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The fair is expected to draw the participation of exhibitors and brands from Germany, Spain, Japan, Sweden, the US, the Republic of Korea, China, Taiwan (China), Thailand, Australia, Singapore and Vietnam.
Le Anh Duc, a representative of the organisers, said that the event will not only offer a venue for businesses to introduce and promote their brands, but also create conditions for investors and businessmen to exchange information, seek partners, and boost trade promotion.
On the sidelines of the fair, there are several seminars and business matching activities.
Banks decide on shareholder meetings, expect high dividend payments
Many banks have finalised the dates of their annual general meeting of shareholders for March and April, with many expecting high dividend rates that will attract shareholders' attention.
Nam A Commercial Joint Stock Bank (UPCoM: NAB) will be the first bank to hold the annual general meeting of shareholders this year.
The event is scheduled to take place on March 17. The deadline for the shareholders to register their attendance in the meeting is February 21. The venue of the event has not been announced yet.
By April, banks that are expected to hold the annual general meetings of shareholders are VietinBank (HoSE: CTG), Saigon-Hanoi Bank (HoSE: SHB), Eximbank (HoSE: EIB), and LienVietPostBank (HoSE: LPB).
The Board of Directors of VietinBank announced that the 2023 annual general meeting of shareholders would be held on April 21 in a face-to-face meeting format. It is the first bank in four State-owned commercial banks to announce this year's meeting schedule.
The last date to register is March 10.
VietinBank's announcement states that the expected content of the 2023 annual general meeting of shareholders includes reports of the Board of Directors, Board of Management and Supervisory Board on business results in 2022 and orientation and plan in 2023.
At SHB, the general meeting of shareholders is scheduled to take place on April 11. The last day to make a list of attending shareholders is March 3.
Meanwhile, LienVietPostBank is expected to hold the meeting in April but has not fixed a specific date.
It only announced information about the last registration date to exercise the right for shareholders to nominate candidates to elect members of the Board of Directors and the Board of Supervisors for the term of 2023-28 and attend the 2023 annual general meeting of shareholders on February 23.
Eximbank's 2023 annual general shareholders meeting is expected to be held on April 14 in HCM City. The closing date for the shareholders' attending registration is March 15. Details of the meeting have not been announced yet.
At the second extraordinary general meeting of shareholders on February 14, Chairman of the Board of Directors Luong Thi Cam Tu revealed that in 2022, Eximbank held the leading position in terms of profit growth in the banking industry.
Last year, its profit reached more than VND3.7 trillion (US$156 million) before tax, three times higher than the previous year and exceeding 280 per cent of the set profit plan.
At the upcoming annual general meeting of shareholders, Eximbank will finalise business results and expect a high dividend payout ratio.
High dividend rates
Vietnam International Commercial Joint Stock Bank (HoSE: VIB) has closed the list of shareholders exercising the right to attend the meeting on February 10 but has not announced the specific time and meeting venue. It normally holds the meeting in mid-March.
VIB has just issued a resolution approving the implementation of the plan to advance 2022's cash dividends for existing shareholders with an advance amount of more than VND2.1 trillion, equivalent to 10 per cent of charter capital.
VIB once said that if it is approved by the general meeting of shareholders and the State Bank of Vietnam (SBV), it can pay a cash dividend of up to 35 per cent of charter capital, which means that each shareholder owning 1 VIB share can receive a dividend of VND3,500.
Similarly, KB Securities Vietnam (KBSV) recently revealed that Asia Commercial Joint Stock Bank (HoSE: ACB) is planning to pay a dividend at the same rate in 2021 of 25 per cent, but whether the payment is in cash or shares has not been determined and the bank must wait for SBV's opinion.
Honda Vietnam sees sharp falls in bike, car sales
Honda Vietnam reported sharp falls in motorcycle and automobile sales in January compared to the previous month.
Hanoi – Honda Vietnam reported sharp falls in motorcycle and automobile sales in January compared to the previous month.
In January, it sold 222,545 motorcycles, down 13.1% month on month and 16% year on year, data showed.
Meanwhile, 1,494 cars were delivered to buyers, declining 35.7% month on month and 60.4% year on year. Among them, Honda City and Honda CR-V were the best-sellers with 1,107 units sold in total, accounting for 74.1% of the firm’s car sales last month.
Experts said both motorcycle and automobile sales witnessed strong declines in January since the month coincided with the Lunar New Year (Tet) holiday, when many people tended to curb spending on valuable things, especially before and after the holiday.
This is a common trend every Tet, and the market will bounce back in the following months for not only motorcycles and automobiles but also many other commodities.
Soaring compensation costs cast shadow on insurer business
Despite a spike in premiums, many insurers suffered in terms of performance in 2022 on the back of soaring compensation costs.
Figures by the General Statistics Office show that insurers saw a strong rebound in their premium income last year, particularly those in the non-life segment.
Total premium income of the entire insurance market rose 16.2 per cent on-year in 2022, in which the share of the life segment surged 15.8 per cent, and that of the non-life segment hiked 17.3 per cent on-year.
In 2022, besides higher compensation cost, many insurers counted losses in their financial investments due to unfavourable market conditions. Profits have been dampened even amid a strong rebound in revenues.
The total profit figure of 12 listed insurers shed 29.5 per cent on-year in 2022.
Post and Telecommunication Insurance Corporation (PTI) became the single insurer catching negative growth in 2022 when the company counted $15.3 million losses in post-tax profits.
In 2022, the asset scale of 12 listed insurers swelled by an additional $1.64 billion. This was attributed to a 35 per cent jump on-year in its compensation cost, equal to $32.4 million PTI had incurred in 2022 compared to 2021’s low base level.
PTI bet on one specific insurance product which helped insure buyers against COVID-19 infection. Purchasers could receive an insurance amount reaching several hundred dollars if they became COVID-19 patients.
With a soaring number of pandemic patients last year, this programme alone cost PTI as much as $15.3 million extra, according to the company's chief accountant.
With most other insurers, the profit picture was also less optimistic. Top state-owned group Bao Viet Holdings saw its profit trimmed by one-third compared to 2021, despite having resumed double-digit revenue growth.
Petrolimex Insurance posted profits at a 42 per cent dip due to a spike in compensation costs and financial expenses.
Vu The Quan, an analyst at VNDirect Securities, assumes that compensation costs could further swell in the forthcoming months.
Elsewhere, Military Insurance (MIC) and Bao Minh Insurance both saw a 20 per cent jump in their premium incomes, yet their compensation costs rose more than 30 per cent on-year in 2022.
Despite these factors, the two insurers still saw positive growth last year. MIC counted profit equal to 15 per cent of last year’s figure, while Bao Minh reported a 14 per cent jump on-year in profits.
In 2022, the asset scale of 12 listed insurers swelled by an additional $1.64 billion, but equity is moving sideways.
By the end of 2021, their equity capital accounted for 19 per cent of their total capital sources, yet one year later this figure was pulled down to just 16.4 per cent.
Ba Ria-Vung Tau aims to become Southeast Asia’s maritime service center
The targets are set in Ba Ria- Vung Tau province’s master planning scheme for the 2021-2030 period, with a vision to 2050, which was recently approved by the planning scheme appraisal council.
The southern coastal province of Ba Ria-Vung Tau is aiming to become a gateway to the sea of the Southeastern region and the country, a national marine economic center, a maritime service center of Southeast Asia, and an international-class high-quality tourism centre by 2030.
Pham Viet Thanh, Secretary of the provincial Party Committee, said that under the planning scheme, in the 2021-2030 period, Ba Ria-Vung Tau focuses on carrying out development breakthroughs, including completing regional and inter-regional connectivity routes, developing a seaport system, forming a national-level logistics centre, and establishing a free trade area in Cai Mep Ha.
The province also works to form tourism urban areas with the aim of turning it into an entertainment and resort centre of international standards, and establish hi-tech industrial parks to attract investors and human resources in advanced production industries.
By 2050, Ba Ria-Vung Tau will continue modernising its infrastructure system, with focus on Bien Hoa-Vung Tau railway, metro lines connecting urban areas, and a monorail system linking coastal tourism urban areas from Vung Tau city to Binh Chau hot mineral spring, Thanh added.
Minister of Planning and Investment Nguyen Chi Dung, head of the appraisal council, asked Ba Ria-Vung Tau whose economy is mainly based on oil and gas exploitation, to exert more efforts to develop urban areas, high-value industries, and new economic sectors and products.
Pouchen Vietnam removed from customs priority list
The General Department of Vietnam Customs has issued a decision to suspend the customs priority eligibility for Pouchen Vietnam Enterprise Ltd due to the company failing to meet the necessary criteria.
Pouchen Vietnam is a Taiwanese foreign direct invested enterprise, specialising in producing and exporting footwear and sports shoes, with its main markets in Europe and North America. The company first applied for customs priority in March 2018 for a duration of three years, with the group being granted an extension in 2021.
However, according to the General Department of Vietnam Customs, the group has not complied with all the requirements during that time
To be eligible for customs priority, companies have to meet several conditions such as; complying with legal requirements relating to customs and tax; e-customs and e-tax declaration and payment procedures; and meeting a minimum of $100 million in annual import and export turnover. Companies must also comply with requirements relating to audits and accounts.
Since Pouchen Vietnam's removal from the priority list, it will not be eligible to enjoy the following benefits of the programme:
Exemption from examination of supplementary customs documentation
Ability to submit incomplete customs declarations. It should be noted that within 30 days from the date of the registration of incomplete customs declarations or the submission of documentary evidence in substitution of customs declarations, customs declarants will be required to submit complete customs declarations.
At present, 74 enterprises enjoy customs priority treatment. Their import-export turnover accounts for approximately 30 per cent of the import-export value of the whole country.
Measures sought to speed up public investment disbursement
Prime Minister Pham Minh Chinh on February 21 chaired a national teleconference on the acceleration of public investment allocation and disbursement in 2023 as well as the socio-economic recovery and development programme.
Underlining that public investment as a resource and a motivation for development, PM Chinh said that one of the major tasks for 2023 is to speed up the disbursement of public investment, effectively implementing the socio-economic recovery and development programme and three national target programmes.
These activities are significant in terms of economy, politics, society, defence and security, helping promote the internal strengths of the country and creating the momentum for fast recovery and sustainable development, he said.
The PM noted that last year, the Government issued many resolutions, directives and official dispatches regarding public investment disbursement, while organising many national online meetings and conference to discuss the work, and forming six working groups of the PM to inspect and hasten the disbursement activities.
In 2022, 5,000 unnecessary projects were abolished to reserve capital for large-scale and effective projects, while measures to raise incomes and reduce spending were applied to increase public capital, he said, adding that the disbursement of public capital sourced from the State budget in 2022 reached 93.5% of the yearly plan.
The Government leader said that in 2023, total public capital is 711.7 trillion VND (29.96 billion USD), up more than 130 trillion VND from the figure in 2022, which means the disbursement task is heavier, requiring drastic actions right from the beginning of the year towards fulfilling at least 95% of the target set for the year.
He asked ministries, sectors and localities discuss lessons in the work, defining difficulties and obstacles, sharing effective methods and proposing specific solutions to disburse public capital in a practical, effective, and flexible manner in line with the real situation.
According to the Ministry of Planning and Investment, as of January 31, over 541.85 trillion VND of public investment capital allocated for 2022 had been disbursed, fulfilling 93.5% of the plan, with eight ministries and central agencies and 30 localities completing 100% of their targets.
As of February 17, more than 595.61 trillion VND of the public investment capital for 2023 had been allocated and assigned for ministries, agencies and localities, reaching 84.2% of the plan.
Apparel sector races to boost exports
Vietnamese apparel firms have been busy so far this year to complete orders, toward achieving the goal of earning about 47 billion USD from export this year on the back of incentives brought about by free trade agreements that already took effect.
Businesses also plan to invest in modern technology to improve business efficiency and workers’ income this year.
The global apparel demand is forecast to decrease by nearly 5% annually this year to around 700 billion USD, resulting in a decrease of 25-27% in the number of orders.
Major importers of Vietnamese apparel such as the US, China and the Republic of Korea have shown signs of smaller demand since October 2022. Meanwhile, the European Union and Japan still maintained positive growth but it was lower than previous months.
Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang said in order to achieve sustainable development, the sector will continue calling for investment to the material supply chain; building sale solutions; and developing automation, digital governance, a transparent business environment and hi-quality workforce.
He admitted that the sector is facing intense competition from Bangladesh, India and Indonesia, especially products with simple designs.
In the near future, about 30-35% of apparel makers will suffer from the shortage of orders while the remainder will face price pressure. However, the sector is still able to produce mid and hi-end products which is one of its advantages to accelerate export, he said.
Domestic textile firms also suggested the State adjust policies and mechanisms flexibly, especially those related to credit and foreign exchange rate to improve their competitiveness.
Toyota Vietnam recalls 64 Lexus models
The Ministry of Industry and Trade's Vietnam Competition and Consumer Authority (VMCA) has received an announcement from Toyota Motor Viet Nam (TMV) to recall 64 Lexus models, which were manufactured between September 11, 2012 and November 10, 2017, due to possible fuel leaks.
The affected cars include 13 GS 200ts, 38 GS 350s and 13 RC 200ts. The affected cars are equipped with a fuel vapor capture control device (part of the fuel tank vent tube system) attached to the fuel tank using a possibly faulty flange.
Due to the design features of the flange of the fuel tank vent tube, there is the possibility of internal stresses on the outer surface of the flange, which could cause cracks.
The crack may expand over time, eventually leading to a fuel leak, according to the Japanese carmaker.
Depending on the amount of fuel flowing out of the crack, and if there is an ignition source, this problem could increase the risk of a car fire.
All recalled vehicles’ fuel tank ventilation tube system, including the flange, will be replaced free of charge, Lexus announced, adding that the repair process takes about two hours to complete.
Consumption, exports of steel decline
There was a dramatical drop in consumption and exports of steel, said the Vietnam Steel Association.
According to the Vietnam Steel Association’s figure, the domestic sales of finished steel products decreased by nearly 27 percent over the same period in 2022 or to about 1.8 million tons by the end of January.
In which, metal-plated and color-coated corrugated iron dropped by 42 percent or to nearly 251,000 tons. Cold rolled steel products also recorded a similar decrease, down to more than 107,000 tons. Construction steel products declined by 20 percent to 844,000 tons. The Hoa Phat Group said that in January, it produced 392,000 tons of crude steel, equivalent to 56 percent over the same period; but sales of construction steel, billet and hot rolled coil reached only 402,000 tons, down 36 percent.
Similarly, in the export segment, sales also decreased by 21.2 percent to 511,000 tons. Worse, amongst kinds of steels, construction steel exports fell sharply by 36.4 percent to 147,5,000 tons. Metal-coated and color-coated corrugated iron products recorded the deepest export decrease of 72.4 percent to more than 65,000 tons.
Explaining why recent continuous increase in steel prices but businesses still suffer losses, the Vietnam Steel Association said that the increase in raw material prices causes domestic factories to increase selling prices many times to compensate for production costs and reduce losses. Accordingly, the average price of domestic construction steel is currently increasing by about 5 percent compared to the end of 2022 but still 8 percent lower than the same period last year.
Because the selling price of finished steel increased more slowly than the growth rate of input materials, the business performance of construction steel companies was still low, and it was difficult from input materials to consumption of output finished products.
Mobile World says to close stores in Vietnam, Cambodia
Vietnamese retail firm Mobile World JSC will close its AVASport stores in Vietnam and the Bluetronics chain in Cambodia this year.
AVASport is a chain of authentic sporting goods stores in Vietnam while Bluetronics is a household electronic appliance store chain in Cambodia, similar to the Dien May Xanh store chain in Vietnam.
The AVASport chain came into existence in Vietnam early last year. However, it has not been as profitable as expected due to weak demand in the domestic market and high business costs.
Due to complicated tax policy in Cambodia, prices of Bluetronics’ electronic goods are 10-15% higher than market prices, Doan Van Hieu Em, CEO of Mobile World JSC, told the media.
Bluetronics could not compete with other retailers in Cambodia.
The Bluetronics chain has been active in Cambodia since 2017. It had 50 stores in 2021, but the company has reduced the number to only two.
After its withdrawal from Cambodia, Mobile World will focus on the Indonesian market with its new EraBlue phone and electronics chain.
2022’s land, water surface rents cut by 30 percent for Covid-19-affected people
The HCMC Tax Department has just promulgated information No.1456/TB-CTTPHCM on reducing land and water surface rents of 2022 for those affected by the Covid-19 epidemic.
Under the decision, organizations, units, businesses, households, and individuals that lease land and water surface from the State in the city will enjoy a 30 percent reduction in land rent. This regulation is not applied for land and water surface rents owed in the years before 2022.
Land and water surface tenants can submit applications for reduction of land rent or water surface rent (by electronic or other methods) to the tax department or the management board of the Economic Zone or High Tech Park online, in person, or by post.
All throughout 2022, Vietnamese enterprises faced endless frustration and disappointment in trying to access loans with preferential interest rates and exhausted their attempts to seek extension of support policies such as for VAT reduction.
This year too has begun with more rhetoric by way of many seminars and talks to propose solutions to erase difficulties and offer support, but without any concrete action or solutions.
At a recent talk event with enterprises, Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam of the Ho Chi Minh City branch, said that one of the main tasks of SBV is to implement the two percent interest rate support policy under Decree 31 of the Government, so as to create conditions for enterprises, cooperatives, and business households to develop and grow their businesses.
Mr. Lenh added that the State Bank of Vietnam will cooperate with business associations and industry associations to organize fruitful dialogue and directly resolve difficulties for enterprises. However, this narrative has been heard many times before by businesses who want to access the two percent interest rate package, but so far nothing has happened at ground level.
For instance, one tourism business mentioned the difficulty in meeting many mandatory conditions required to access the two percent interest rate incentive package for post-pandemic recovery.
He replied that the tourism industry is eligible for accessing loans under the two percent interest rate incentive package, but the prerequisite is to be eligible for receiving these loans as approved by banks.
The problem is that if this prerequisite is met, many businesses will not need support as they are tired of constantly petitioning at conferences and talk events. The difficulties in accessing the support package after recommendations still exist and are not resolved, therefore the disbursement rate for 2022 is still very low.
For many businesses, from the second half of 2022 and forecast to the second quarter of 2023, it will be an extremely difficult period when the world economic situation is still continuing to be unpredictable. Consumer demand for most items has dropped sharply, causing export enterprises to face a serious shortage of orders.
A survey in the first days of the New Year by the Department of Industry and Trade in Ho Chi Minh City showed that 95 percent of workers have returned to factories to work, but businesses in the city face a sharp decline in orders. There are some industries where orders are only 30 percent to 40 percent compared to the same period last year. They also lack access to credit besides also being affected by the disrupted supply chain at present.
The policy of VAT reduction to 8 percent currently is undecided, but regarding the extension of the tax payment period, there is more hope. Specifically, the Ministry of Finance is deliberating on the draft Decree for extending the deadline for payment of value-added tax, corporate income tax, personal income tax, and land rent in 2023.
If the Decree is issued and the tax payment date is extended, it will be a great support for businesses, because despite export orders being reduced, access to loans is still difficult due to high-interest rates, enterprises will still have the capital for production and businesses with not incur interest costs.
Japan-Hai Phong IP to be expanded by 200ha
The Japan-Hai Phong Industrial Zone (previously called Nomura-Hai Phong) will be expanded by about 200ha to better facilitate foreign investors, especially those from Japan.
This information was delivered at a business conference that took place at the IZ in the northern coastal city of Hai Phong on Thursday.
The event gathered more than 50 Japanese enterprises operating at the zone, with participating firms voicing concerns over local issues such as traffic bottlenecks at the IP and the Hai Phong port, as well as the need for support in legal procedures and land-related issues.
In response, head of the management board of the Hai Phong Economic Zone Authority (HEZA), Le Trung Kien, offered solutions to obstacles facing the businesses. Suitable assistance will come from related agencies and sectors serving the building of a friendly and transparent business climate, he added.
Kien suggested the Japan-Hai Phong Industrial Zone Development Corporation and Japanese investors and companies at the zone maintain their role in connecting the city with Japan and promote the municipal business environment to more Japanese firms.
Japan is the second largest foreign investor in Hai Phong with 146 valid investment projects worth US$3.9 billion in total. In 2022, Japanese-funded firms saw their total revenue nearing $2.2 billion; export and import value reaching $3.08 billion and $2.3 billion, respectively. They contributed to the State budget about VND1.31 trillion ($55.26 million). They hired some 39,667 people, of whom 39,308 are Vietnamese.
Covering 153ha in An Duong District, Japan-Hai Phong IZ has a total investment capital of over $140 million.
As of February 15, Japanese investors put funds into a total of 44 projects worth $1.32 billion in the zone. Their investments came towards a wide range of sectors including high technology, machine manufacturing, precision mechanics; automotive and motorcycle components, electrical and electronic equipment components beside to marine equipment, packaging and high-grade paper products, textile and garment.
Nearly 710 million FLC shares to trade on UPCoM on Feb 22
The Vietnam Securities Depository (VSD) has just announced the transfer of FLC shares' registration and depository data.
Nearly 710 million FLC shares will be transferred from the Ho Chi Minh Stock Exchange (HoSE) to the UPCoM exchange on February 22.
VSD said that FLC shares still meet the conditions of being a public company, so they must be registered for trading on the UPCoM trading system according to the provisions of Article 133 of Decree No. 155/2020 of the Government detailing the implementation of a number of articles of the Securities Law.
According to the Securities Law, a public company is a joint stock company with a registered charter capital of VND30 billion (US$1.26 million) or more and having at least 10 per cent of the voting shares owned by at least 100 investors who are not major shareholders, or a company that has successfully offered its shares to the public for the first time by registering with the State Securities Commission (SSC).
Considering the regulation, FLC shares still meet the conditions of a public company with a charter capital of nearly VND7.1 trillion and more than 64,700 shareholders.
Previously, HoSE issued a decision to cancel 709.9 million FLC shares from trading on the exchange starting February 20.
The exchange said that the company has seriously violated the obligation to disclose information, as well as other cases so that HoSE and SSC deem necessary to delist FLC shares in order to protect the interests of investors.
FLC has requested that regulators reconsider its decision to delist, explaining that the breach of information disclosure was due to force majeure circumstances.
It could not find an approved entity to audit the company’s financial statements for a long time.
According to the leader of FLC, in all cases, shareholders are entitled to full ownership and decision-making rights over the shares owned by FLC.
Rights of shareholders such as the right to participate in the general meeting of shareholders, the right to vote, and the right to nominate and stand as a candidate for election to the Board of Directors are still guaranteed.
FLC is making efforts to promote information disclosure according to regulations.
Vietnamese, Chinese border gates fully resume operations
Import-export activities and customs clearance of goods via the Ma Lu Thang International Border Gate in Phong Tho district of the northern province of Lai Chau and the Jinshuihe border gate of China's Yunnan province were fully resumed on February 20.
After more than three years affected by the COVID-19 pandemic, the full restoration of activities at the pair of border gates helps facilitate the exchange of goods and the travel of people of the two countries.
Head of the management board of the Ma Lu Thang Border Gate Economic Zone Vu Huy Hoa said the authorities of Honghe and Jinping districts of Yunnan province have sent a document to Vietnam announcing the cancellation of all COVID-19 quarantine measures for goods, and the full resumption of entry-exit for citizens of the two countries via the border gates.
As such, the People's Committee of Lai Chau province decided to stop the application of “green zones” for import - export of goods via the Ma Lu Thang international border gate.
The full resumption of immigration and customs clearance of goods via the two border gates helps promote border economic and tourism cooperation, and cultural exchange, thus benefiting the people and businesses of the two countries, Hoa said.
The management board of the Ma Lu Thang Border Gate Economic Zone and relevant agencies at the Vietnamese border gate will coordinate with corresponding units of the Chinese side to speed up administrative reform, towards making it easier for import - export and entry - exit activities at the border gates.
HCMC cuts land rent for Covid-affected individuals, organizations
The HCMC Tax Department has announced rent cuts for land and water surfaces for those affected by the Covid-19 pandemic in compliance with a Government resolution.
According to the HCMC Tax Department’s Notification No. 1465, rent reductions for land and water surfaces are applicable to the year 2022.
Those entitled to the rent reductions are organizations, businesses, households and individuals in HCMC that pay annual land and water surface rent, including those not subject to a reduction and those enjoying a reduction pursuant to the law.
The municipal authorities will apply a 30% cut on the rent for land and water surfaces payable in 2022, not including rents payable prior to 2022.
Applicants for the rent reductions need to write to the local tax departments or the management boards of economic zones or hi-tech parks where they are based.
The documents, including the request pursuant to Decision No.01/2023 of the Prime Minister and the decision on land rent, could be submitted via electronic means, in person or by post prior to March 31, 2023.
Workshop helps Canadian firms understand more about Vietnamese market
A workshop to help Canadian businesses better understand the Vietnamese market was held in both online and in-person format in Vancouver by the Việt Nam-Canada Business (VCB) Association late last week.
The event, part of a series of business and investment promotion activities between the two countries on the occasion of the 50th founding anniversary of diplomatic ties, attracted hundreds of Vietnamese-Canadian entrepreneurs who are eager to invest in the homeland.
Addressing the event, Vietnamese Consul General in Vancouver Nguyễn Quang Trung briefed participants on Việt Nam’s socio-economic development in recent times, saying that Việt Nam posted a GDP growth rate of 8.02 per cent in 2022 - the highest in the region as well as in the past 11 years.
Robert King from Ernst & Young Vietnam Limited (EY Vietnam) spoke about Việt Nam's tax policy, saying that Canadian companies can benefit from investment attraction policies and advantages brought by free trade agreements that Việt Nam has joined.
Trần Thu Quỳnh, head of the Việt Nam Trade Office in Canada, also mentioned Việt Nam’s advantages in attracting investment, including e-commerce. She affirmed that her agency will provide the best possible support for Canadian businesses in investing in Việt Nam.
Phạm Hải, country head of International Subsidiary Banking of HSBC Canada, and Boo Jock Chong, an Asia-Pacific market consultant of Felix Payment Systems Ltd, shared information on forms of non-cash payment, which will facilitate Canadian businesses’ investment in Việt Nam.
Notably, the presence of Vice Mayor of Vancouver Brian Montague at the event showed the Canadian side’s special attention to encouraging Canadian enterprises to expand their investment in Việt Nam.
According to Consul General Trung, the two nations have recorded a strong economic co-operation with two-way trade hitting 11 billion CAD (US$8 billion). Việt Nam has been the largest partner of Canada in ASEAN since 2015.
He spoke highly of the role played by the VCB Association in connecting and supporting the business communities of the two countries, even though the association has only been officially set up for nearly a year.
The formation of the association helps meet the Vietnamese and Canadian business communities’ needs to connect with and support each other during trade and investment activities, he said.
Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes
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