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Foreign companies enlarge, Vietnamese firms struggling to survive

Contrary to the bleak situation of domestic companies, many foreign direct investment (FDI) corporations have not only grown in term of invested capital but also overpower in some Vietnam’s key export sectors. While domestic companies are struggling for survival, foreign invested corporations are enlarging manufacturing, especially in Vietnam’s key export sectors. Textiles, leather, plastic, mechanical, etc., seem to be Vietnam’s strength for low cost labour, simple technology, but export increasing mostly comes from foreign invested companies. Only in term of capital, in October, there were 359 FDI projects registered to capital increasing with the amount of 3.8 billion US dollars, 12.3...

Vietnam Business Registration To Be Streamlined

Business registration red tape is to be a thing of the past. Service should be improved and fees will increase under a new system for handling business registrations The process of business registration, previously regarded as simply a state management function, will be regarded as a service starting from December 10, 2012, under the Ministry of Finance (MoF) newly enacted Circular 176/2012/TT-BTC. Organizations and individuals register businesses shall have to pay increased charges set at a level sufficient to cover expenses instead of the current nominal fee level. Under current regulations at Circular 197/2006/TT-BTC, organizations and individuals in need of...

English teaching programs mushrooming in Vietnam’s big cities

Most of the primary schools in Hanoi now run the international English teaching programs together with the standard program set up by the Ministry of Education and Training (MOET...

Vietnam Business Briefs November 07, 2012

* Saigon Shipping Joint Stock Company (SGS) announces that its Saigon Queen ship, with a crew of 22 on board, sank off Sri Lanka October 30. The firm said that eighteen crewmembers have been rescued while the four others, including the captain, remain missing, adding that the current value of the ship reached VND73.5 billion. * FLC Group JSC (FLC) will transfer its all 5 million shares in FLC Securities JSC to individuals who want to buy until November 11 at the price not lower than VND4,600/share, the firm said in its resolution of Board of...

E-book market still in infancy in Vietnam

The e-book market in Vietnam is still in its infancy and is growing far too slowly than e-book producers had expected, as Vietnamese readers have yet to acquire the habit of paying online for book content, seemingly a new and unfamiliar process for them...

Foreign firms in Vietnam also bog down in real estate projects

VietNamNet Bridge – Experienced and financially powerful, foreign investors have also suffered from the real estate crisis in Vietnam. Ha Long Star in Quang Ninh province, Da Phuoc urban area and Jade Center in Da Nang City or Byooyoung international residential quarter in Hanoi, has the registered capital of between 170 million and 500 million dollars. However, the figures have existed on paper only. To date, the disbursed money remains very modest. The area reserved for the Booyoung international residential quarter remains a wild land over the last six years, since the investor has not found loans from neither foreign nor domestic...

Cambodia, a potentially lucrative market for Vietnam

Exporting Vietnamese products to Cambodia is beneficial to both countries, however, in order to hold onto this market, Vietnamese firms must remain proactive and consistently advertise their brands and improve quality of their products and services. In the last few years, Vietnamese exporters have seen Cambodia as a potentially lucrative market for investments and consumer products. Because most consumer goods in Cambodia are imported, Vietnam can easily fulfill this void and offer products of quality, better design and price. According to Vu Thinh Cuong, commercial counselor of Vietnam in Cambodia, trade between Vietnam and Cambodia reached US$2.8 billion last year...

Vietnam’s Overseas Study Consultancy Put Under No Control, Students Suffer

The number of students becoming the victims of overseas study consultancy firms’ trickeries has been increasing. Meanwhile, the firms cannot be prosecuted for their swindling, because there has been no regulation on the punishments.

Water project to help Vietnam’s power, steel industries

A $142 million water project in Vung Ang Economic Zone is expected to supply industrial water for the Vung Ang I thermal power plant this month and ease water shortages for the rest of the economic zone. Dang Van Thanh, deputy director of Vung Ang Economic Zone (VAEZ) Management Authority, said that this water project was racing toward on a trial run on November 15, 2012. “Our water project with the designed capital of one million cubic metres of water per day would ensure stable water supplies for VAEZ as well as push key projects ahead,” Tran Dinh Dung, consultant for...

Low electricity prices cannot attract investments in Vietnam’s recycled energy

Located in the tropics, Vietnam still cannot take full advantage of its sun and wind resources to generate electricity. This has been attributed to the unreasonable mechanism which is unattractive to investors. Under the Decision No. 37 dated June 29, 2011, the Electricity of Vietnam (EVN) is the electricity buyer who takes the responsibility of purchasing the whole electricity output from wind power projects. Regarding the wind power price, the legal framework stipulates that the price is 1614 dong per kWh, or 7.8 US cents and can be adjusted in accordance with the dong/dollar exchange rate fluctuations. The decision also said that the State...