Vietnam Morning News For July 17

Vietnam Airlines Group makes $2.24 billion in revenue
Vietnam Airlines Group, listed with code HVN, earned nearly VNĐ52 trillion (US$2.24 billion) in consolidated revenue in the first half of this year, marking a year-on-year increase of 5.5 per cent.
— Viet Nam News

Vietnam says will defend sovereignty in its waters with determination
“Vietnam holds sovereignty and jurisdiction over areas in the East Sea as defined by the United Nations Convention on the Law of the Sea, signed in 1982.
— Spratly Islands

UNHRC adopts Vietnam’s resolution on climate change and human rights
The United Nations Human Rights Council (UNHRC) has adopted a resolution on climate change and human rights co-authored by Vietnam, the Philippines and Bangladesh, during its 41st session in Geneva.
— Eleven Myanmar

Vietnam still allows foreigners to deposit at local banks
Resident and non-resident foreigners in Vietnam are still permitted to make term deposits at local banks despite some banks saying they would not accept savings deposits from individual foreign customers, confirmed the State Bank of Vietnam, the country’s central bank.
— Xinhua

Personal Income Tax in Vietnam: Exemptions and Reductions
For foreigners working in Vietnam, determining the applicability of personal income tax (PIT) involves decoding a number of rules. Following this, foreign workers need to calculate their precise liability and any applicable deductions.
— Vietnam Briefing

PM urges ministries to avoid power cuts
Many key electricity projects, especially large-scale projects that are expected to be completed in 2023, have been delayed, leading to a risk of electricity shortages from 2021.
— Viet Nam News

80% of State-owned groups earn profit in H1, says CMSC
The Committee for Management of State Capital at Enterprises (CMSC) will focus on monitoring State investment capital and finance at 19 State-owned corporations and groups from now to the end of this year, said Deputy Chairman of Việt Nam’s Committee for State Capital Management Ha” Sỹ Hùng.
— Viet Nam News

Cambodia, Laos, Vietnam intensify tourism connectivity
The building of a plan on tourism development at the Cambodia-Laos-Vietnam Development Triangle Area was the main topic of a seminar in Pleiku city, the Central Highlands province of Gia Lai, on July 15.
— NDO

Cashless payment posts double-digit growth in Vietnam amid gov’t efforts
The Vietnamese government’s efforts to boost cashless payment have shown signs of paying off, with both the number of transactions and their total value seeing double-digit growth in the first months of the year.
— The Phnom Penh Post

Vietnam’s 2019 economic growth expected to beat target
Despite economic slowdown in the first half of 2019, Vietnam’s GDP growth is on track to beat the target set for 2019.
— The Hanoitimes

The Key Findings of Vietnam Cashew Market Research Report
According to the report, cashew is mainly planted in India, Ivory Coast, Brazil and Vietnam. The raw cashew production volume has continuously increased with CARG rate of 3% during 2009/2010-2016/2017 season.
— Vietnam Insider

Pangasius exports to Southeast Asia up 14.6 per cent
Việt Nam’s tra fish exports to Southeast Asian countries were worth US$87.3 million in the first five months of the year, a year-on-year increase of 14.6 per cent, according to the Việt Nam Association of Seafood Exporters and Producers (VASEP).
— Viet Nam News

Foreigners still permitted to make term deposits at local banks
Despite some banks saying they would not accept savings deposits from individual foreign customers, both resident and non-resident foreigners in Việt Nam are still permitted to make term deposits at local banks, the State Bank of Vietnam (SBV) has said.
— Vietnam Insider

Average income of VN workers increases while unemployment rate drops
The total average income from all jobs of wage earners increased in the first quarter of this year, while the unemployment rate dropped significantly during the period, according to the Ministry of Labour, Invalids and Social Affairs (MoLISA).
— Vietnam Insider

Vietnam up three places in SDG Index 2019
Vietnam ranked 54th in the Sustainable Development Goals (SDG) Index 2019, with 71.1 points, moving up three steps from the 2018 position, according to a report issued by the Sustainable Development Solutions Network (SDSN) and the Bertelsmann Stiftung.
— NDO

Vietnam garment, footwear firms must wait for EVFTA benefits
Textile, garment and footwear products made in Vietnam will not enjoy immediate tariff cuts after the EU-Vietnam Free Trade Agreement (EVFTA) comes into effect, according to a report from Bao Viet Securities Joint Stock Company (BVSC).
— The Phnom Penh Post

Deputy PM delighted at growing Vietnam – Japan ties
Deputy Prime Minister and Foreign Minister Pham Binh Minh expressed his delight at the comprehensive and practical development of the Vietnam – Japan extensive strategic partnership during a reception in Hanoi on July 15 for Assistant Chief Cabinet Secretary in the Prime Minister’s Office of Japan Kanehara Nobukatsu.
— NDO

HR Asia Announces Best Companies to Work for in Asia from Vietnam
51 companies in Vietnam have been named the Best Companies to Work for in Asia by the leading human resources publication, HR Asia.
— AEC News Today/ PRNewswire (media release)

Is Vietnam the Next Target for Trump’s Trade War?
Vietnam has been enjoying a manufacturing-sector surge thanks to President Donald Trump’s ongoing trade war with China, but it may now be discovering that this newfound position of power comes with some risks.
— Footwear News

Drugstore Matsumotokiyoshi heads to Hong Kong and Vietnam
Japanese drugstore operator Matsumotokiyoshi Holdings will expand into Hong Kong and Vietnam as increasingly health-conscious consumers in these markets are expected to fuel demand for Japanese nutrition supplements and cosmetics.
— Nikkei Asian Review (paywall)

Vietnam by train: see ever changing country from the Reunification Express on its 31-hour trip north to Hanoi
Effortlessly grasp the size, varied landscapes and cultural diversity of Vietnam by taking the train – you can stop off at the places you’d like to explore
— South China Morning Post

Hoi An in Vietnam has been voted the best city in the world for 2019
Jumping up from 8th place in last year’s annual readers survey, it knocks Mexican San Miguel de Allende off the top spot, which is has held for the last two years (and now sits second).
— Metro

Cà Mau targets US$1.2 billion in aquatic exports
The southernmost province of Cà Mau will use effective shrimp farming models on a large scale to export US$1.2 billion worth of aquatic products in the remaining months of the year.
— Viet Nam News

Earnings season cushions market sentiment
Market sentiment was positive after some banks announced their quarterly and six-month earnings reports.
— Viet Nam News

Home Credit unveils new in-app feature
Financial consumer company Home Credit Vietnam has recently unveiled a new in-app loan installment payment feature with AirPay e-wallet in an effort to support the State Bank of Vietnam’s promotion of cashless payments.
— Viet Nam News

France continues assisting Hà Nội in air quality monitoring
An air quality monitoring system placed at the Embassy of France in Hà Nội – 57 Trần Hưng Đạo Street – started operation on Tuesday, raising the number of France-funded air quality monitoring systems in Hà Nội to 11.
— Viet Nam Net

Young Vietnamese workers need better skills
Did the General Directorate of Vocational Education and Training (GDVET) organise any activities to mark World Youth Skills Day (July 15)?
— Viet Nam News

Nike and Lululemon supplier Eclat looks to move beyond Vietnam
The sportswear supplier exited China in 2016 as conditions were not ideal for manufacturing, deciding instead to bulk up in Vietnam.
— Business Live

Taiwanese milk tea chain to cease Vietnam operations
The Coffee House, which owns the Taiwanese Ten Ren milk tea franchise in Vietnam, plans to close it down in August.
— VnExpress

Vietnam factories buoyed by diversion from China: Report
MORE hot beds for factories are springing up in Asean – particularly as Asian companies build up shorter, more local supply chains, a McKinsey Global Institute report has suggested.
— Business Times

Vietnamese stock market attracts foreign investment
Vietnam’s stock market has been evaluated as a bright spot in the region in terms of growth speed and foreign capital absorption for years, according to Chairman of the State Securities Commission (SSC) Tran Van Dung.
— NDO

Deputy PM orders review of rural, agricultural development programmes
Deputy Prime Minister Vuong Dinh Hue has asked the agencies concerned to evaluate the implementation of three existing rural and agricultural development programmes so that new policies for the next five years could soon be formulated.
— NDO

Sun Group one of the best workplaces in Asia
The Sun Group has been named one of the best companies to work for in Asia by HR Asia Magazine.
— VnExpress

PAN Group bids for complete ownership of confectionary maker Bibica
Agricultural corporation PAN Group has made a bid for 7.7 million shares of Bibica, targeting a 100 percent stake.
— VnExpress

Savills Vietnam appointmen Head of Agency for Da Nang Office
Joining Savills in 2008, Ms Hoa developed the Retail service section in Hanoi and successfully dealt with reputable brands in Vietnam including Gucci, Louis Vuitton, Nine West, Lacoste, Givenchy, Lotte group, Highland Coffee and HSBC.
— Retalk Asia

SBF launches joint platform with Vietnam counterpart to strengthen business ties
THE Singapore Business Federation (SBF) and Vietnam Chamber of Commerce and Industry (VCCI) have launched the Vietnam-Singapore Business Council (VSBC) to broaden their strategic cooperation.
— Business Times

Vietnam’s PAN Group to acquire 49.9% stake in confectionery firm Bibica
Vietnam’s agriculture and food-focused firm PAN Group is seeking to acquire a 49.93 per cent stake in confectionery company Bibica JSC, according to a regulatory filing.
— DealStreetAsia

HOSE releases updates for VN30 basket
The HCM Stock Exchange (HoSE) has announced the latest update to the blue-chip VN30 Index for July 2019, which will take officially effect from August 5.
— Viet Nam News

Thai Central Group refuses Vietnamese goods, netizens call for boycott of Big C
The Hanoitimes – The move has caught criticism from lawyers, officials, and consumers in Vietnam who blamed the Thai group for infringing competition law.
— The Hanoitimes

Saigon to offer talents financial incentives
Ho Chi Minh City of Vietnam will provide experts, scientists and people with special talents initial support of 100 million Vietnamese dong (over 4,300 U.S. dollars) each along with other incentives.
— Vietnam Insider

Personal Income Tax for foreigners in Vietnam: Reductions and Exemptions
For foreigners working in Vietnam, determining the applicability of personal income tax (PIT) involves decoding a number of rules. Following this, foreign workers need to calculate their precise liability and any applicable deductions.
— Vietnam Insider

Việt Nam: the destination of foreign capital
While investors tend to withdraw capital from emerging markets and frontier markets, Việt Nam is still the destination of foreign investors with foreign indirect investment (FII) in the first half of 2019 reaching US$1.28 billion.
— Viet Nam News

Bank stocks move market up
Vietnamese shares advanced on Tuesday morning, driven by banking-financial companies.
— Viet Nam News

Still work to do to reform specialised inspections
Reform of management procedures and inspections for export and import goods has changed little in the first half of this year, according to the Ministry of Investment and Planning (MPI).
— Viet Nam News

Singaporean businesses seek investment in Việt Nam
Singaporean businesses expect to promote co-operation with Việt Nam in the field of smart urban development, the fourth industrial revolution and innovation.
— Viet Nam News

Bà Rịa – Vũng Tàu promotes marine economy, eco-tourism
The southern coastal province of Bà Rịa-Vũng Tàu is improving connections between its Cái Mép Thị Vải port complex and surrounding provinces to strengthen its marine economy, and promoting environmentally friendly projects to develop its tourism sector.
— Viet Nam News

Vietnamese employers and unions need to tackle workplace safety
Recognising the importance of workplace safety, more and more businesses in HCM City have begun to invest in modern equipment and increased budgets for labour safety programmes.
— Eleven Myanmar

Da Lat flower festival to run in December
The Central Highlands province of Lam Dong unveiled that it will run its Da Lat flower festival in Da Lat and Bao Loc cities and a number of districts from December 20 to 24.
— NDO

Foreign financial institutions in Vietnam are expanding
This week alone, the State Bank of Vietnam, the country’s central bank, announced it had approved capital increases for Malaysia’s Public Bank Vietnam Limited and South Korea’s Shinhan Bank Vietnam. Meanwhile, Japan’s Sumitomo Mitsui Banking Corporation in Ho Chi Minh City got the central bank’s permission to extend their tenure for an additional 99 years. Vietnam News, a local daily newspaper reports.
— Vietnam Insider

Feature photo ILO Asia-Pacific

This week’s Vietnam morning news feature photo focus on World Youth Skills Day, July 15.

Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

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.