US toasts Viet Nam’s trading importance

Viet Nam is one of the markets we most want to do business with,” said US Undersecretary of Commerce for International Trade Francisco Sanchez. “It’s becoming an increasingly important place to market our goods and services.”

Goods prices soaring on more expensive dollars, threatening production

Structural steel producers and traders are keeping a close watch on the changes in the dollar price . They say with the current dollar price, they are incurring the losses of 80,000-150,000 dong per ton, though the world steel ingot price has been stable at $580 per ton. A steel mill has revealed it would raise the sale price next week, at least by 150,000 dong per ton, in order to break even.

Saigon Co.op Mart offers huge discounts on 15th anniversary

Discount sales on 1,500 items will see prices slashed by 5% – 50% on items like fresh food, processed food, clothing and household goods.

April prices to surge on rising inputs

Supermarkets in HCM City have decided to increase prices of essential goods this month as asked for by their suppliers. Retailer Saigon Co.op, owner of the Co.opMart supermarket chain with 50 supermarkets and 12 convenience stores nationwide, has announced new prices of plastic products, meat, soft drinks and dairy products. These items will see prices to rise by between 5% and 15%.

New transport plan given thumbs up

The plan calls for improved infrastructure and growth rates of 7-9 per cent a year in passenger and goods transport. The plan to 2020, which extends to 2030, calls for building 580km of new expressways and major provincial roads, as well as upgrading existing roads. Under the plan, 80 per cent of rural roads would be paved by 2020.

Economic recovery turns State attention to inflation control

Budgetary spending will be tightly managed and controlled; unnecessary spending will be cut, such as spending for meetings and foreign business trips; and misdirected allocation of funds will be eliminated. These measures will lay the groundwork for stabilising the macro-economy, boosting growth, shifting economic restructuring and ensuring social security. In addition, price regulation and management will be based on market principles under the State administration. There will be a roadmap drawn up to adjust the prices of a number of goods and services whose prices the State has set.

Vietnam banks accept losses in non-cash payment service to head off

Economists attributed the underdevelopment to poor infrastructure coming from the uncompleted POS system of banks; card accepting posts such as goods and service providers (supermarket, shops, shopping malls, hotels, hospitals, stations, coach stations…) do not preferred using non-cash payment transactions for the fear that their revenues are supervised and they do not want to pay fees for banks. According to international norms, the fee card accepting posts have to pay to banks is 3% of payment amount via cards.

Local products dominate holiday shopping season

The stable costs of essential goods during the year’s largest festival were attributed to the Government’s business support policies. According to the Finance Ministry, subsidised loans were made available for businesses in 42 provinces and cities that implemented the price stabilisation programme with a total investment of over VND2.5 trillion (US$218 million).

The “Sony effect” among foreign invested enterprises?

Now people talk more about the “Sony effect”. More and more foreign investors have been importing goods and selling them on the domestic market. According to the Ministry of Industry and Trade, in 2010, 525 foreign invested projects were put on the table of management agencies. Of these projects, the ministry estimates that 235 projects can meet the legal requirements, including 175 projects which applied for trading goods as an additional business activity, and 60 projects which applied for investment licenses for the first time.

Vietnamese developer plans to buy US properties

The joint venture, expected to be set up in California, will focus on real estate trading, said Tran Quang Truong, deputy general director of Tanimex. As the two other partners are in the food and garment business, the venture will also supply goods for supermarkets in California and other Asian retailers around the US, he said.

Tet Fair to open in Hanoi

The traditional fair will showcase commodities including food, clothing, beverages, household goods, gifts, fruit, flowers, decorative plants and creatures and specialities from the regions such as: Hoa Binh’s stem wine (wine drunk out of a jar through a stem), Nam Roi grapefruit, Dien grapefruit, Bo Ha oranges, Dong Soai sprouts, Bac Giang noodles, Thai Nguyen tea, Dien Bien rice and Uoc Le pork pies.

Low-quality electronics at border area markets are defects from China?

The problem is that the majority of Vietnamese people are still poor and they can easily be persuaded by the low prices. They do not understand the bad effects of the low quality products. Nguyen Van Thuyen from the Hanoi University of Technology said that local Chinese goods always look attractive thanks to the diversified designs. However, careful examination shows their, people can absolutely discver low quality, visible even to the naked eyes. The low quality products are colorful but the words on the products are blur due to the bad printing technique.

Tien Giang province opens socio-economic trade fair

The event attracted 200 showcases by 17 businesses from My Tho city and 70 other from Tien Giang and neighbouring provinces. Most of them displayed agricultural and industrial products and services under the campaign “Vietnamese people use Vietnamese goods”.

HCM City opens Vietnam Goods Exchange

It is headquartered at 18-20 Phuoc Hung street, District 5 and its trading floor is at 52 Nguyen Cong Tru street, District 1, HCM City.Vietnam Goods Exchange has its charter capital of VND150 billion, and three main kinds of goods-coffee, rubber and steel-for transaction. The model of operation consists of three parts: a trading floor, a balance payment centre, and a goods verification and transaction centre. 

Tax cut by up to 6% on 1,000 imports

Director of the department Vu Van Truong said the items would mainly include agricultural produce, seafood, construction materials and electrical appliances. The average drop for most items would be 2-3 per cent, said Truong. The cut, part of Viet Nam's commitment to the World Trade Organisation, was expected to benefit domestic consumers, giving them a wider choice of reasonably priced imported goods, Truong said.

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