HSG exports steel sheets to US Steel producer Hoa Sen Group reported that it shipped 17,000 tonnes of steel sheets to the US worth US$14 million on Thursday. The company has been exporting to the US since 2014 and shipments have been increasing recently. A company spokesperson said the shipment proves the company’s capacity and global competitiveness since exports to the US and EU have been hit by the trade barriers they have imposed. Hoa Sen has exported to over 75 nations and territories. In 2017-18, it produced nearly 1.9 million tonnes of steel worth over VND34.4 trillion ($1.5 billion), up 13 per cent in volume and 32 per cent in value over the previous year. Revenues from domestic sales were worth over VND22 trillion ($964 million), up 34 per cent, and exports fetched $538 million, up 27 per cent. Its profit after tax was VND410 billion ($18 million). It uses advanced technologies to meet the standards expected in international markets like the US, the … [Read more...] about BUSINESS NEWS IN BRIEF 14/1
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BUSINESS NEWS IN BRIEF 10/12
Fayfay.com announces strategic partnership with Ho Chi Minh City tourism Hong Kong-based Fayfay.com on December 6 announced that it signed a Memorandum of Understanding (MoU) with the Ho Chi Minh City Tourism Promotion Centre to promote tourism in Vietnam, with a special focus on the city. The MoU was signed by Tran Ngoc Dong Quan, deputy director of the Ho Chi Minh City Tourism Promotion Centre, along with Kingston Lai and Kelvin Wu, the co-founders of Fayfay.com, at Bep Nha Luc Tinh Restaurant in Ho Chi Minh City, in the presence of industry experts and members of the media. “Ho Chi Minh City is an important destination on Fayfay.com and we look forward to partnering with the Ho Chi Minh City Tourism Promotion Centre to showcase the city’s vibrant architecture, rich culinary scene, and authentic local experiences,” said Lai. “We believe strategic joint promotional activities with the Tourism Promotion Centre will enable us to leverage our online platform and … [Read more...] about BUSINESS NEWS IN BRIEF 10/12
BUSINESS NEWS IN BRIEF 21/11
Price Waterhouse Cooper’s (PwC) 2018 Global Economic Crime and Fraud Survey in Vietnam finds that 52% of Vietnamese enterprises had experienced economic crime in the past two years. This is the first PwC survey in Vietnam. According to the survey, this crime rate is higher than the average in Asia-Pacific's 46% and the global rate of 49%. Even though 40% of the asked people said they hadn't encountered any criminals, it's highly likely that the crimes just haven't been exposed yet. The most common crime in Vietnam is embezzlement with 40% votes and bribes and corruption with 36%. 11% of the asked people don't know or don't want to say. About 53% of the criminals in major cases are insiders with 61% of them are low-level or middle-level managers. 32% of the surveyed said they suffered more than USD100,000 in damage not to mention damage to reputation and business relations. Marcus Paciocco from PwC Vietnam said some measurable financial losses included legal costs or actual loss … [Read more...] about BUSINESS NEWS IN BRIEF 21/11
BUSINESS IN BRIEF 5/6
Vietnam eager to develop Lien Chieu deep seaport The government has been urging the authorities to appraise Lien Chieu Seaport, showing strong support and promising smoother sailing for the project. Deputy Prime Minister Trinh Dinh Dung recently urged the Ministry of Planning and Investment (MPI) to appraise the capital sources and mobilisation methods of investment capital at Lien Chieu port. Besides, the DPM assigned the Danang People’s Committee to complete the pre-feasibility report for the project after the city studied MPI’ appraisal. Based on reports of MPI and Danang city, the Ministry of Transport (MoT) was asked to build the investment planning evaluation report to submit the prime minister for approval. The assignment of the DPM shows Vietnam’s eagerness to develop the Lien Chieu Seaport project, which is considered one of two key projects that aim to boost the central city as a main logistics centre in the ASEAN and the East-West Economic Corridor (EWEC) … [Read more...] about BUSINESS IN BRIEF 5/6