Local producers must prepare to meet the requirements of foreign direct investment (FDI) companies to participate in the global supply chains, a top official has said.

As Vietnam heads towards a cashless economy and mobile technology is becoming ubiquitous, the adoption of mobile money next month is predicted to lure local and foreign firms into joining the game.

Vietnam is expected to see a new foreign direct investment (FDI) wave as more foreign companies plan to move investment into the country.

E-wallets are believed to be a very promising business field in Vietnam, but the market is now controlled by foreign firms.

More than 200 foreign firms attended a conference to promote investment in Vietnam in London on July 4, which was chaired by Minister of Finance Dinh Tien Dung.

 VietNamNet Bridge – Foreign companies are establishing a stronger presence on the fast growing Vietnamese retail market, according to a report which the Ministry of Industry and Trade released last Friday.

Both multinationals and local companies have given lower salary increases this year compared to 2015, a survey by Mercer, a leading global provider of human resource services, and Talentnet Corp, its associate in Viet Nam, has found.

 VietNamNet Bridge – National Assembly Chairwoman Nguyen Thi Kim Ngan yesterday (July 14) hosted a reception for Danish Ambassador Charlotte Laursen and outgoing Swedish Ambassador Camilla Mellander.

 VietNamNet Bridge – The Government has issued a new decree governing foreign firms’ establishment of representative offices and branches in Vietnam.

At present, it is difficult to say with certainty what constitutes a foreign invested enterprise under Vietnamese laws. Some legislation currently in effect suggests that any amount of foreign ownership constitutes a foreign invested company.  

 VietNamNet Bridge – Many foreign enterprises are using international courts of arbitration to resolve disputes with local enterprises, instead of using Vietnamese courts which are said to be largely toothless in this regard.

VietNamNet Bridge – The 2015 scheduled establishment of ASEAN Economic Community together with the implementation of World Trade Organization commitments and other bilateral and multilateral free trade agreements will completely help Vietnam

 VietNamNet Bridge – Foreign firms are showing huge interest in Vietnam’s lucrative livestock production sector, the Vietnam Investment Review (VIR) reported.

 VietNamNet Bridge – Poor industrial relations may have contributed to the riots in Binh Duong in May, according to research conducted by the Project for Promoting Sustainable Compliance in Viet Nam.

 VietNamNet Bridge – With bank lending rates falling sharply in recent months, companies should grab this opportunity to borrow to develop their business, analysts said.

 VietNamNet Bridge - Businesses affected by the disturbances in Ha Tinh, Binh Duong and Dong Nai will have their taxes and land rents waived, reduced or deferred, and receive other assistance, at the request of PM Nguyen Tan Dung.

The People’s Procuracy in Nhon Trach and Trang Bom district and Bien Hoa city, in Dong Nai, approved the decision to prosecute two additional public disorder cases, with an additional 39 defendants prosecuted and temporarily detained.

In a dispatch issued on Monday, the Minister of Finance asked the tax and customs authorities and the local departments of finance to swiftly support local businesses that were damaged in the disturbances in Binh Duong and Ha Tinh provinces.

VietNamNet Bridge – The Vice Chairman of Binh Duong Province, Tran Thanh Liem, has apologized to foreign businesses for the recent spate unfortunate incidents and affirmed his commitment to ensure the safety of their operations.