Vietnam Morning News For March 23

State budget to offer start-ups 30 percent of investment
Start-ups will be given support from the State budget in localities with no more than 30 percent of total investment mobilised from investment funds.
— VietnamPlus

Logistics firms to cut costs, up labour
The logistics sector needs to cut costs and improve labour quality, experts said at a seminar held by the Viet Nam Logistics Association (VLA) and HCM City’s Department of Industry and Trade on Tuesday.
— Bizhub

Wood industry eyes international markets
Domestic wood producers can expand export markets this year as the global demands are projected to rise amid limited supply sources, experts said.
— The Hanoi Times

Rubber prices fall, firms fret
Natural rubber prices have been falling since the second half of last year, making rubber enterprises pause for thought before making business plan for 2018.
— Bizhub

E-payment soars in Vietnam as a solution to skimpy bank coverage
Electronic payment is taking off in Vietnam as people solve the problem of spotty bank coverage with payment apps and other online services.
— Nikkei Asian Review

Vietnam to see 10-15% job cuts in leather, shoe industries due to automation: experts
Vietnam’s long-term growth as a leading shoe exporter is forecast to come at the expense of job losses for up to 15 percent of the industry’s laborers because of automated machinery.
— Tuoi Tre

Vietnamese excited as imported cars enjoy tax cut
Vietnam’s import tax on complete built-up units from ASEAN was reduced to zero percent as from Jan. 1 this year under the ASEAN Free Trade Agreement.
— VietnamNet Bridge

Warburg sees increasing investment opportunities in Vietnam post $1b commitment
Warburg Pincus is finding new investment targets in the consumer, banking and logistics sectors of Vietnam as its economy grows and capital markets develop, said the regional head of the private equity firm which has committed over $1 billion in Vietnam.
— DealStreetAsia

Amazon is ready for business in Vietnam, if it can handle it
Amazon.com is entering Vietnam, where it is seeking to cater to a fast-rising middle class. But it will face logistical hurdles and many rivals.
— Nikkei Asian Review

Foreign tourists with fat wallets have no idea where to spend in Vietnam: insiders
While more and more Vietnamese are taking outbound tours and spending big in international destinations, foreign tourists are complaining that they have quite few reasons to open their wallets when visiting the Southeast Asian country.
— Tuoi Tre

Vietnam’s food-beverage market attractive to foreign firms
The robust economic development and improved living standards have turned Vietnam into one of the most promising markets for food and beverage consumption in the region.
— VietnamPlus

South Korea’s Moon visits Vietnam to deepen economic ties
South Korean President Moon Jae-in embarks on a three-day state visit to Vietnam on Thursday to strengthen economic ties with the rising Southeast Asian power, as Seoul struggles to deal with its two largest trade partners, China and the U.S.
— Nikkei Asian Review

Vietnam seeks to export more agricultural products to RoK
A Vietnam – the Republic of Korea (RoK) business exchange was held in Hanoi on March 22, aiming to introduce Vietnam’s agricultural products to two major retail firms of the RoK – K-holdings and Coupang.
— VietnamPlus

Nearly 40% FIEs reported losses in 2017
The rate of foreign invested enterprises (FIEs) stays profitable in 2017 has been down to an all-time low of 54.3%, while 37.9% of FIEs – a new record, reported losses, according to a recent report of the Vietnam Chamber of Commerce & Industry (VCCI).
— The Hanoi Times

Government plans pilot application of new payment services
Deputy Prime Minister Vuong Dinh Hue has asked relevant bodies to report a pilot plan on applying new payment services to Prime Minister before April this year.
— VietnamNet Bridge

Vietnam Dealbook: Sovico ups stake in Vietjet Air; SCIC sells MB Bank shares
Sovico Holdings, which is 52 per cent owned by Vietjet Air CEO Nguyen Thi Phuong Thao, will increase its ownership in the budget airline to 7.59 per cent while SCIC has offloaded 500,000 shares of Military Bank.
— DealStreetAsia

Toyota Vietnam recalls almost 20,500 cars over airbag flaws
Toyota Motor Vietnam is recalling 20,490 Corolla and Lexus cars nationwide over airbag flaws, the firm said on March 21.
— VietnamNet Bridge

Vietnam’s Import-Export Report 2017 released
The Ministry of Industry and Trade announced the Vietnam’s Import-Export Report 2017 at a ceremony held in Ho Chi Minh City on March 22, which provided an overview of the country’s import and export activities in 2017.
— Nhan Dan Online

Lavrov to discuss multifaceted cooperation in Vietnam
Russia’s top diplomat Sergey Lavrov will hold talks with his Vietnamese counterpart Pham Binh Minh in Hanoi on Friday.
— Tass

Feature photo Graeme Newcomb

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Vietnam morning news by AEC News Today is your one stop source for Vietnam news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies, not politics.