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Singapore - ASEAN’s unity must continue to be the key factor in both thought and actions for the sake of a steady, resilient and strongly cohesive ASEAN Community, Vietnamese Prime Minister Nguyen Xuan Phuc said at a plenary session of the 33rd ASEAN Summit in Singapore on November 13. Prime Minister Nguyen Xuan Phuc (fourth, left) and other ASEAN leaders at the 33rd ASEAN Summit in Singapore (Photo: VNA) Addressing other ASEAN leaders, he appreciated the achievements ASEAN has made under the chairmanship of Singapore and thanked Singaporean PM Lee Hsien Loong for his contributions. He stressed that basing on what have been obtained in 2018, ASEAN’s resilience and innovation must continue to be promoted in the coming years. The Vietnamese Government leader also urged ASEAN members to deepen cooperation and expand dialogues to build trust, uphold international law, support a rule-based international multilateral system, and enhance cooperation in innovation areas … [Read more...] about PM Phuc calls for sustained unity to build ASEAN Community

If the proposal of Saigon Beer, Alcohol and Beverage Corporation (Sabeco) to remove the foreign owned limit (FOL) is approved, it will open the doors for ThaiBev and other foreign investors to increase their share of the Vietnamese beer market. Sabeco's proposal to remove the FOL could open the doors for further ThaiBev control The Board of Directors of Sabeco has recently submitted a document to the State Securities Commission of Vietnam (SSC) and the Ho Chi Minh City Stock Exchange (HSX) proposing the lifting of the FOL. At present, the Ministry of Industry and Trade represents the state-owned 36 per cent capital in Sabeco, while Vietnam Beverage owns 53.59 per cent. Vietnam Beverage is wholly-owned by Vietnam F&B Alliance Investment JSC, which is in turn indirectly owned by Beer Co., Ltd., a Hong Kong-based company wholly-owned by ThaiBev. Vietnam Beverage is a legal entity which was established in Vietnam to conduct the purchase of the Sabeco stake at the end of last … [Read more...] about Sabeco wants to remove the FOL

Lazada is the most highlighted platform resorting to fake discounts, which are a concern during Single Day sales To boost shopping demand during big sales promotion seasons like Black Friday, Christmas, and Single Day, e-commerce firms have been regularly resorting to tricks, making people think that they bought goods at discount prices. Along with trading in fake goods, Lazada, Southeast Asia's leading e-commerce platform has been constantly accused of using fake discount tricks. During Black Friday two years ago (November 25, 2016), Lazada advertised selling iPhone 7 devices with a 42 per cent discount for VND15.2 million ($660). However, some experienced consumers stated that this price was higher than the market price at the time and the discount was referring to the introductory price of iPhone 7, which was VND25.99 million ($1,130). In fact, a significant number of consumers regularly fall into the discount traps of e-commerce platforms, which target buyers with a strong … [Read more...] about Fake discount trick may happen again in Single Day sales promotions

Phan Minh Thong, chairman and general director of agricultural producer and exporter Phuc Sinh Corporation, is pleased at the firm’s good performance within the Southeast Asian market. “We have greatly benefited in the region thanks to slashed imported tariffs under regional commitments,” Thong told VIR. In the first 10 months of the year, Phuc Sinh’s export turnover in Southeast Asia is about $3 million, up 20 per cent against 2017, and its import turnover is $5 million, up 50 per cent against last year. According to the General Statistics Office (GSO), agricultural products are just among many that have boosted Vietnamese exports to Southeast Asia since the ASEAN Economic Community (AEC) was established. The Ministry of Agriculture and Rural Development reported that in the first 10 months of 2018, Vietnam’s total export turnover of agro-forestry-aquatic products to the region hit $3.2 billion, up 34.4 per cent on-year, largely due to tariff cuts under … [Read more...] about Vietnam in focus of ASEAN exports

Through the ratification of the CPTPP, Vietnam will be able to attract even more foreign investment to key technology sectors, Photo: Le Toan Tran Hoang Ngan has spent days studying the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). He is not a negotiator of the deal, but a National Assembly (NA) member from Ho Chi Minh City recently provided with documents related to the agreement, before it was officially discussed at the NA last week. Initially, the deal was formed in 2005 as the Trans-Pacific Partnership (TPP) by Brunei, Chile, New Zealand and Singapore. The US joined the TPP in 2008, and Vietnam quickly followed suit. In January 2017 the US withdrew from the deal, which was then inked in March 2018 under the new name of the CPTPP. “Why was Vietnam invited to join the TPP, though its per capita income is only $2,380, while the average of other member states is $30,000?” asked Ngan, who is also a senior economist. “I think member … [Read more...] about Vietnam gets to grips with CPTPP