Vietnam Morning News – May 10

Vietnam stock valuations seen as pricey after IPO binge
Vietnam has just celebrated its two biggest IPOs and its first-ever ranking as Southeast Asia’s hottest capital market.
— The Borneo Post

Adidas sees ongoing sourcing shift from China to Vietnam
The chief executive of Adidas expects a shift in its sourcing of footwear from China to Vietnam to continue although he shrugged off concerns on Wednesday about the possible imposition of U.S. tariffs on Chinese-made shoes.
— Vietnam Insider

Foreign firms eager to buy stakes in Vietnam’s state-owned energy firms
The government’s hunt for foreign investment has attracted interest from foreign buyers.
— VnExpress

US to investigate catfish production in VN
The US delegation will investigate the production process of tra fish from May 14-25, according to the Ministry of Agriculture and Rural Development.
— Bizhub

Low quality, lack of brand names remain biggest barriers to tea exports
Vietnam’s tea export dropped both volume and value in the first four months of 2018 despite price hike.
— VietnamPlus

 

Air freight costs stymie fruit exports
Vietnamese air freight costs are much higher than the regional average and this is believed to be one of the main reasons hindering Viet Nam’s fruit exports.
— Bizhub

Vietnam April car sales fall 4 pct on year
Vietnam’s car sales fell slightly in April, declining 4 percent from a year earlier to 20,557 units, according to data released by the Vietnam Automotive Manufacturers Association (VAMA).
— Reuters/ Vietnam Insider

Kyoei Steel to raise VIS’ ownership to 65%
Japanese Kyoei Steel Company has announced its registration to purchase 33.2 million additional shares or 45 per cent stake of Việt Nam-Italy Steel JSC (VIS).
— Viet Nam News

Huge potential for boosting Vietnamese textile and garment exports to Australia
Vietnam has become an important supplier in terms of textiles and garments to the Australian market, with increasing growth in both value and supplier ratings, heard a workshop in Hanoi on May 9.
— Nhan Dan Online

Viet Nam’s labour productivity among lowest in region
Despite having increased at a relatively fast pace in recent years, Viet Nam’s labour productivity remained in the lowest group in East Asia with scores in backbone sectors of the economy even falling behind Cambodia, a report found on Tuesday.
— Bizhub

State budget faces pressure under implementation of FTAs commitments
Vietnam’s state budget is estimated to reduce by some VND30.15 trillion (US$1.32 billion) this year as the country has to apply the elimination of multiple tariff barriers under signed free trade agreements (FTAs), according to the General Department of Customs.
— The Hanoi Times

Vietnamese government fines illegal Bitcoin trading site
The firm claimed to have a license to trade the cryptocurrency, but was hit by a $1,750 fine.
— Vietnam Insider

 

MoIT’s projects increase losses
Ten out of 12 loss-making projects under the management of the Ministry of Industry and Trade (MoIT) have continued falling in the negative numbers, the ministry’s report said.
— Bizhub

Finance ministry to ease procedures for securities, insurance sectors
The Ministry of Finance (MoF) has drafted to cut and simplify many business conditions and administrative procedures in its law review this year.
— The Hanoi Times

Remittances to Vietnam on the Rise
Vietnam received nearly US$13.8 billion in remittances in 2017, making it the eighth highest recipient of remittances in the world.
— Vietnam Briefing

Radical restructuring pushed for sustainable growth of credit institutions
The banking industry has been radically restructuring credit institutions in combination with handling bad debts to ensure their safe, healthy and sustainable growth, said a central bank senior official.
— VietnamPlus

Vietnam’s HCM City eyes more Chinese tourists
Vietnam’s Ho Chi Minh City has set a target of receiving some 1.5 million Chinese visitors by 2020, up from 540,000 in 2017, the municipal Department of Tourism said Wednesday.
— Xinhua

Banks report handsome profits in quarter one
Most commercial banks have released their first quarter earnings results, with many of them making big profits in January-March, a period which often sees the lowest quarterly loan growth, VietnamPlus reported.
— VietnamNet Bridge

Sustainability development for all the enterprises
VCCI and VBCSD organized the launching ceremony of the 2018 corporate sustainability program in Hanoi.
— Vietnam Economic Times

Vietnamese firms advised to invest in Cuba’s tourism market
Amid increasing demand from international visitors, Cuba plans to increase its number of hotel and guesthouse rooms to 108,000 by 2030, opening up great opportunities for Vietnamese investors operating in the fields of property, restaurant and tourism.
— VietnamPlus

CapitaLand codeveloped first kindergarten in Vietnam
The kindergarten provided education for 350 students aged five and below.
— Singapore Business Review

Transaction value via ATM/POS surges 34%
The total value of transactions via the automatic teller machines (ATMs) and points of sale (POS) last year surged sharply by 34 per cent against the previous year.
— Viet Nam News

Vietnam-Korea FTA gives boost to two-way trade, investment
The Vietnam-Korea Free Trade Agreement (VKFTA), which took effect on December 20, 2015, has played an important role in attracting investments from the Republic of Korea (RoK) to Vietnam and helping the Southeast Asian nation integrate deeper into the regional economy, said a local official.
— VietnamPlus