Milk prices unexpectedly shoot up

Nestlé, Friesland Campina Vietnam and Hancofood also announced a price hike of between 3 percent and 15 percent on their products. Nguyen Ngoc Kinh Luan, director of external relations of Friesland Campina Vietnam, said the price of raw material milk did not have anything to do with the price hikes this time. The main cause was an increase of 18 percent in the price of packaging materials and up to 54 percent in the price of other input materials, he said.

Auto tax debate continues, business suffer

An importer has accused customs agencies of deliberately delaying procedures to put difficulties on the enterprise. Customs agencies deliberately put difficulties in enterprises’ way

Vietnam may lose Buon Ma Thuot coffee brand

The problem lies in the fact that a Chinese company has registered the trademark “Buon Ma Thuot” as the exclusive trademark in China. Experts have warned that the Chinese company may take a further step by registering the Buon Ma Thuot trademark all over the world. Vietnam urged to take legal proceedings on Buon Ma Thuot

Building materials sales to rise

Steel sales in August increased by 50,000 tonnes to 410,000 tonnes against the previous month, said Nguyen Tien Nghi, deputy chairman of the Viet Nam Steel Association (VSA). That trend was expected to continue untill the end of the year, Nghi added.

Car sales up 10 per cent in August

Of the total sales, 4,201 were passenger cars, a year-on-year increase of 54 per cent, followed by sports utility vehicles/multiple purpose vehicles with 2,153 units purchased, up by 21 per cent. Commercial vehicle sales last year had a 24 per cent downturn with 3,164 units sold.

Domestic retailers tend to join hands with foreign

It is a growing tendency that domestic retailers join forces with foreign groups to develop business. Dr Dinh Thi My Loan, Deputy Chair and Secretary General of the Vietnam Retailers’ Association, said that the establishment of joint ventures in the retail sector is foreseeable. “It is understandable why domestic retailers want to team up with foreign investors. It is their right to do that,” she said.

Social networks more utilized by businesses for marketing

Social networks have become a favorite channel for businesses to do marketing and introduce their products for the last year.

Fertiliser prices increase dramatically

Several kinds of fertilisers have seen prices increase by 50 per cent and even 100 per cent, Tuoi tre (Youth) newspaper reported. At the same time, rice prices are falling, in what could turn out to be a double whammy for farmers.

Vietnam’s trade gap from China at nearly $4b in Jan-Apr

Totally, in Jan-Apr, the country’s import value is estimated at $31.83 billion. Meanwhile, Vietnam’s export turnover in April reached $7.3 billion, falling 2.0 percent month on month, of which, the export turnover of local and foreign-invested firms fetched $2.9 billion and $4.4 billion respectively.

VCCI supports business restructuring

VCCI aims to help local businesses restructure, improve the investment climate, promote administrative reform, obtain loans and ensure sustainable development.

Base year for calculating GDP should be changed, expert says

The calculation of GDP on the base year of 1994 affected to the rating of international agencies on Vietnam’s statistic quality. According to World Bank research group, Vietnam now stands at the 7th position among nine southeastern Asia countries subject to the bank’s statistic rating.

Prices likely to climb another 2 percent in May

Inflation will continue to be high for the near future due to impacts of economic and policy factors on the domestic economy, including the deregulation of electricity rates (slated to begin fluctuating under free market rules in June) and a minimum wage increase in May, said former State Bank of Vietnam Governor Cao Sy Kiem. The current bout of high inflation was ignited when the Vietnam dong was devalued by 9.3 percent against the US dollar in February, followed by hikes in petrol costs and electricity rates in March. Inflation was also spreading globally, especially in Asia, exerting great pressure on the Vietnamese economy.

‘Vietnam epitomizes development success story’

According to Kuroda, Vietnam is the most susceptible to climate change and the ADB is helping the Vietnamese government work out action plans to cope with its possible negative impacts. Kuroda cited urban traffic projects to reduce the emission of greenhouse gases by changing people’s habits to using public transport as an example of efforts to counter the effects of climate change.

Domestic steel prices drop substantially

According to Nguyen Tien Nghi, Deputy Chairman of VSA, the main reason for the fall of domestic steel price is the cancellation of public investments and the halt of unnecessary projects. In addition, steel prices the world over have decreased and many investors have cut investments in construction in response to the Government’s policy to minimise inflation.

Supermarkets baulk at high supplier prices

Customers shopping at the Big C Supermarket Mien Dong in District 10 on Tuesday could see signs that read “Big C out of products because of supplier prices” at several stalls selling cookies.

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