Viet Nam News HCM CITY — Businesses and business groups have called on Vietnamese ambassadors and trade counsellors abroad to help them promote exports. According to Trần Việt Anh, deputy chairman of the HCM City Union of Business Associations, the city has 320,000 companies, which account for a large share of the country’s exports. The city’s business community needs regular support in promoting trade. Besides, in the era of Industry 4.0, businesses have faced trade disputes. Many businesses buy goods from foreign suppliers outside Cambodia but are asked to transfer money to accounts in Cambodia, and need the Vietnamese embassy to verify the companies’ antecedents. Besides exports, firms also invest abroad, and need support in carrying out the formalities, verifying information and other. Anh was speaking at a meeting yesterday between businesses and 19 ambassadors and consuls general who will soon be stationed in Japan, India, Germany, … [Read more...] about Firms seek support from VN diplomats abroad
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Digital media firm Yeah1 Group hit the VND300,000 ($13.12) ceiling at its first trading day yesterday, despite the on-going debate about its sky-high pricing. Pricing controversy shrouds the market debut of Yeah1 Group Yeah1 Group made history by becoming the first digital media company to float shares on Vietnam’s public market, which is usually dominated by banks, real estate developers, and manufacturers. Approximately 27 million shares of Yeah1 Group, under the ticker YEG, started trading on the Ho Chi Minh City Stock Exchange this morning with the sky-high listing price of VND250,000 ($10.94). The shares soon climbed 20 per cent to hit the peak at VND300,000 ($13.12). This record pricing made Yeah1’s shares the most expensive debut in Vietnam’s history, topping other high-profile transactions in recent years such as Vietjet Air, Vinhomes or Vincom Retail. All of these sellers priced their stock below VND100,000 ($4.38) per share upon debut. That … [Read more...] about Yeah1 Group holds big market debut amid pricing controversy
Bui Mai Phuong is an avid online shopper, ordering anything from clothing to personal-care products from her smartphone. But she prefers to pay with cash. She is among hundreds of millions of people whom firms such as Softbank Group-backed Grab and China’s Tencent want to win over as they try to tap into Southeast Asia’s burgeoning internet sector. More than 70 percent of the region’s 600 million-plus people do not use banks - higher than the global average of about 30 percent - and e-commerce is projected to hit $88 billion by 2025. But convincing consumers like Phuong, who lives in Hanoi, could be tricky. “I have never tried using mobile payments because I don’t know how to use it and it seems a bit complicated to use,” said Phuong, 36, a manager at a construction material supplier in Vietnam. Mobile payments are ubiquitous in China; a consumer can spend a day without using cash at all in Beijing or Shanghai, and even some beggars accept mobile … [Read more...] about Mobile payment firms struggle to dethrone cash in Southeast Asia
Grab’s acquisition of Uber opens the door for Vietnamese businesses to enter the ride-sharing market, said Khuất Việt Hùng, vice chairman of the Việt Nam National Safety Traffic Committee.— Photo vov.vn HÀ NỘI — Grab’s acquisition of Uber opens the door for Vietnamese businesses to enter the ride-sharing market, said Khuất Việt Hùng, vice chairman of the Việt Nam National Safety Traffic Committee. Speaking at a seminar titled “Grab’s acquisition of Uber: What are the opportunities for Vietnamese companies?” held in Hà Nội yesterday, Hùng noted that Uber was unknown seven and eight years ago, and that when Uber entered Việt Nam, no one had heard of Grab. “When there appears a ‘giant’ in the market, we often feel anxious, but I think that Grab buying Uber is really an opportunity for Vietnamese businesses,” he said. Grab has … [Read more...] about With Grab buying Uber, can VN firms compete?
VietNamNet Bridge - Vietnam needs new policies to allow domestic firms to compete equally with foreign ones, experts have said. Vietnam offers big preferences to foreign firms Minister of Information and CommunicationTruong Minh Tuan said at Internet Day 2017 that Vietnam is pursuing a ‘reverse protection policy’, i.e. instead of protecting domestic enterprises, it is giving many preferences to foreign firms. While foreign companies are exempt from the fee for putting servers in Vietnam, Vietnamese corporations such as VNG and VC Corp have to pay a leasing fee and be under strict management. While foreign firms which provide services across borders only have to pay the contractor withholding tax of 5 percent, Vietnamese firms which provide similar services have to pay many kinds of tax, including the 25 percent CIT. “We are thinking of creating favorable conditions for Vietnamese firms to be on equal terms with foreign companies … [Read more...] about Digital content firms seek fairness in competition with foreign giants