Vietnamese plastic firms are facing fierce competition and threats of being acquired by foreign peers, experts said at a conference held in Ho Chi Minh City on November 2.
HCM City (VNA) 👍–Vietnamese plastic firms are facing fierce competition and threats of being acquired by foreign peers, experts said at a conference held in Ho Chi Minh City on November 2.
According to Pham Van Bac, deputy head of the Ministry of Construction’s department of building materials, waves of foreign plastic companies have invested in Vietnam to take advantage of land leasing and taxation incentives and cheap material prices, among others. The plastic sector also has a prosperous outlook thanks to the effect of several free trade agreements Vietnam has joined.
As heard at the event, foreign investors prefer acquiring local companies with certain market share and good performance to cut costs.
Dang Tran Hai Dang, deputy director of VietinBankSc’s research centre, listed some notable acquisitions since early 2016, including the Republic of Korea’s Dongwon Systems Corporation taking over Minh Viet Packaging One Member Company Limited.
Thailand’s SCG Building Materials is planning to add 6 billion USD to consolidate its position in the Vietnamese plastic market, Dang said.
Foreign companies with quality strategies are making inroads into the Vietnamese market, putting a great pressure on the domestic production, he noted, adding that their experience and financial potential will help them easily obtain benefits offered by the free trade pacts.
The recovery of the real estate and construction industries has been stimulating demand for plastic products.
The BIDV Securities Corporation forecast average demand for plastic products will increase to 45kg per person per year in 2020, representing an annual growth rate of 4 percent.-VNA
The Tan A Dai Thanh Group has established a new subsidiary, Stroman Vietnam Plastic Corporation, in a move to participate in the domestic plastic tube production market.
Plastic businesses are planning to invest in production lines and improving product quality as the industry is forecast to face many challenges when AEC is formed.
Thai investors are increasingly investing in Vietnam's plastic industry, with many of them keen to fully acquire the Government's stakes in companies it plans to equitise.
The Vietnam Saigon Plastic Association will focus on research to develop renewable raw materials replacing fossil-based materials for making plastics in the 2016-20 period, its president has said.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
Illustrative image (Source: cafe.vn)
