Representatives of the Binh Phuoc vocational college and Yoshino authorities signed a memorandum of understanding on friendship cooperation and technical training in furniture production in Binh Phuoc last year (Photo: baobinhphuoc.com.vn) Binh Phuoc (VNA) – Officials of the southeast province of Binh Phuoc had a working session on June 18 with a visiting delegation from Yoshino town in Japan’s Nara Prefecture on a cooperation project on training furniture making workers. The Japanese side said they want to set up partnerships with firms in Binh Phuoc to produce wood products for both the Vietnamese and global markets. Representatives from Yoshino, a small town with wood making tradition, said they want to create a unique line of wood products, using a type of “hybrid” wood made from a mixture of wood materials from Japan and Binh Phuoc’s rubber tree wood. The Japanese town also hopes to cooperate with Binh Phuoc to ease the town’s … [Read more...] about Japanese locality seeks partners in Binh Phuoc in wood making
Workers at China's AKA Homewares Company in southern Long An province (Photo: VNA) Hanoi (VNS/VNA) - Chinese companies are accelerating investment in Vietnam, but some local businesses are voicing concerns. Foreign investment hit a four-year high of 16.7 billion USD in the first five months of this year, up 69 percent compared to the same period in 2018. Chinese investment made up 42.5 percent of the total according to data released by the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment. If including Taiwan’s investment, Chinese investors poured nearly 7.7 billion USD in Vietnam, surpassing the Republic of Korea, Singapore and Japan to become the biggest foreign investor. In its recent report, the FIA said the trade tensions between China and the US has a significant impact on the shift of Chinese investment. Investments from mainland China and Hong Kong increased from 3.7 billion USD in 2017 to 5.8 billion USD in 2018 and 7.1 billion USD … [Read more...] about Growing Chinese investment in Vietnam: time to worry?
At the conference (Photo: VNA) HCM City (VNA) – More than 773,000 out of over 1 million firms in the country, or 73.4 percent, are unable to access credit, it was reported at a conference on promoting access to credit held by the National Credit Information Centre (CIC) in Ho Chi Minh City on June 18. Le Anh Tuan, director of the CIC’s Research Development Division, said in HCM City alone, 44.5 percent of firms do not have access to credit. He said even though the figure included firms which do not need credit, the fact is a majority of firms are unable to access loans provided by credit institutions or have to borrow at high interest rates. The CIC’s figure is similar to statistics of the Vietnam Chamber of Commerce and Industry, which estimated about 70 percent of domestic firms cannot access banks’ loan. Deputy Director of VCCI’s Ho Chi Minh branch Tran Ngoc Liem said banks still give preferential treatment to State-owned enterprises compared to … [Read more...] about Over 73 percent of Vietnamese firms unable to access credit
Officials of Son La and Lang Son provinces sign a memorandum of understanding on farm produce export cooperation (Photo: VNA) Lang Son (VNA) – The People’s Committee of northwestern Son La province held a conference in the northern border province of Lang Son on June 18 to promote the export of its safe farm produce to China. At the event, Vice Chairman of the Son La provincial People’s Committee Nguyen Quoc Khanh said the locality is now home to nearly 60,000ha of fruits with an output of about 260,000 tonnes, mostly those with high economic value such as longan, mango, avocado, dragon fruit and others for industrial processing. In the first half of this year, Son La’s farm produce export via Lang Son neared 80 million USD, predominantly mango and banana. This year, the province will continue stepping up agricultural restructuring, sustainably grow fruits, build high-tech farming materials zones, and develop more cooperatives in service of farm produce … [Read more...] about Son La boosts farm produce export to China
Vietnam's tech startup firms are expected to quickly reach the unicorn status. (Photo: baodautu.vn) Hanoi (VNA) – As Vietnam, one of the hottest startup hubs in the world, is welcoming a huge wave of venture capital, its tech startup firms are expected to quickly reach the unicorn status, which means they are valued 1 billion USD or more, according to insiders. Most recently, VinaCapital Ventures, a 100 million USD technology holding company, has invested in various startups in the Southeast Asian country. Following FastGo, Logivan, Urbox and Wee Digital, it chose Rever, a tech-enabled real estate brokerage, to land an investment worth 4 million USD. Besides, it signed a strategic partnership with the Republic of Korea’s Mirae Asset-Naver Asia Growth Fund, a 1 billion USD joint fund by Mirae Asset and Naver, to prepare 100 million USD for Vietnamese startups over the next three years. Within a month, foreign ventures pumped millions of USD to Vietnamese startups, … [Read more...] about Vietnamese startups to reach unicorn status soon