With Apple’s recent decision to produce iPhones in India, and with its rumoured plans in Vietnam seeing no news/mention at all, Vietnam may have to reconsider its business environment and incentives for investors in electronics manufacturing if it wants to compete with India. Apple’s strategic move is considered a big success of the government’s “Make in India” policy. Specifically, Apple is going to start assembling iPhones in India by the end of April. The company is going to cooperate with Wistron from Taiwan, instead of Foxconn. At the moment, Wistron already has a plant in Bangalore, the “capitol” of technology in the Karnataka state of India. Apple chose India in spite of new president Donald Trump’s threat against companies that bring jobs outside of the US. Last year, 2.5 million iPhones were sold in India, the highest ever in this country. The Indian market is expected to buy 750 million smartphones in 2020, and is one of the … [Read more...] about Vietnam needs to learn from ‘Make in India’ policies?
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Business environment needs stability Around 55,000 enterprises in Vietnam may file for bankruptcy by the end of this year but the situation was not overly serious, one official said. Bui Anh Tuan, Deputy Director of the Ministry of Planning and Investment's Business Registration Division, made the comment at a seminar on business development and investment in Hanoi on December 11. "The situation in Vietnam is not really that pessimistic as the country recorded nearly 48, 473 bankrupted enterprises in the first eleven months of the year. This is the same as the rate of from 11%-15% annual bankrupted enterprises in Japan and the US," Tuan said. The country is estimated to have 65,000 new businesses this year, meaning the country will still have 10,000 more operational enterprises during the year, he assessed. However, he admitted that due to the large number of enterprises filing for bankruptcy, it has resulted in a deficiency in state budget revenues this year. Deputy … [Read more...] about BUSINESS IN BRIEF 19/12
ACB Bank, Standard Chartered ink MOU for VIP clients', cardholders' sake Vietnam's Asia Commercial Bank (ACB) and Britain's Standard Chartered Bank on Thursday signed a memorandum of understanding on adding more benefits to the Vietnamese bank's VIP customers and Visa Platinum cardholders. The deal enables the VIP customers and Visa Platinum cardholders to get benefits and services Standard Chartered provides for its Priority Banking clients, with nine customer service centers in Malaysia and three others in Singapore. The signatories were Ly Xuan Hai, chief executive officer of Ho Chi Minh City-based ACB and Ajay Kanwal, Standard Chartered's Southeast Asia head of consumer banking. Experts predict exponential growth of Vietnam's rice exports Exponential growth of rice exports from Vietnam last two decades augurs well for the nation's food security as well as the world, said experts at a conference in the Mekong delta province of Soc Trang yesterday ( Nov. 9). … [Read more...] about BUSINESS IN BRIEF 16/11
Coffee industry to spend $600m in bid to regain trademark Viet Nam will spend roughly US$600 million in a lawsuit that aims to regain the Buon Ma Thuot coffee trademark from foreign businesses, said deputy director of the Dak Lak Department of Science and Technology Trinh Minh Duc. The move was made after it was found that the trademark of Buon Ma Thuot coffee from the Central Highland province of Dak Lak has been registered in China for monopoly protection for 10 years while the Dak Lak coffee trademark has also been registered by a French company in more than 10 different countries since 1997. Of the total US$600 million, the Dak Lak People's Committee will contribute half of the funds while the rest will come from members of the Viet Nam Coffee Association and the Intellectual Property Department under the Ministry of Science and Technology. Minh said that the lawsuit could last two to three years, adding that the Viet Nam Coffee Association has so far received proposals … [Read more...] about BUSINESS IN BRIEF 8/11
S Korean expert calls for collaboration in IT software products Developing high-skilled information technology manpower and a software sector were discussed among experts from South Korea and Viet Nam at a conference in Ha Noi yesterday. The Government wants revenue from the IT industry to reach US$16-18 billion per year by 2020, with local companies capable of making both hardware and software products to operate globally. However, Byeon Hwa Seong, deputy director of the Korean National IT Industry Promotion Agency, pushed for collaboration between IT companies and institutes to enhance the software sector. He also pointed out the Korean IT industry was still weak in core IT technology, semiconductors and software sectors. The industry in SKorea was still monopolised by large enterprises and by hardware products, he said. "Thus, to reach the new software convergence in the IT sector, there are two fundamentals, including strengthening IT human resource and the … [Read more...] about BUSINESS IN BRIEF 16/10