Taiwanese trade mission comes knocking

Taiwanese entrepreneurs and Vietnamese partners at the meeting in HCMC on Monday - Photo: Thu Nguyet

HCMC - A trade mission representing 66 Taiwanese enterprises had a business-to-business meeting with HCMC partners on Monday to sound out trade opportunities.

They are operating in many industries, including beauty products, household devices, energy, trading, and environment protection products. The Taiwanese companies also had an exhibition of their products.

Vietnam is an important market for Taiwanese goods after Hong Kong and Chinese mainland.

In the first seven months of this year, bilateral trade between Vietnam and Taiwan amounted to US$4.6 billion and is expected to reach US$10 billion in the whole year. Vietnam’s imports from Taiwan increased 8.5% to more than US$3.8 billion while exports totaled US$785 million, up 34.2%.

Taiwan is also among the biggest foreign investors in Vietnam, with 2,130 projects having been licensed in the country with total registered capital of more than US$22 billion between 1988 and now. In the first seven months of the year, Vietnam has issued investment licenses to 51 Taiwanese-invested projects worth a total US$870 million.

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Taiwanese trade mission comes knocking

Taiwanese entrepreneurs and Vietnamese partners at the meeting in HCMC on Monday - Photo: Thu Nguyet

HCMC - A trade mission representing 66 Taiwanese enterprises had a business-to-business meeting with HCMC partners on Monday to sound out trade opportunities.

They are operating in many industries, including beauty products, household devices, energy, trading, and environment protection products. The Taiwanese companies also had an exhibition of their products.

Vietnam is an important market for Taiwanese goods after Hong Kong and Chinese mainland.

In the first seven months of this year, bilateral trade between Vietnam and Taiwan amounted to US$4.6 billion and is expected to reach US$10 billion in the whole year. Vietnam’s imports from Taiwan increased 8.5% to more than US$3.8 billion while exports totaled US$785 million, up 34.2%.

Taiwan is also among the biggest foreign investors in Vietnam, with 2,130 projects having been licensed in the country with total registered capital of more than US$22 billion between 1988 and now. In the first seven months of the year, Vietnam has issued investment licenses to 51 Taiwanese-invested projects worth a total US$870 million.

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Japan ICT companies back to Vietnam for business

Kenji Ogawa (L), vice chairman of the Information Technology Promotion Agency (IPA-Japan), and Pham Tan Cong (R), general secretary of Vinasa, congratulate each other on the signing of the MOU on development of the human resource valuation system applicable to Vietnam ICT enterprises - Photo: Hien Nguyen

HCMC – Japanese information and communication technology enterprises are coming back to Vietnam to grasp business opportunities after an interruption caused by the financial crisis since end-2008, heard the Vietnam Japan IT Day in the city on Monday.

The event, organized by the Vietnam Software Association (Vinasa) and Vinasa Japan IT Cooperation Club, is attended by about 50 Japanese enterprises like NEC, GDS and Cybozu, Pham Tan Cong, general secretary of Vinasa, told the Daily on the sidelines of the event.

Many Japanese ICT firms shut down their Vietnam branches in the aftermath of the crisis, Cong said, and 2009 was a tough year for the Japanese ICT industry although Japan was a huge market with annual turnover of US$130 billion.

Vietnam’s software outsourcing sector also felt the impact of the Japanese ICT sector’s woes since it is recognized as the third largest partner of Japanese firms.

FPT, the country’s biggest ICT enterprise, was hurt when ICT companies of Japan left Vietnam; about 56% of its revenue came from Japan’s market.

“A tough period seems to be over. On Tuesday Japan ICT companies are back to Vietnam and they are searching for new partners and new business opportunities,” Cong noted.

Since early this year, he added, Vietnamese and Japanese ICT companies have exchanged many business matching trips and clinched a lot of high-value deals. “It’s a good sign for the Vietnam software outsourcing sector.”

Hiromi Sugiyama, vice chairman of the Japan Information Technology Service Industry Association, said the worst for Japan’s ICT industry was over and that it was time for it to explore new partners and business deals.

Vietnam’s software outsourcing segment is recognized as a key partner of Japan, Sugiyama said, adding embedded software development, business application software development and data entry were in need of Vietnamese firms.

He said Japan’s offshore outsourcing volume grew rapidly, from US$1.37 billion in 2004 to US$4.33 billion in 2008. Vietnam ICT enterprises are mostly likely to gain slice of this huge pie.

“Japan is a serious market. To win a contract from the market, Vietnam ICT companies should enhance the quality of IT developers’ skills and of services,” he noted.

On Monday saw Vinasa signing a memorandum of understanding with the Information- Technology Promotion Agency (IPA-Japan) to promote the human resource valuation system in Vietnam ICT enterprises.

IPA will provide technical support for Vinasa to build up the system and deploy it by early 2011.

In a related development, the Taiwan External Trade Development Council (TAITRA) in Vietnam on Monday launched a campaign to promote its information technology products here in the local market.

The Taiwan Excellence campaign is organized by TAITRA and supported by 17 selective Taiwan information technology brands including ASUS, MSI, D-link, BenQ, Genius and Optoma.

TAITRA said it would organize a Taiwan information technology expo in HCMC next month to promote its products locally.

The Ministry of Information and Communications reported that between 2000 and 2009, Vietnam’s IT industry grew at double digits, 20-25% a year.

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Sept dollar credit growth up strongly in HCMC

HCMC – Outstanding loans in foreign currency, mostly the U.S. dollar, at credit institutions in HCMC by the end of this month are forecast to expand 36% from late last year to VND186.1 trillion, according to central bank figures.

The figures from the central bank’s HCMC branch show September dollar credit growth at commercial banks in the city is seen reaching 6.1% month-on-month, up from the 1% recorded in August.

Banks have reported an 8.5% rise in September dollar mobilization from August after they hiked dollar deposit rates early this month. Meanwhile, the amount of dollars raised in August was down 4% month-on-month.

Therefore, banks in the city may have raised a total of VND181.25 trillion by late this month, up 8.4% from late 2009. So outstanding dollar loans continue surpassing mobilization in September and part of the reason is that foreign banks have ample cheap dollar funds from their mother banks and foreign institutions.

In contrast to the dollar mobilization, HCMC banks’ Vietnam dong fund raising in the first nine months this year has been higher than credit growth. By late September, the volume of dong deposits is projected to amount to VND530.7 trillion, up 21.7% from late last year, and outstanding loans VND463.3 trillion, up 9.4% from late 2009.

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Sept dollar credit growth up strongly in HCMC

HCMC – Outstanding loans in foreign currency, mostly the U.S. dollar, at credit institutions in HCMC by the end of this month are forecast to expand 36% from late last year to VND186.1 trillion, according to central bank figures.

The figures from the central bank’s HCMC branch show September dollar credit growth at commercial banks in the city is seen reaching 6.1% month-on-month, up from the 1% recorded in August.

Banks have reported an 8.5% rise in September dollar mobilization from August after they hiked dollar deposit rates early this month. Meanwhile, the amount of dollars raised in August was down 4% month-on-month.

Therefore, banks in the city may have raised a total of VND181.25 trillion by late this month, up 8.4% from late 2009. So outstanding dollar loans continue surpassing mobilization in September and part of the reason is that foreign banks have ample cheap dollar funds from their mother banks and foreign institutions.

In contrast to the dollar mobilization, HCMC banks’ Vietnam dong fund raising in the first nine months this year has been higher than credit growth. By late September, the volume of dong deposits is projected to amount to VND530.7 trillion, up 21.7% from late last year, and outstanding loans VND463.3 trillion, up 9.4% from late 2009.

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TransViet joins global travel management firm

Taiwan eyes Vietnam tourists

The Taiwan Tourism Bureau stages a traditional dance show of Taiwan at a press conference held in HCMC on Monday to introduce the Charming Taiwan in Vietnam - Photo: Mong Binh

HCMC - TransViet Travel, a member of TransViet Group, has partnered with GlobalStar Travel Management, a worldwide network consisting of more than 75 market leading enterprises around the world and representing over US$13 billion in sales.

Doan Van Truong, sales manager of TransViet Travel, said his company had become the only entity in Vietnam to join the worldwide travel management company, and that this would enable the local firm to handle more inbound guests and those corporate customers of the network in Vietnam.

TransViet Travel now is able to use the GlobalStar brand to attract clients and win more guests via introductions and proposals by the global company, which can create solutions to fit individual needs and delivers quality services in a multinational environment, Truong told the Daily on the phone on Monday.

Truong said the name of TransViet had been widely recognized at home and overseas through United Airlines and other some 10 foreign airlines that have chosen the local business as their general sales agent in Vietnam.

TransViet Travel has emerged as a leader in business travel in Vietnam after over 15 years of existence on the domestic market.

TransViet Travel said in a statement that joining GlobalStar Travel Management would bring the company more opportunities to expand its corporate client base and strengthen the position of a Vietnamese company in the global front.

Mark van Iersel, director of marketing and partner recruitment at GlobalStar, said in the statement that the company had seen an increase in demand for a local travel management corporation in Vietnam. “We feel that with the addition of TransViet Travel we can now meet our client demands by adding the best national choice in Vietnam.”

* The Taiwan Tourism Bureau will organize a two-day festival in HCMC from on Tuesday to highlight tourist attractions among Vietnamese travelers who are looking for new destinations for their leisure and business trips.

Suzy Yeo, who is a representative of the bureau, told reporters in HCMC on Monday that Taiwanese and Vietnamese travel companies would participate in the event entitled “Charming Taiwan” at the Now Zone shopping center in the city.

The participating companies will introduce their tours featuring cityscape, white-sand beaches, resorts and spas, a wide selection of foods, and shopping malls in Taiwan. Visitors can watch video clips about Taiwan as well as enjoy its foods, tea, games and traditional dances.

Yeo said the bureau expected at least 1,000 Vietnamese people would come to the event on the two days to explore what Taiwan could offer to local travelers.

Tank Lin from the bureau told the Daily after the press conference that this agency promoted Taiwan’s tourist attractions in Vietnam as the number of Vietnamese leisure and business travelers was increasing.

Lin put the number of Vietnamese visitors to Taiwan at 20,000 a year. He said Taiwan was small but presented charming offers, from scenery to foods and culture.

Ben Young, chairman of the travel firm Simba, said week-long package tours to Taiwan cost around US$750. But, Yeo said the price would change depending on hotel accommodations and services included in the tours.

The bureau put on the two-day festival in order to gauge the market demand and map out plans to promote Taiwanese attractions in Vietnam.

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Gold price surges on high demand

SJC gold is still the benchmark for bullion trade in Vietnam. The local gold price hit new record of VND30.74 million per tael on Monday - Photo: Le Toan

HCMC – Local gold prices on Monday continued hitting new records on higher demand as Saigon Jewelry Holding Co. (SJC) quoted selling price at VND30.74 million per tael, increasing VND280,000 per tael from late last week.

Ton The Vinh Quyen, sales director of Sacombank Jewelry Co., said on Monday morning alone the company sold 3,000 taels while the buying volume was modest. A tael equals to 1.2 toy ounces.

Crowds of gold buyers made local gold prices suddenly increase on Monday morning while global prices rose slightly. Buying here eased in the afternoon.

Quyen said if the global gold price exceeds the level of US$1,300 an ounce, it would continue rising in the future. However, he expected the gold price to decline after the consecutive record highs in recent days.

Nguyen Cong Tuong, deputy head of sales at SJC, said the trading volume of the company on Monday was much higher than late last week. He said the buyers were mainly investors who borrowed gold from banks to sell in the past and now had to buy gold again to cut losses.

Meanwhile, Nguyen Thi Cuc, deputy general director of Phu Nhuan Jewelry Co. (PNJ), said as gold demand increased, gold traders had to compete with each other for sources, making a shortage in short term and pushing the price up.

Local gold price is about VND200,000 higher than global price. Cuc said given the difference, enterprises did not want to import gold, but her company had sent an import proposal to the central bank to import immediately when the price is higher.

Gold was traded at US$1,297.3 an ounce by 5:00 pm on Monday on European market, rising US$0.3 an ounce from late last week.

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