The State Bank of Vietnam- Ho Chi Minh City Branch (SBV-HCMC) has reported that, by the end of September 2023, the total outstanding credit within the city has exceeded VND3.3 quadrillion, up 0.72 percent compared to August 2023.

Credit within the city has recorded two consecutive months of moderate growth, with an almost 1 percent increase in August 2023. This trend further solidifies expectations of continued credit growth throughout the remaining months of the year.

Mr. Nguyen Duc Lenh, Deputy Director of the SBV-HCMC, revealed that credit growth in the region has surged due to the successful implementation of several preferential credit programs.

Specifically, disbursements for the 2 percent interest rate support credit package, as mandated by Government Decree 31/2023, have reached an outstanding balance of roughly VND23.23 trillion, constituting 42 percent of the national total. The disbursements for the VND15 trillion credit package allocated to the forestry and aquatic sectors in the region have amounted to VND243 billion. The lending volume for the market stabilization program has hit VND7.64 trillion, while investment stimulus loans have reached VND870 billion.

Additionally, up to now, 29,726 customers and businesses in HCMC have undergone debt restructuring, resulting in a total outstanding debt of over VND36.54 trillion, accounting for 38 percent of the nationwide total.

Vietnam - Canada’s gateway to Southeast Asia: Conference

A conference has been held in Edmonton city in Canada’s Alberta province to discuss the role of Vietnam as a gateway for Canada to enter Southeast Asia during the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Participants assessed the level of awareness and utilisation of the CPTPP and sought a support and coordination mechanism to help Canadian and Vietnamese businesses maximise benefits from the pact as Canada is advancing its Indo-Pacific Strategy.

Evan Buie, Trade Commissioner at Global Affairs Canada's Regional Office for Alberta and Northwest Territories described Vietnam as an important trade partner of Canada and Alberta, highlighting that Vietnam has been Canada's number one partner in the ASEAN region since 2015. He noted that Canada's top exports to Vietnam include agricultural products, minerals, metals and industrial machinery. 

Buie said that Global Affairs Canada is coordinating with the Vietnam Trade Office in Canada to organise programmes to help businesses adjust their products and services to suit export markets, especially the Vietnamese market. The Global Affairs Canada has a network of offices in 160 cities, including Hanoi and Ho Chi Minh City, he said.

Vietnamese Trade Counselor in Canada Tran Thu Quynh said that Alberta recorded high growth in exports to Vietnam after five years of CPTPP implementation.

She highlighted efforts of Vietnam in improving infrastructure system and introduced Vietnam's investment attraction policy in comparison with ASEAN countries.

Alberta currently exports many products such as oil and gas, machinery and especially agricultural products to Vietnam, while importing garments, electronics and footwear from the Southeast Asian country.

According to Director of Trade at Edmonton Global Manisha Arora, with the effective exploitation of CPTPP, businesses from both sides will have a better understanding of each other's product structure and further strengthen their trade and investment relations.

ASEAN is currently the fifth largest economy and also the most dynamic economic region in the world. The region is predicted to be the world's consumption centre by 2030 thanks to its market size.

Arora said Vietnam has been an important partner of Canada in ASEAN for the past 50 years and is the leading destination in ASEAN for Canadian goods with a 7% annual growth rate over the past 30 years. Vietnam is considered as a gateway for Canadian companies that wish to develop in this region.

TB Nguyen, Director of Canada-ASEAN Business Council (CABC), cited the agency's latest report as saying that Canadian businesses consider Vietnam as the country with the most opportunities in the ASEAN region, because it is emerging as a new hub for trade, investment and innovation.

Businesses planning to establish their facilities in Vietnam such as Customer Maps or Senescene Life also assessed that Vietnam is a dynamic and potential market. This is the time for Alberta businesses to seize business opportunities in Vietnam, and take advantage of Vietnam to enter ASEAN, they said.

Vietnamese, Algerian companies explore partnership chances

Vietnamese and Algerian businesses gained an insight into the African country’s market and bilateral economic and trade ties at a webinar on October 19.

The event, held by the Trade Office of Vietnam in Algeria and the Algerian Forum for Import, Export, International Trade and Investment (AFIETI), attracted about 60 businesses, including over 20 Algerian companies.

Considering the seminar as a chance to elevate economic ties on par with the two peoples’ aspirations, AFIETI President Mohamed Hassani said that at the recent business forum held in Hanoi within the framework of the 12th meeting of the Inter-Governmental Committee, the two sides strived to set up strategic partnerships in many key areas, including agriculture, food security, technology, renewable energy, infrastructure development, natural resource exploitation, education, and scientific research.

Trade Counsellor of Vietnam in Algeria Hoang Duc Nhuan said bilateral relations have been developing unceasingly over the recent past as seen in many high-level mutual visits and cooperation in multiple areas. In particular, a number of economic agreements and documents have been signed, including a bilateral trade agreement and a memorandum of understanding on trade promotion cooperation, providing a favourable legal framework for activities of Vietnamese and Algerian businesses.

In terms of trade, their export and import structures are complementary to each other. According to the General Department of Vietnam Customs, bilateral trade stood at only 145 million USD in 2022 due to the COVID-19 pandemic’s impacts but reached 175 million USD during the first nine months of 2023, up 60% year on year.

Vietnam’s exports to Algeria include raw coffee, peppercorn, cashew nut, copra, fishery products, steel, and chemicals. Meanwhile, it imports pharmaceuticals, ores, wastepaper, and animal feed from the African nation.

In terms of investment, the joint venture among the Vietnam Oil and Gas Group (Petrovietnam), Sonatrach of Algeria, and PTTEP of Thailand is a symbol of successful cooperation between the countries. It turned out the first oil flow in August 2015, and the current capacity is about 18,000 barrels per day, Nhuan noted.

However, economic partnerships remain modest compared to the countries’ potential and have yet to meet their leaders’ expectations, he added, pledging that the Trade Office will hold more activities to connect the two sides’ businesses.

At the webinar, the President of the Algerian Chamber of Commerce and Industry (CACI) called on Vietnamese businesses to invest in production or processing in his country to capitalise on the African Continental Free Trade Area (AfCFTA).

Nabil Akriche, an advisor in charge of export and import at AFIETI, said that this forum is working to establish a communication channel between the two sides’ economic insiders, including manufacturers, importers, exporters and investors, to maximise their economic advantages and potential.

He highlighted Algeria’s high demand for coffee, tea, spices, nuts and grains, apparel, materials for the textile - garment industry, footwear, cosmetic materials, plant oil, automobile spare parts, mobile devices, and electronic equipment. He said Vietnamese products are highly valued for prices and quality by Algerian consumers.

Akriche also encouraged Vietnamese firms to import the key and strong commodities of Algeria such as date palm fruit and related products, olive fruit and oil, poultry and agricultural products, ceramics, cement, and gypsum.

At the event, businesses of the two countries also engaged in talks to learn about each other’s demand and seek partnerships.

Vietnam attends Macao International Trade, Investment Fair

Vietnamese companies joined about 1,200 companies and organisations from 14 countries and territories at the 28th Macao International Trade and Investment Fair (MIF) that is running in Macao (China) from October 19-22.

This is the first trade and promotion event held in Macao that Vietnam has attended after the COVID-19 pandemic.

As Macao's most influential international economic and trade event of the year, MIF comprises a series of activities such as exhibitions, conferences and forums, and themed business networking sessions, facilitating connections with international resources and business opportunities for participants.

Vu Thi Thuy, head of the Vietnam Trade Office in Hong Kong and Macao (China), said that trade between Vietnam and Macao has great potential. In recent years, Vietnam's exports to Macao have continuously increased at an impressive rate. Macao people like Vietnamese food products such as rice, coffee, cashew nuts, fruits and consumer goods.

The total trade turnover between Vietnam and Macao (China) in the first eight months of 2023 reached 250.3 million USD, an increase of 330% over the same period in 2022. Of the amount, Vietnam’s exports to Macau reached 239 million USD, an increase of 379.5% while Vietnam's imports from Macau were valued at 11.2 million USD, an increase of 34.5%.

Regarding investment, in the first nine months of 2023, Macao investors bought shares in Vietnam with a total value of 27.9 million USD. From 1988 to the present, Macao has had 18 foreign direct investment (FDI) projects in Vietnam with a total value of 193.5 million USD.

Vietnam remains attractive investment destination for international investors

Vietnam remains an attractive investment destination for international investors, according to the European Chamber of Commerce in Vietnam (EuroCham).

EuroCham Vietnam - the unified voice of European businesses in Vietnam - said that out of 1,300 European businesses participating in a survey, 63 percent of them ranked Vietnam in the top 10 destinations for foreign investment (FDI) enterprises.

More noteworthy, 31 percent ranked Vietnam in the top three and impressively, 16 percent praised Vietnam as a top investment destination.

Businesses added more information to support their belief about the Southeast Asian country. More than half of those surveyed predict to increase in foreign direct investment in Vietnam as 2023 nears the end. However, they also pointed out existing obstacles. 59 percent of respondents said that administrative difficulties are challenges when operating in Vietnam.

Other obstacles such as uncertainty in rules and regulations, barriers to the permit application, and strict visa and work permit requirements for foreign workers were mentioned by businesses.

Chairman of the European Business Association Gabor Fluit said that to improve the country's FDI attraction, European businesses voiced their opinions that Vietnam needs to drastically focus on synchronous investment in solutions such as streamlining the cumbersome apparatus, increasing transparency in the legal environment, upgrading transportation infrastructure and easing visa and work permit granting for foreign experts.

Last but not least, the Vietnamese government needs to have solutions to promote digital transformation, green transformation, and integration of green activities into business strategies to meet new technical barriers in the world market generally and Europe particularly.

It is known that the above survey serves as an important tool for understanding the perspectives of European companies and investors in the Vietnamese market. It also provides valuable insights into the current business landscape in Vietnam and a view into expectations in the coming time.

Construction watchdog in HCMC to inspect real estate trading floors

Construction watchdog in Ho Chi Minh City will inspect real estate trading floors to handle violations.

The Ho Chi Minh City Department of Construction yesterday said that from now until November 15, the department will conduct an inspection of the legal establishment and reporting obligations of real estate trading floors such as CBRE, Savills Vietnam, Danh Khoi - DKS, Khoi Hoan, Phu My Hung, An Gia Hung and An Gia which were established between 2009 and 2017.

The construction department will pay visits to real estate trading floors to check these special floors’ activities.

The Department of Construction of Ho Chi Minh City will evaluate their operation, difficulties and problems to help these floors resolve them according to legal regulations or propose competent agencies to resolve them according to legal regulations. In addition, the inspection process aims to detect and strictly handle violations according to the present law.

HCMC will not compromise at any cost to implement Can Gio Port project

The city does not compromise at any cost to carry out projects but instead carefully evaluates the harmonious benefits in terms of development, environmental resources, and sustainability.

On the morning of October 19, the HCMC People's Committee convened a meeting to collect feedback on the research project for the development of the Can Gio International Transshipment Port.

Mr. Phan Van Mai, Member of the Party Central Committee, Chairman of HCMC People's Committee; Mr. Nguyen Xuan Sang, Deputy Minister of Transport; and Mr. Bui Xuan Cuong, Vice Chairman of HCMC People's Committee, chaired the conference.

In his remarks, Mr. Phan Van Mai regards this conference as a significant event aimed at soliciting input from delegates to complete the research project for the Can Gio International Transit Port to facilitate the city in preparing a more comprehensive report.

According to Mr. Phan Van Mai, the HCMC People's Committee has been actively collaborating with multiple agencies in carefully planning the procedural steps over the past time. Recognizing the sensitivity of the Can Gio International Transshipment Port construction in terms of environmental resource preservation and regional relationships, only when a thorough examination is conducted and results are achieved, should the draft project be presented to the Government.

Mr. Phan Van Mai stresses that the research of the Can Gio International Transshipment Port project, as well as any project, is directed towards the development of the city, the region, and the nation, focusing on sustainability. The city does not compromise at any cost to carry out projects but instead carefully evaluates the harmonious benefits in terms of development, environmental resources, and sustainability. The consideration goes beyond mere financial investment efficiency and aligns with the broader developmental trend of the city, region, and the entire country.

The decision to either maintain the current state or pursue project development entails trade-offs. However, these trade-offs should prioritize achieving maximum effectiveness with minimal consequences. As a result, the city is eager to attentively gather the opinions of delegates at this conference.

Dr. Tran Du Lich affirms that the construction of the Can Gio port must not encroach upon the Can Gio biosphere forest. It is essential to harmonize the port cluster within the region for the country's benefit rather than fostering local competition and conflicting interests. Regarding the transportation network connecting the port to the interior of Can Gio, in-depth research on the post-2030 impacts is necessary.

Deputy Minister of Transport Nguyen Xuan Sang highly appreciates the extensive gathering of opinions to refine the project before presenting it to the Government. During the refinement process, it is crucial to place the port in Group 4, which includes HCMC, Vung Tau, Binh Duong, Dong Nai, and Long An - all of which are part of the national and international seaport system.

The project should conduct a thorough review of the database, evaluate environmental impacts, and make necessary adjustments to the overall planning. Simultaneously, it is essential to expedite the project's progress and update the planning and procedures for investment proposal documentation. HCMC will collaborate with consultants to refine expert opinions and finalize the project documentation for submission to the Prime Minister.

HCMC tax authority removes obstacles to speed up VAT refunds for businesses

Ho Chi Minh City tax authority is determined to remove obstacles to speed up value-added tax (VAT) refunds for businesses.

The Ho Chi Minh City Tax Department said that VAT refund is always identified by the tax industry as one of the key, regular and carefully implemented tasks.

Moreover, the Department said that as of September 2023, it has convened a meeting with 56 businesses that have VAT refund-related complaints.

Thereby, the tax authority has made efforts to verify and complete the refund proposal documents in accordance with regulations. The Tax Department also established a review team on VAT refund work to remove obstacles and speed up tax refund progress.

In September, the city Tax Department refunded tax to 111 companies with a refund amount of VND579 billion (US$23,650,864), an increase of 17 documents over the same period. So far, from January 1 to September 30, 2023, the Tax Department has refunded money to 740 establishments with a sum of VND4,651 billion, reaching 68.75 percent of the 2023 tax refund estimate or VND6,765 billion with the General Department of Taxation.

In particular, the Department has concentrated on resolving barriers for businesses with tax refund record problems such as Viet Steel Machinery, Leglor Manufacturing Company, Saigon Import-Export Investment Trading and Services Company, Lucky Steel Joint Stock Company Buildings, Gia Phu Anh Company, and Hoa Thuan Trading Company. It has refunded VND5.4 billion, VND10.5 billion, VND43.6 billion, VND9.6 billion, VND8.4 billion, VND4.6 billion and VND9.283 billion to Viet Steel Machinery Company, Leglor Manufacturing Company, Viet Phu Thinh Rubber Joint Stock Company, Saigon Import-Export Investment Trading and Services Company, Lucky Steel Joint Stock Company Buildings, Gia Phu Anh Company, and Hoa Thuan Trading Company respectively.

The Ho Chi Minh City Tax Department said that it has accelerated the classification of tax refund dossiers of rubber exporters and wood exporters carefully to avoid tax refund fraud. With eligible documents, the Tax Department will immediately refund taxes to businesses.

Regarding the tax refund dossier of Samsung HCMC CE Complex Electronics LLC, the Ho Chi Minh City Tax Department said that this is a tax refund case with many policy problems related to tax and customs. Therefore, the Ho Chi Minh City Tax Department, the General Department of Taxation and the General Department of Customs reported to the Ministry of Finance for further guidelines.

The Ministry of Finance issued an official dispatch providing guidance and direction on September 25 which the Ho Chi Minh City Tax Department will base on for VAT repayment this year.

Expo showcases Hanoi’s key industrial products

An exposition on major industrial products of the capital, held by the Hanoi Department of Industry and Trade, is in full swing, featuring more than 200 stalls.

Kicked off on October 19, the three-day event enables businesses from Hanoi, other localities nationwide, and foreign countries to display their environmentally friendly products of high value added and advanced technology in the fields of electricity, electronics, auto assembly, garment-textiles, footwear, leathers, and processing, among many others.

Addressing the opening ceremony, acting director of the department Tran Thi Phuong Lan said the annual large-scale trade fair provides a chance for participating firms to step up trade promotion, seek partnerships, develop their markets locally and internationally, exchange experience, and transfer technologies.

On the sidelines, a series of workshops have been scheduled for insiders to discuss such topics as digital transformation solutions, smart factories building, capacity improvement for key industrial product providers, logistics workforce, and supply chain management.

To date, Hanoi has designated 196 key industrial goods manufactured by 132 enterprises in the mechanical and manufacturing industry, electrics-electronics, IT, textiles, footwear, agricultural and food processing industry, chemical, rubber, plastic, pharmacy, construction materials, and crafts.

Vietnamese products showcased at international expo in Malaysia

Vietnamese food and beverages are being displayed at the Selangor International Expo which is underway in Kuala Lumpur, Malaysia.

The expo is held withing the framework of Selangor International Business Summit (SIBS) 2023 taking place from October 19-20.

According to Le Phu Cuong, Trade Counselor of the Embassy of Vietnam in Malaysia, 50 products from 15 Vietnamese businesses at the Vietnam pavilion attracted attention from international visitors because Vietnamese tea, coffee and cashew nuts have been famous in the international market for a long time.

However, to access the Malaysian market in particular and the market of Muslim countries in general, Halal certification is considered an important standard, he said, adding that all Vietnamese products on display at the expo get Halal certificates.

Also at the event, on behalf of the Vietnam Tea Association (VTA), Nguyen Thi Anh Hong, VTA’s Vice President signed a memorandum of understanding with the Malaysian Tea Association. Accordingly, Vietnam will increase tea export to Malaysia by 10% from last year to 20.6 million ringgit (4.3 million USD).

SIBS 2023 features six core components and five exciting events with the highlight being the Selangor International Expo 2023 featuring 332 booths, with international food and beverages (F&B) industry players from Malaysia, China, Indonesia, Japan, Uganda, Vietnam, Kazakhstan, the Republic of Korea, Turkey, Kenya, and Australia.

Other main events are Selangor International Food Festival, Selangor International Coffee Week and Selangor International Healthcare Conference.

With a total of 328 trade buyers from 26 countries, SIBS 2023 aims to further strengthen its international reputation as the premier regional business connection event for local and international exhibitors, trade visitors and other delegations.

Record number of firms enter, return to real estate market in Q3: Ministry

A total of 59,559 businesses entered and re-entered the real estate market in the third quarter of 2023, a record number for the period, which represented a rise of 18% year on year, according to head of the Ministry of Construction (MoC)’s Office Dau Minh Thanh.

Thanh attributed the result to the Government, ministries and sectors’ efforts to remove difficulties for the real estate sector.

To date, an MoC’s working group for removing obstacles facing the real estate market have received 130 reports from localities, businesses, associations and people on difficulties they are facing related to 183 real property projects across the country, the official said at a press conference on October 19. Currently, the working group has responded to 123 reports, he said.

MoC Deputy Minister Nguyen Van Sinh said that the building and completion of institution has been one of the focal tasks of the ministry. The ministry has basically completed the draft Law on Housing and Law on Real Estate Business, which will be submitted to the National Assembly during the sixth session in late October, said Sinh.

At the same time, the ministry has worked with localities to implement planning, which will serve as the basis for the approval of investment projects serving socio-economic development, the official added.

Reducing logistics costs essential to increase competitiveness

More efforts are needed to lower logistics costs, which are still kept at a high level, to increase the economy’s competitiveness, according to insiders.

Deputy Minister of Planning and Investment Tran Duy Dong said that in recent years, Vietnam has actively improved logistics infrastructure and related mechanisms and policies. As a result, both capacity and ranking of Vietnam's logistics industry are improving.

According to the World Bank's rankings, Vietnam currently ranks 64 out of 160 countries in terms of logistics development and ranks fourth in the Association of Southeast Asian Nations (ASEAN). The annual growth rate of the sector reaches 14-16%, with a scale of 40-42 billion USD a year.

To date, there are more than 3,000 domestic transportation and logistics enterprises, together with 25 world leading delivery groups providing services in Vietnam.

However, most of Vietnamese logistics enterprises are of small and medium sizes, with 93-95% of their workforce not being trained methodically.

Vietnam still lacks concentrated logistics warehouses with strategic locations associated with ports, airports, roads, and production facilities.

In addition, a multimodal transport corridor has not yet been formed while the need for high-quality transshipment of goods is increasing.

In 2022, logistics costs in the country were estimated to account for about 17% of gross domestic product (GDP), a significant decrease compared to 2018 (about 21% of GDP). However, this figure remained high compared to the world average.

Therefore, lowering logistics costs to reduce product costs and increase competitiveness is an important target set by the Government, ministries, sectors and localities.

The country is striving to complete 3,000km of expressways by 2025 and 5,000km by 2030. In addition, the construction of coastal roads, connecting roads, seaports and airports is also receiving special attention, thus contributing to increasing the competitiveness of the economy as well as reducing logistics costs for enterprises.

Deputy Minister Dong proposed localities build policies in support of the development of logistics services in accordance with their socio-economic characteristics; and create favourable conditions for enterprises operating in this field to gain easy access to capital resources.

Large trade potential with Macau

Vietnamese companies joined about 1,200 companies and organisations from 14 countries and territories at the 28th Macao International Trade and Investment Fair (MIF) that is running in Macao (China) from October 19-22.

This was the first international trade–investment promotion event in Macau after the pandemic, which saw the participation of Vietnamese firms, showing Vietnamese businesses’ interest in expanding in the Macau market, Vũ Thị Thuý, head of the Việt Nam Trade Office in Hong Kong, Macau, said on Thursday.

This was the first international trade–investment promotion event in Macau after the pandemic, which saw the participation of Vietnamese firms, showing Vietnamese businesses’ interest in expanding in the Macau market, she said.

Thuý said that the potential for trade exchange between Việt Nam and Macau remained largely untapped, adding that bilateral trade increased impressively in recent years. The Macau market had high demand for Vietnamese food products such as rice, coffee, cashew nuts, fruits and consumer goods.

The bilateral trade would continue to increase, Thuý forecast, urging Macau to increase investments in Việt Nam, not only in the real estate sector but also in the recreation industry, food industry and cultural exchange.

The MIF was a good opportunity for Việt Nam to introduce and promote Vietnamese products to the international market, she said.

The MIF this year attracted the participation of 1,200 enterprises and organisations from 14 countries and territories to showcase the products and services in sectors including healthcare, high and new technology, modern finance, culture, tourism, trade, retail, food production, cross-border e-commerce, energy and environment protection.

Việt Nam was one among four ASEAN countries participating in this year's MIF, besides Thailand, Indonesia and the Philippines.

Statistics showed that two-way trade between Việt Nam and Macau reached US$250.3 million in January- August, a rise of 330 per cent against the same period last year.

Of the figure, Việt Nam’s exports to Macau accounted for 95.6 per cent and rose 379.5 per cent.

Regarding investment, Macau spent $27.9 million to buy stakes in Việt Nam in the first nine months of this year.

From 1988 to date, Macau invested in 18 projects in Việt Nam with total registered capital of $193.5 million. 

Equitisation process needs acceleration

The state needs to continue implementing the equitisation process and empowering private enterprises, an expert said.

“The equitisation process is still slow and faces many difficulties, but this should not be a hindrance to the process,” Phan Đức Hiếu, a standing member of the National Assembly's Economic Committee, said at a seminar earlier this week.

After equitisation, some enterprises have made profits, contributed to the budget, and created many jobs; they also attract investment from the private sector, says economist Nguyễn Minh Phong.

However, besides the results achieved, the process of restructuring state-owned enterprises still has many limitations, and the progress of equitisation remains slow. The role of state-owned economic groups and corporations that participate in large projects and works has not been well promoted. Capital management in enterprises with non-dominant state capital is difficult, especially in enterprises that are making losses, are subject to financial supervision, or have large shareholders who lack co-operation, said Phong.

“These are issues that have been mentioned repeatedly in National Assembly sessions but have not been dealt with specific solutions,” he said.

The Government needs to specifically evaluate existing legal problems, find ways to avoid losses of state capital, especially measures related to determining the value of land use rights, fixed assets, brands, and traditional values of equitised enterprises, he said.

The speakers also said that there were problems with the law and law enforcement. At the same time, information provided by state-owned enterprises was inconsistent, thus failing to create confidence for investors, along with legal issues about land, ownership of intangible assets, and financial reports.

Sharing the same opinion, Hiếu said that along with legal transparency, perfecting mechanisms and policies on land planning and auctions was necessary.

The Government also needs to have a specific plan to use the capital obtained from divestment, with priority given to important national projects to create development momentum and spillover power for the economy; and promote the role of the State Capital Management Committee at enterprises.

In 2021, four enterprises were equitised with a total enterprise value of VNĐ333 billion, of which the actual value of State capital was VNĐ196 billion. In 2022, one additional state-owned enterprise was equitised with a total enterprise value of VNĐ309 billion, of which the actual value of state capital was VNĐ278 billion.

In the first nine months of 2023, the units continued to implement equitisation work according to the approved plan.

Regarding divestment, in 2021, the State divested capital from 18 enterprises, earning VNĐ4.4 trillion. In 2022, the state divested capital from one enterprise, earning VNĐ390 billion. State-owned corporations and enterprises divested capital from 31 enterprises with a value of VNĐ688.7 billion, earning VNĐ3.9 trillion.

In the first nine months of 2023, the State divested capital in 4 enterprises, earning VNĐ19 billion. State-owned corporations and enterprises divested capital from 7 enterprises, earning VNĐ206.3 billion.

According to a report from the Department of Corporate Finance under the Ministry of Finance, the total expected revenue from selling State capital in the 2021-2025 period is VNĐ21.8 trillion. 

CDNetworks expands investment in Việt Nam

CDNetworks, the APAC content delivery network, has released its regional blueprint highlighting plans to expand its presence in Việt Nam.

CDNetworks believes its recent investment in infrastructure and its local support team will bolster its wide-ranging services and also facilitate the digital transformation of Vietnamese companies.

Phan Việt Linh, Country Director of CDNetworks Vietnam, said that to date, CDNetworks has strategically established multiple Points of Presence (PoPs) across Việt Nam, including key locations such as HCM City and Hà Nội. Moreover, by partnering with four out of the top five ISPs in Việt Nam, CDNetworks can ensure 100 per cent coverage of the local network, effectively meeting the unique needs of various industries, and guaranteeing an exceptional user experience throughout the country.

Building on this strong foundation, CDNetworks has formed collaborations with esteemed local entities, including ON VTVCab, VSTV K+, and Tera Group. These partnerships underscore CDNetworks’ dedication to delivering impeccable live streaming and high-quality viewing experiences to audiences across Việt Nam.

As Việt Nam's cybersecurity landscape becomes increasingly challenging, CDNetworks has also taken steps to enhance the security of online businesses. This year alone, CDNetworks has opened two scrubbing centres in HCM City to bolster its ability to protect against DDoS attacks in the region.

With these centres located in close proximity to its markets, CDNetworks can swiftly and effectively mitigate DDoS attacks, ensuring the security and stability of its clients' websites and network infrastructures. These scrubbing centres also complement CDNetworks' existing global anti-DDoS network, which consists of over 20 scrubbing centres with a combined capacity of 15Tbps.

"At CDNetworks, we see our role as more than just service providers. We're here to support and amplify this digital momentum. By expanding our local infrastructure with additional Points of Presence (PoPs) and scrubbing centres, we are now able to assist Việt Nam's businesses in migrating their on-premises business operations to the cloud, thereby enhancing reliability and operational efficiency,” said Linh.

To empower the digital transformation of Vietnamese companies, CDNetworks has invested in physical infrastructure in the country since 2022 and has been able to provide unparalleled 24/7 customer service to all Vietnamese customers with localised expertise.

In addition, with the launch of CDNetworks WAAP solution, CDNetworks has also upgraded its security service for the Vietnamese market to protect organisations' web applications and APIs throughout the entire attack process. By utilising services such as Vulnerability Scanning Service and Penetration Testing before an attack, organisations can identify and address any potential vulnerability to better prepare for potential attacks.

In addition, the company is also making investments in resources to enhance its compliance system, ensuring that its solutions and services in the Vietnamese market adhere to local government regulations and guarantee that all traffic and data are strictly maintained within Việt Nam.

"From expanding our infrastructures to upgrading our local support and security services, CDNetworks is dedicated to empowering Việt Nam's digital growth. With a focus on expanded coverage, reliable content delivery, and robust cybersecurity measures, we aim to be a trusted partner for Vietnamese companies as they navigate the digital landscape," said Võ Luân, Senior Solution Architect, CDNetworks Vietnam. 

Rakuten Viber to further develop solutions for businesses

Messaging and voice-based communication platform Rakuten Viber on Monday in HCM City affirmed that it is actively developing solutions and features to cater to enterprise-level businesses.

In detail, the company said, future updates include free business calls for users, an all-new OTP solution, enhanced-protection messages to confirm user identity, engaging click-to-message ads, and more.

"As we expand our business portfolio, we are committed to tailoring solutions to the unique needs of businesses of different scale and location," said Berina Tanovic, sales director at Rakuten Viber.

"As more Vietnamese brands turn to Viber for customer communication, we're providing solutions that enable them to connect with international and local audiences. With Viber, these businesses gain access to a secure, feature-rich communication platform that addresses their specific business needs."

On the same day, Rakuten Viber's senior management showcased the business offerings of the world-renowned app.

Company’s team discussed Viber's global and local presence, its growing audience, and Viber for Business solutions for effective and convenient communication between brands and consumers.

The company said that Viber is well-placed to help Vietnamese businesses make the most of these trends with its growing payable audience in Vietnam where the app saw an astounding 642 per cent spike in private calls, 24 per cent growth in messages exchanged in channels, and a 12 per cent increase in private messages during the first half of 2023.

Being used by more than 20,000 brands worldwide, Viber for Business offers advertising solutions, messaging solutions, forthcoming business calls and an OTP solution.

The Viber for Business ecosystem helps brands solve their business needs by building brand awareness and generating new leads to boost sales, increase ROI and effectively foster customer loyalty.

Rakuten Viber is part of Rakuten Group, Inc, a world leader in e-commerce and financial services. It is the official instant messaging and calling app partner of the NBA’s Golden State Warriors. 

KMS Solutions ties up with Singapore’s Silverlake Axis for fintech, digital banking solutions

Technology consulting and solutions provider KMS Solutions on Tuesday announced a strategic partnership with Singaporean fintech and digital banking solutions provider Silverlake Axis to strengthen its technology solutions for the banking, financial services and insurance (BFSI) sector.

Under the alliance, KMS will primarily focus on distributing two solutions in Việt Nam: end-to-end digital banking platform Mobius and comprehensive suite of retail banking software Symmetry.

These solutions, created by Silverlake Axis, are used in various countries across the region, including Singapore and Malaysia.

“Silverlake Axis’s vision for the future of customer-centric digital financial services aligns seamlessly with KMS Solutions’ direction,” Tai Le, the latter’s senior vice president of ASEAN business, said.

“We believe that this collaboration, coupled with our proven track record in successfully executing innovative technology projects in Việt Nam, will enable us to achieve our common objective of providing comprehensive and effective digital financial solutions.”

Cassandra Goh, deputy CEO of the Singapore company, said: “The rapid growth of Việt Nam’s fintech sector, driven by an expanding middle class, tech-savvy population, and a thriving e-commerce landscape, presents an ideal environment for our digital solutions.”

KMS Solutions was recognised as one of the top fintech enterprises and digital transformation service providers by the Việt Nam Software and IT Services Association by conferring the 2023 Top 10 Digital Technology Companies Award.

The company has delivered technology projects to some prominent financial institutions, including ACB, TPBank and MBBank. 

Government agencies increase casino surveillance

The Ministry of Finance is asking casinos in Vietnam to equip their venues with a working camera system for it to properly supervise their operations.

Casinos around the nation were urged by the Ministry of Finance (MoF) to place cameras at the entryway, gaming tables, cashiers, and containers holding cash and traditional money. They were also instructed to save the footage captured by the cameras for at least 180 days.

The decision was made after routine inspections by the MoF revealed breaches at a few neighbourhood casinos, including letting ineligible players and fostering social unrest.

In a draft decree, the MoF said that it is proposing to amend and supplement a number of regulations on document management in the casino business, electronic games with prizes, and entertainment business with betting.

Accordingly, the MoF is the unit assigned to guide, manage and supervise the tax collection of casino business activities and prize-winning electronic games, but there are no regulations on documents related to these activities. In particular, Decree No.123/2020/ND-CP released in October 2020 on invoices and documents fails to stipulate principles for preparing documents to record transactions of casino business, electronic games with prizes, and entertainment business with betting.

Vietnam has nine casinos, three of which are large and located in Ho Tram of the southern province of Ba Ria-Vung Tau, Hoi An town in the central province of Quang Nam, and on Phu Quoc Island in the southern province of Kien Giang. Lao Cai, Danang, Haiphong, and Quang Ninh each have one tiny casino.

Only foreigners are permitted to gamble in Vietnam, while a very limited trial for locals began in 2019 at the Corona Casino in Phu Quoc. The MoF expressed support for extending the experiment for an additional two years at the end of 2022.

Professor Nguyen Mai, chairman of the Vietnam Association of Foreign-Invested Enterprises, said before opening up more casino projects, it is necessary to conduct impact assessments on land use, local impact, budgets, and capital because casinos are a conditional business and are strictly regulated by the law here

Earlier this year, the MoF proposed that the government extend a casino pilot programme until 2024, but so far there has not been any final decision made. The pilot allows Vietnamese nationals to play in casinos, which were previously the domain of foreign nationals only.

A casino project must have investments of at least $2 billion to be approved under DecreeNo.03/2017/ND-CP issued in January 2017 on casino business. In addition, the project must have at least 50 per cent of its total investment recorded in the investment registration certificate, or the investment decision must have been made before the certificate of eligibility for a casino operator may be issued.

Expo showcases Hanoi’s key industrial products

An exposition on major industrial products of the capital, held by the Hanoi Department of Industry and Trade, is in full swing, featuring more than 200 stalls.

Kicked off on October 19, the three-day event enables businesses from Hanoi, other localities nationwide, and foreign countries to display their environmentally friendly products of high value added and advanced technology in the fields of electricity, electronics, auto assembly, garment-textiles, footwear, leathers, and processing, among many others.

Addressing the opening ceremony, acting director of the department Tran Thi Phuong Lan said the annual large-scale trade fair provides a chance for participating firms to step up trade promotion, seek partnerships, develop their markets locally and internationally, exchange experience, and transfer technologies.

On the sidelines, a series of workshops have been scheduled for insiders to discuss such topics as digital transformation solutions, smart factories building, capacity improvement for key industrial product providers, logistics workforce, and supply chain management.

To date, Hanoi has designated 196 key industrial goods manufactured by 132 enterprises in the mechanical and manufacturing industry, electrics-electronics, IT, textiles, footwear, agricultural and food processing industry, chemical, rubber, plastic, pharmacy, construction materials, and crafts.

Shipments to China account for 22% of total agro-forestry-fishery exports

Agro-forestry-fishery exports reeled in about 38.48 billion USD in the first nine months, of which 22.1% came from China - Vietnam’s biggest market of the products.

According to the Ministry of Agriculture and Rural Development, the export value to China grew 13.8% year-on-year, while that to other traditional markets like the US and Japan dropped. Between the beginning of the year and now, despite decreasing-purchasing-power-affected negative impacts facing the global trade, positive growth has been logged for the turnover of Vietnamese farm produce shipped to China.

Currently, China has given permissions for 12 vegetables and fruits, over 800 seafood processing facilities, and 48 kinds of seafood from Vietnam. The nation has also allowed the pilot import of Vietnamese passion fruit and chili.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien said Vietnam will continue negotiating with China protocols on import-export products, including watermelon, frozen durians, chili, herbs, and citrus fruit.

According to Ngo Xuan Nam, deputy director of the Vietnam Sanitary and Phytosanitary Notification Authority and Enquiry Point, Chinese consumers are increasingly paying attention to farm produce quality, with those in large cities willing to splash out on high-quality goods of clear origins. Producers and businesses, therefore, need to standardise the quality, packaging, food safety, and origins of their goods in line with requirements from Chinese importers.

It is also necessary to complete logistics infrastructure serving exports and increase the application of advanced technology to increase efficiency and cut costs, Nam noted.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes