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Safety Certification Required for Vietnam Exports to the U.S.
Sept. 17 - Beginning November 12, Vietnamese exporters to the United States will be required to apply for safety product certifications.
A safety certificate should be included with the product during shipment and must also be submitted to the U.S. Consumer Product Safety Commission and U.S. customs on request.
The new rule should ensure that all exported products are safe and not harmful to consumers. This will also allow the U.S. Consumer Product Safety Commission to implement safety standards for dangerous substances like lead and phthalates.
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Vietnam to Build First Bio-Tech Center
Sept. 11 - Vietnam is set to build its first applied bio-technology research center costing VND530 billion in Cam Duong Commune, Cam My District.
The facility should be complete by 2010 and provide industry products and services by 2020.
The 200-hectare facility will expand the country's bio-technology industry towards the diagnoses and treatment of diseases, preventive health, and environmental protection.It also aims to use bio-technology to upgrade techniques on breeding plants and animals.
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Vietnam Approves First Wholly Foreign-Owned Banks
Sept. 11 - Vietnam has approved the licenses for HSBC Holdings Plc. and Standard Chartered Plc. to enter the country's financial market.
Prior to this, foreign banks were limited to investing in minority stakes in Vietnamese banks.The banks were approved as wholly-owned units and will be given a year to establish operations in the country.
The Vietnam banking sector is still in its infancy with only 10 percent of 86.5 million Vietnamese opening bank accounts. Local incorporation will allow foreign banks to grow their distriution network and attract more clients. -
Japan Aids Vietnam’s Industries
By Chua Siew Joo
Sept. 10 - Vietnam is expanding its support industries through aid from Japan in the areas of building business capacity, developing human resources and formulating legal framework.
The support industries include electronics and information technology, the garment industry, leather-shoe manufacturing, car-making and mechanical manufacturing.
During a seminar called the “Action Plan for Development of Supporting Industry of Vietnam” jointly organized by the Japan External Trade Organization and the Vietnam Chamber of Commerce and Industry (VCCI) held last Sept. 5, the government announced plans to boost production in major support industries. -
Vietnam May Allow Foreign Investment in First Oil Refinery
Sept. 9 - The Vietnam National Oil and Gas Group (PetroVietnam) has submitted a proposal to allow foreign companies to buy stakes in the country’s first oil refinery.
In a press conference, PetroVietnam Chairman Dinh La Thang said that Royal Dutch Shell, India’s Essar oil, and Russian oil firms Zarubezhneft and Rosneft have expressed interest in purchasing stakes in the ongoing construction of the Dung Quat refinery located in the central province of Quang Ngai.
"Prime Minister Nguyen Tan Dung has agreed in principle on the sale proposal and is allowing us to proceed," said Dinh La Thang. -
Vietnam Overseas Investment Reaches US$2.5 Billion
Sept. 9 - The Ministry of Planning and Investment says Vietnam overseas investment is now worth a total of US$2.5 billion consisting of 317 projects concentrated within the region.
Vietnam investment covers 123 projects with a combined capital of US$1.2 billion in Laos, US$162 million for 7 projects in Malaysia and more than US$153 million for 34 projects in Cambodia.
The projects center mostly on industrial production and construction areas; 136 projects worth US$1.75 billion makes up 42.9 percent of total overseas projects and 69.4 percent of overseas investment capital. -
Top Vietnamese Official Talks about EU Trade Relationship
Sept. 3 –At a recent EuroCham event, Vietnamese Deputy Prime Minister Hoang Trung Hai spoke of the future of the EU-Vietnam trade and the role of the European private sector in the nation’s continuing development.
He cited the growing trade relationship between the EU and Vietnam in the past last ten years with two-way trade turnover estimated at US$12 billion for 2008. This figure makes the EU, Vietnam’s largest trade partner.
The union is also the second biggest FDI source of Vietnam with around US$9 billion and more 750 projects which contribute much to the development of Vietnam economy. So far, its committed ODA for 2008 amounts to US$962 million. -
Vietnam Marks 63rd Year of Independence
By Chua Siew Joo
Sept. 2 - Vietnam celebrated its independence today, with rallies and parties throughout the country. Governement leaders paid tribute to President Ho Chi Minh at his mausoleum and laid wreath at the Monument to Fallen Soldiers
Ho Chi Minh declared Vietnam independent on the second of September in 1945, after nearly 60 years of French colonial rule. The country however, only achieved a peaceful state of development after the Cambodian settlement of October 1991. -
Ericsson and Hanoi Telecom Sign Largest Network Modernization Contract in Vietnam
Sept. 1 - Ericsson signed the largest single contract in Vietnam—amounting to US$450 million—to develop and modernize Hanoi Telecom's nationwide mobile network today an industry journal reported.
The strategic partnership will also see Ericsson managing and operating the network under a full-scope managed services contract. Under the three-year managed services agreement, Ericsson will be responsible for the management, operation and network design of Hanoi Telecom's mobile network, including field operations and support services. Ericsson will also provide a comprehensive range of professional services, such as network deployment and systems integration. -
Vietnamese Consumers Shift to Foreign Goods as Income Improves
Aug. 29 - The sales of local Vietnamese products have dipped by five percent year on year despite inflation while the sales of imported goods have risen by as much as 20 to 30 percent.
As living standards improve, Vietnamese are now willing to pay a premium for imported products that are better designed and packaged.
In June 2008, United States consulting company, A.T. Kearney ranked Vietnam as the the most attractive retail investment market in the world, unseating India from the top spot a year earlier
"Despite slowing economies in developed countries, the retail opportunity in emerging economies is more compelling than ever as less than 10 percent of the retail market in these countries is organized," said Hana Ben-Shabat, a partner with A.T. Kearney in a statement. "These markets will provide the engines for continued growth and profits for global retailers as sales in their home countries turn sluggish."