Vietnamese market offers attractive prospects for Russian exporters: Russian official. With its high food sales and position as a major transshipment hub that supplies goods to ASEAN countries and China, Vietnam offers attractive prospects for Russian exporters, said Vice Chairwoman of the Russia - Vietnam Friendship Association (RVFA) Regina Budarina at a workshop held in Moscow on April 23. 

Embassy works promote Vietnam-South Africa economic, trade ties. A working delegation of the Vietnamese Embassy in South Africa led by Ambassador Hoang Van Loi visited KwaZulu-Natal province from April 20-24 to seek measures to strengthen economic and trade partnership between the two countries.  

HCM City focuses on developing infrastructure for e-commerce. Ho Chi Minh City is focusing on developing its infrastructure system serving e-commerce amid the rising trend in online shopping, according to the city’s Department of Industry and Trade. Figures from the department show that 62.5 percent of local consumers use the internet for shopping, while 17.9 percent choose online payments. The value of online shopping rose 13.8 percent annual in recent years, the department reported.  

Digital era - A golden opportunity for tech businesses. The world is entering into the digital era and this represents a “golden opportunity” for technology companies to grow further. It also forces businesses, organisations, and countries to conduct digital transformation. According to IDC - the world’s leading provider of market data on information technology (IT) - investment in digital transformation is still growing and is forecast to increase 15.5 percent in the 2020-2023 period to 6.8 trillion USD. IDC also forecast that by 2022 up to 65 percent of global GDP will come from digitalisation. By the end of 2022, 70 percent of organisations and businesses will speed up their digital transformation. According to market researcher Fitch Solutions - an affiliate of Fitch Ratings, a leading provider of credit ratings, commentary and research for global capital markets - Vietnam’s IT market, including IT services, software, hardware, and equipment, will grow about 17 percent by the end of 2021 to 7.3 billion USD. The application of software services and cloud infrastructure will be popular trends in the time to come.  

Kiên Giang to spend $1.3 mil on improving co-operatives. The Cửu Long (Mekong) Delta province of Kiên Giang will spend nearly VNĐ30 billion (US$1.3 million) this year to support the development of the collective economy and new co-operatives.  

Belgian enterprises eye expansion in Viet Nam

Belgian enterprises expressed their interest in Viet Nam’s economic prospects and business opportunities in the Southeast Asian country at a talk held in Brussels on Thursday. At the event, held by the Vietnamese Embassy in Belgium and Luxembourg, the Vietnamese delegation to the EU, the Flanders Investment and Trade (FIT), and the Belgian – Vietnamese Alliance (BVA), the firms highlighted advantages and challenges brought about by the EU-Viet Nam Free Trade Agreement (EVFTA) and several trade deals Viet Nam has clinched. They also talked about Viet Nam’s efforts to improve its business climate, incentives for Belgian firms to invest in Viet Nam, as well as Viet Nam’s entry procedures for Belgian experts and businesspeople during COVID-19.  

Pharmaceutical firms report mixed results in Q1. Despite expectations to benefit from rising healthcare demands amid the COVID-19 pandemic, pharmaceutical companies recorded mixed results in the first quarter. 

Viet Nam emerges as appealing destination for investors from India

Viet Nam will continue to streamline administrative reform and offer multiple incentives to foreign investors, especially those from India, an official said at the “Investment Opportunities in Viet Nam” conference held on Thursday in HCM City. Viet Nam has emerged as an appealing destination for investment for India with its stable political and economic environment, attractive investment policies, competitive labour costs, availability of raw materials, and potential market access due to free trade agreements that Viet Nam has concluded. Key attractive investment sectors include hi-tech agriculture, food processing, renewable energy, the supporting industry, healthcare and education, infrastructure, real estate, logistics, and tourism. Viet Nam plans to set up a task force to facilitate foreign investment, especially after the COVID-19 pandemic ends.

Impossible for foreign enterprises to trademark Vietnamese rice "ST25": intellectual property office. It is impossible for foreign companies to register Vietnamese rice "ST25" as an exclusive trademark protection, as affirmed by the National Office of Intellectual Property of Vietnam (NOIP). Against the information related to the ST25 rice brand name registered by a business in the US, the office confirmed US enterprises cannot trademark the world’s best rice ST25 since it is a generic variety and not a brand. The trademark "VIETNAM'S ST25 RICE, DAC SAN SOC TRANG" was filed in the US on September 1, 2020, according to registration application number 90151727 of Transword Foods, Inc. 

Tourism enterprises continue to be eligible for tax and land lease payment extension in 2021. According to the General Department of Tourism under the Ministry of Culture, Sports and Tourism, the enterprises operating in the tourism sector continue to be within the group supported by the Government to overcome difficulties due to the impact of the COVID-19 pandemic. Specifically, on April 19, 2021, the Government issued Decree No. 52/2021 / ND-CP on the extension of time limits for payment of value-added tax, corporate income tax, personal income tax, and land rent fees to support businesses and people suffering from the COVID-19 pandemic. Decree No. 52/2021 / ND-CP applies to enterprises, organisations, business households, and individuals operating in production in many different economic sectors. 

Source: VNA/VNS/VOV/VIR/SGT/Nhan Dan/Hanoitimes