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Việt Nam has about 99,000 new firms in nine months

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In the first nine months of this year, 34,600 companies resumed operation, up 25.5 per cent from the same time in 2019. — Photo kinhtevadubao.vn

HÀ NỘI — Việt Nam had about 99,000 newly-established enterprises in the first nine months of this year, a year-on-year fall of 3.2 per cent, according to the General Statistics Office (GSO).

Those new firms registered to invest total capital of more than VNĐ1.4 quadrillion (US$60.56 billion), up 10.7 per cent compared to the same time last year.

The average registered capital of each new business was VNĐ14.4 billion, a year-on-year surge of 14.4 per cent.

Meanwhile, 29,500 operating enterprises registered to increase capital by VNĐ2.1 quadrillion in total for their business. As a result, the domestic economy received total capital of more than VNĐ3.6 quadrillion from newly established and existing businesses this year, expanding 19.2 per cent year on year.

Of which, the electricity, water, gas production and distribution industry had a strong growth of 269.4 per cent year on year in the number of newly established enterprises to 4,241 units.

The GSO also said that other industries had reductions in the number of newly established enterprises, such as wholesale and retail, repair of cars and motorcycles, construction, manufacturing and processing industry, real estate, transportation and warehouse, and accommodation and catering services.

In the first three quarters, 34,600 companies resumed operations, up 25.5 per cent from the same time in 2019.

Besides that, there were 38,600 businesses temporarily suspending operations, a surge of 81.8 per cent compared to the previous year. About 27,600 enterprises were waiting for dissolution procedures and nearly 12,100 completed dissolution procedures, down 2.4 per cent and up 0.1 per cent, respectively.

A survey on business trends of enterprises in the processing and manufacturing sector in the third quarter showed that 32.2 per cent of businesses had better business performance than the previous quarter. About 32 per cent of surveyed firms had difficulties in production and business, and 36 per cent had stable operation.

Up to 45.6 per cent of enterprises felt upbeat about their business in the quarter, 19 per cent forecast difficulties, and 35.4 per cent believed they would have stable business and operation.

Phạm Đình Thúy, director of the GSO’s Department of Industrial and Construction Statistics, said that to overcome existing difficulties, local businesses needed to find partners to have efficient development for investment capital.

The Government and the National Assembly should consider exempting or reducing further taxes and fees, prolonging payment periods for enterprises and raising credit growth ceilings for commercial lending. Those solutions were expected to support enterprises in having funds for stable production and business, Thúy said.

The General Statistics Office also proposed that the State should have policies to encourage imports of material for production expansion and limit imports of materials local enterprises can produce. —

Source: https://vietnamnews.vn/economy/793141/viet-nam-has-about-99000-new-firms-in-nine-months.html

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Apple fans queue overnight to get hands on new iPhone 12 in Saigon

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There were long queues outside cellphone stores in Ho Chi Minh City late on Thursday night as Apple fans could not wait for the official launch of the iPhone 12 in Vietnam.

Apple started distributing the products to the Vietnamese market from 0:00 on Friday.

On this occasion, its authorized dealers in Ho Chi Minh City organized several interesting open sales events from 10:00 pm on Thursday.

Retailer Di Dong Viet welcomed customers to pick up their re-ordered iPhone 12s at a cinema on Tran Quang Khai Street in District 1 at 9:00 pm.

The event was also attended by famous Vietnamese artists and technology influencers.

A representative of retailer Di dong Viet speaks at its iPhone 12 launching event at a cinema on Tran Quang Khai Street in District 1, Ho Chi Minh City, November 26, 2020. Photo: Duc Thien / Tuoi Tre

A representative of retailer Di Dong Viet speaks at its iPhone 12 launch event at a cinema on Tran Quang Khai Street in District 1, Ho Chi Minh City, November 26, 2020. Photo: Duc Thien / Tuoi Tre

On the same street, hundreds of people queued in front of Minh Tuan Mobile Store to get their hands on the new iPhones.

The same busy spree was also found at the retail system of FPT Shop and F.Studio, two members of the leading Vietnamese telecoms firm FPT Corp, the PetroVietnam building, where an outlet of Shopdunk – a partner of the Apple authorized reseller PETROSETCO – is located, and the CellphoneS store on Nguyen Thai Hoc Street.

People attend a talk show at a CellphoneS store in Ho Chi Minh City before the official launch of iPhone 12, November 26, 2020. Photo: Duc Thien / Tuoi Tre

People attend a talk at a CellphoneS store in Ho Chi Minh City before the official launch of the iPhone 12, November 26, 2020. Photo: Duc Thien / Tuoi Tre

Tran Long, a customer at Minh Tuan Mobile Store, said that the new iPhone 12s were launched at more competitive prices than previous versions and even with sooner delivery.           

“I’m really excited to be one of the first customers in Vietnam to own an authentic iPhone 12,” Long said.

Vietnamese actor Huy Khanh (right) unboxes his new iPhone 12 at Minh Tuan Mobile store in Ho Chi Minh City, November 27, 2020. Photo: Duc Thien / Tuoi Tre

Vietnamese actor Huy Khanh (right) unboxes his new iPhone 12 at Minh Tuan Mobile Store in Ho Chi Minh City, November 27, 2020. Photo: Duc Thien / Tuoi Tre

Apple Inc. officially distributed the iPhone 12 and iPhone 12 Pro in some key markets, excluding Vietnam, on October 23.

The other two models – iPhone 12 Mini and iPhone 12 Pro Max – have been available from November 13.

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Source: https://tuoitrenews.vn/news/business/20201127/apple-fans-queue-overnight-to-get-hands-on-new-iphone-12-in-saigon/57994.html

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Vietnam among most resilient economies in Covid-19

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Vietnam is listed among only five countries on the rankings that are expected to enjoy economic growth in 2020.

Vietnam ranks 10th among the 53 most resilient economies in the Covid-19 pandemic, according to Bloomberg’s Covid-19 Resilience Ranking released Tuesday.

Vietnam among most resilient economies in Covid-19
 Vietnam ranks 10th out of 53 economies in Covid-19. Source: Bloomberg

Vietnam recorded 74.3 scores out of 100, above some regional peers namely Singapore with 74.2, Thailand 70.2, Indonesia 66.1, Malaysia 61.4, and the Philippines 48.9.

The Covid-19 Resilience Ranking ranks economies of more than US$200 billion on 10 key metrics, including growth in virus cases, the overall mortality rate, testing capabilities and the forged vaccine supply agreements.

The capacity of the local health-care system, the impact of virus-related restrictions like lockdowns on the economy, and citizens’ freedom of movement are also taken into account.

Bloomberg said the result is an overall score that’s a snapshot of how the pandemic is playing out in these 53 places right now, adding that the ranking will change as countries switch up their strategies, the weather shifts, and other reasons.

Vietnam among most resilient economies in Covid-19
Only five economies on the Ranking are expected to grow in 2020. Source: IMF

Vietnam posted zero (0) in terms of one-month case per 100,000 people, one-month case fatality rate, and total deaths per one million. Meanwhile, its positive test rate is 0.1%.

Regarding economic growth, Bloomberg said Vietnam’s low-cost manufacturing sectors have propped up growth in those places as the wider slowdown fueled Western consumers’ demand for cheaper goods.

The International Monetary Fund (IMF) forecast Vietnam’s GDP growth for 2020 is at 1.6%. The country posted a decade-high growth rate of 7.08% in 2018 and 7.02% in 2019.

Vietnam, a country of 97 million people, has confirmed 1,321 cases and 35 deaths, and has undergone 85 days without locally-transmitted infections.  Hanoitimes

Linh Pham

Source: https://vietnamnet.vn/en/business/vietnam-among-most-resilient-economies-in-covid-19-692982.html

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VN-Index maintains upward momentum

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VN-Index maintains upward momentum

An investor looks at stock prices on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.


The VN-Index gained 0.42 percent to close Friday, its ninth consecutive gaining session, on 1010.22 points.

It had crossed the 1000-point mark the previous session. The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, was overwhelmingly in the green this session with 251 stocks gaining and 167 losing.

Total trading volume abated slightly compared to the past week, at VND9.87 trillion ($426.75 million), whereas it was always at least VND10 trillion in the past four trading sessions, the highest trading levels seen in the history of the HoSE.

According to Nguyen The Minh, Head of Retail Research at brokerage Yuanta Vietnam, selling pressure is expected to rise soon as investors seek to take profits after the VN-Index registered nine consecutive gaining sessions.

“However, there is still room for the VN-Index to gain, as current macro-conditions are different from before, and so the 1,000-point resistance threshold will not be a major obstacle,” he added.

Analysts at various securities firms pointed to a number of major M&A deals scheduled to take place at the end of the year, new cash from first-time investors, low interest rates, and high liquidity of the main bourse as major factors that will continue to support the VN-Index’s growth.

Bluechips took the spotlight for Friday’s session, with the VN30-Index for the market’s 30 largest caps surging 0.72 percent. 15 stocks on it gained, compared to 12 that lost.

Topping gains was HDB of private lender HDBank, which hit its ceiling price, up 6.7 percent. This session was the deadline for HDBank to finalize its list of shareholders for the year’s dividend issue.

The next best gainers were all from different sectors. POW of electricity firm PetroVietnam Power climbed 3.7 percent, PNJ of jewelry retailer Phu Nhuan Jewelry 3.4 percent, HPG of steelmaker Hoa Phat Group 3.3 percent, and SBT of agricultural exporter TTC-Sugar with 3.3 percent.

Results were mixed in the public banking sector. Of Vietnam’s three biggest lenders, VCB of Vietcombank added 0.5 percent, CTG of VietinBank kept its opening price, while BID of BIDV dropped 0.4 percent. MBB of mid-sized Military Bank was up 2.6 percent.

The same can be said for the private banking sector. TCB of Techcombank was up 0.4 percent, STB of Sacombank kept its opening price, while VPB of VPBank and EIB of Eximbank shed 0.7 percent and 0.9 percent respectively.

In the construction and real estate sector, KDH of Khang Dien House rose 0.6 percent, ROS of FLC Faros up 0.5 percent, VHM of Vinhomes up 0.4 percent, NVL of Novaland was down 0.2 percent, while TCH of Hoang Huy Group topped losses with 2.2 percent.

Other major losing tickers included VJC of budget carrier Vietjet Air, down 0.9 percent, VIC of Vietnam’s largest private conglomerate Vingroup, with 0.8 percent, and SAB of major brewer Sabeco, also with 0.8 percent.

The HNX-Index for the Hanoi Stock Exchange, home to mid- and small-caps, lost 0.15 percent, but the UPCoM-Index for the Unlisted Companies Market gained 0.44 percent.

Foreign investors turned net buyers this session, to the tune of VND90 billion on all three bourses, with buying pressure on VJC of Vietjet Air and the FUEVFVND, an exchange-traded fund replicating the performance of stocks on the VN Diamond Index, a bag of 14 stocks, most of which are blue chips.

Source: https://e.vnexpress.net/news/business/economy/vn-index-maintains-upward-momentum-4195985.html

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