vietnam
BUSINESSicon  13/01/2022 

Low labour costs, a geographical location close to Asian supply chains, and Japan and the Republic of Korea (RoK)'s efforts to promote greater overseas investment are considered as three factors in boosting Vietnamese foreign direct investment (FDI).

Live streaming attracts young people to earn money
Live streaming attracts young people to earn money
BUSINESSicon  13/01/2022 

Making money on online platforms and social networks is increasingly popular in the labor market, streamer jobs have become popular keywords for many young people.

Ample room for Vietnam's aviation investment
Ample room for Vietnam's aviation investment
BUSINESSicon  16/01/2022 

Private investors will have more options to invest in aviation infrastructure, which has been dominated by state-owned enterprises. 

Power Development Plan VIII under revision again
Power Development Plan VIII under revision again
BUSINESSicon  13/01/2022 

The draft Power Development Plan VIII is being revised again and expected to be submitted to the Prime Minister for approval in the first quarter of 2022.

 
 
 
Leave your comment on an article

OR QUICK LOGIN