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Vietnam climbs two positions in Global Innovation Index 2023

Vietnam has risen to 46th place out of the 132 economies in the Global Innovation Index (GII) 2023, published by the World Intellectual Property Organization (WIPO).
Vietnam has made marked improvements in its GII rankings, jumping from 59th in 2016 to 42nd in 2019 and 2020. The country then slipped to 44th in 2021 and 48th in 2022. With its 46th spot secured in 2023, Vietnam has once again solidified its position in the top 50.
 Vietnam also climbed two places in the innovation input sub-index, from 59th in 2022 to 57th in 2023. The innovation input sub-index gauges elements of the economy that enable and facilitate innovative activities. It is grouped into five pillars, including institutions, human capital and research, infrastructure, market sophistication, and business sophistication.
In terms of innovation outputs, Vietnam improved one position from 41st in 2022 to 40th in 2023. The innovation output sub-index captures the actual results of innovative activities within the economy and is divided into knowledge and technology outputs and creative outputs.
Vietnam is among the group of middle-income economies within the GII's top 65. This is the group that has climbed the GII rankings fastest over the last decade. Other countries in the group include Indonesia, China, Turkey, India, the Philippines, and Iran.
The report indicates that Vietnam is one of three countries – along with India and Moldova – to be identified as an innovation overperformer for the 13th consecutive year.
Daren Tang, WIPO's general director said, "A group of emerging economies are consistently climbing the GII ranks, showing how a focus on the innovation ecosystem can make a difference. Globally, despite a downturn in venture capital funding, the GII 2023 should reassure us that innovative activity currently continues to run strong, and that it should continue to shift from quantity to quality."
"Thanks to the GII, policymakers across the world continue to have a rich and trusted source of data to craft pro-innovation policies that will unleash the innovative potential of their people," Tang concluded.

Source : VIR

Biz urged to join in matchmaking events to find opportunities

Entrepreneurs can participate in business matchmaking events through a trade portal to find opportunities and contacts in the Association of Southeast Asian Nations (ASEAN) region and other countries.

Triin Udris, consultant at ASEAN Access on behalf of the Office of SMEs (small and medium enterprises) Promotion of Thailand, said the ASEAN Access MATCH https://match.aseanaccess.com/ is a feature of the trade portal ASEAN Access.

All registered members of ASEAN Access can participate in any webinar, panel discussion and networking session, and all business matchmaking events that it organized through its ASEAN Access MATCH platform. Businesses can also showcase their products, technologies or services in MATCH.

Udris said a business matchmaking event can be both online or onsite, has a theme or industry focus, and pre-booked mini business meetings between all event participants.

“You can book meetings with as many of them as you want and as you can during the time dedicated for matchmaking,” she said in an info and training session organized by the ASEAN Access MATCH.

Udris cited benefits of participating in a business matchmaking event, including gaining many new connections.

“All the meetings take place on zoom and you can have these meetings in your homes, in your office, (so) you can save time and money, you don’t have to travel all around the world…,” she said.

“You can speak with many potential new business partners in a very short time so it is a very efficient way of business development,” she added.

Udris said the ASEAN Access MATCH account is for lifetime, and one just logs in with the same account for all events.

Key trends for personal care in 2026 cited

Global trend forecasting firm WGSN has cited five key trends that will impact personal care which is forecast to have a global market size of $289.9 billion by 2027.

In a sample report, WGSN said these key trends include Solid solutions, Ai-giene, Seeing red, Smell me, and The age-old question.

“Waterless products will be the driving force behind more sustainable formats,” it said.

On Ai-giene, WGSN said brands will adopt artificial intelligence (AI) to better individuals through carefully mined data sets.

“Tools will evolve to become part of a holistic personal care ecosystem,” it added.

WGSN said Seeing red involves addressing social taboos and creating products better for people and the planet while menstrual care will become more accessible and understood.

While Smell me pertains to shifting from a one-size-fits-all approach as personal care will aim to serve each consumer’s tastes, it said.

“Personal care products that combat odor have traditionally adopted a functional one-size-fits-all approach. A new wave of brands and products is bringing personality to mundane products with upgraded scents and individualized solutions,” it added.

Brands are thus encouraged to extend this individualized approach to medicinal issues around odor that are often overlooked and underserved.

WGSN particularly cited US-based Superdrip that creates products for people with hyperhidrosis or severe excessive sweating.

Further, another trend that will impact the personal care market is The age-old question wherein “personal care will leave the traditional clinical space and embrace each consumer no matter what life stage they’re at”, it added.

South Korea's SK Group continues to deepen investment in Vietnam

SK Group, one of the largest companies in South Korea, and its subsidiaries continue to bolster investment in Vietnam across various fields.

SKC Co. Ltd. (SKC), a subsidiary of the SK Group, has received an investment certificate to develop a high-tech biodegradable materials factory in the northern port city of Hai Phong.

With the total investment capital of $500 million, the factory specialises in producing biodegradable materials such as polybutylene adipate terephthalate and polybutylene succinate.

The project spreads across an area of 32,089 square metres in the Haiphong I DEEP C Industrial Zone in the Dinh Vu-Cat Hai Economic Zone.

In the first phase, the project will start construction in mid-December 2023, slated to be completed within nine months. The project is expected to reach an output of 35,000 tonnes by year-end. In the second phase, the company will increase the total output to 70,000 tonnes per year.

Woncheo Park, CEO of SKC under SK Group said, "SK Group has invested about $3 billion in Vietnam over the past five years. Currently, Hai Phong is one of the countries with the most modern infrastructure and good investment attraction. That's why we decided to invest in the locality."

"SKC will bring modern technology here to produce biodegradable materials here and lay the foundation for our first investment in Hai Phong. We will continue to call for more South Korean businesses to invest in Hai Phong."

In June, SKC announced that it had signed a MoU with leaders of Haiphong People’s Committee to explore potential investments in advanced materials for secondary batteries, semiconductors, and other green sectors.

SKC's project is the first direct investment by SK Group in Vietnam, which has been one of the most active buyers in Vietnam's merger and acquisition market. The group invests across various fields, including retail, consumer goods, pharmacy retail, pharmaceuticals, and others.

In 2018, SK spent approximately $470 million buying 110 million Masan treasury shares. In April 2021, it paid $410 million for a 16.26 per cent stake in Masan Group’s VinCommerce (currently renamed WinCommerce). In the same year, SK also spent $340 million to scoop up a 4.9 per cent stake in Crown X, a consumer retail platform of Masan Group.

SK also invests $100 million in Vietnam's pharmacy retail chain Pharmacity. As of the first quarter of 2023, the group had acquired 64.79 per cent of pharmaceutical firm Imexpharm.

In addition, SK Energy, another subsidiary of SK Group, holds more than a 5 per cent stake in PV Oil, worth about $30 million.

The expansion of SK and its subsidiaries reflects the importance of the Vietnamese market. In 2018, SK invested $500 million to establish SK Southeast Asia Investment with the aim of being a potential growth engine in Southeast Asian countries like Vietnam.

Source : VIR

BMC, PDS and RBC secure export to Sabah

BMC Food Industries (B) Sdn Bhd, PDS Abattoir Sdn Bhd (PDS) and Royal Brunei Culinary Sdn Bhd (RBC) have signed agreements to enter Sabah, marking the first commercial-scale export of processed F&B products from the Sultanate to the East Malaysian state.

The agreements were signed on Thursday at the Brunei pavilion of the Sabah International Expo (SIE) at the Sabah International Convention Centre.

Sabah Industrial Development and Entrepreneurship Minister Phoong Jin Zhe witnessed the signings along with Brunei’s Permanent Secretary at the Ministry of Primary Resources and Tourism (MPRT) and Board Member of the Brunei Economic Development Board (BEDB) and Darussalam Enterprise (DARe) Hjh Tutiaty Hj Abd Wahab, and BEDB and DARe Acting CEO Daniel Leong.

Jetsin Sdn Bhd (Jetsin), a leading distributor and retailer from Sabah specialising in halal frozen food, signed agreements with three Brunei businesses for the distribution of their products: PDS processed meat products, RBC frozen food products, and BMC non-canned processed meat and OEM corned beef.

Meanwhile Moh Heng Company Sdn Bhd, one of the largest distributors of fast-moving consumer goods in East Malaysia, also signed to distribute BMC products as well as corned beef from their sister company TGT Sdn Bhd.

Source: Biz Brunei

Read the full article here

Brunei make first shipment of local products to Singapore

Singapore’s Mustafa Centre will retail Bruneian made F&B products for the first time following the shipment of a container with products from five local businesses.

The 20-foot container leaves for Singapore tomorrow via Amann Shipping, carrying almost 300 cartons of products.

These are Ghanim International Corporation’s crackers, chilli sauce, vegetable oil and water; Sahamada’s fish and chilli sauces and seafood and potato crackers; Taurean Bakeshop’s cookies; Marimin’s prawn and fish crackers; and Sabli’s teh tarik powder.

The milestone is another export collaboration between Darussalam Enterprise (DARe) and the Ministry of Primary Resources and Tourism (MPRT), and follows last week’s agreement signed for three Brunei producers to export to Sabah.

DARe has been engaging Mustafa since earlier this year, when they invited representatives for business matching sessions with local producers at the Brunei MSME Festival in March, followed by a visit by DARe to Mustafa in April.

Source: Biz Brunei

Read the full article here

Vietnam's retail sector faces mounting challenges

Currently worth $142 billion, Vietnam's retail segment is projected to burgeon to $350 billion in the coming years.
On September 22, Vietnam Report unveiled its annual list of the Top 10 Credible Retail Companies for 2023. The rankings, reflected an industry grappling with significant challenges of considerable interest to investors and stakeholders.
Since the fourth quarter of 2022, Vietnam’s retail sector has witnessed subdued growth.
Profits have been under strain thanks to subdued demand stemming from a dip in public incomes due to export challenges. Additionally, many retailers are navigating the complexities of high interest rates and stringent credit conditions set by consumer finance entities.
The fresh survey conducted by Vietnam Report highlighted that almost all businesses (100 per cent) cited weak consumer demand as a concern, with 92.9 per cent noting the persistent economic slowdown. Early 2023 also saw retailers facing fierce price competition, further straining profits.
To combat this dip in consumer spending, nearly 64 per cent of retailers plan to launch consumer incentive programmes, adopt competitive pricing strategies, and introduce loyalty schemes in the upcoming months. However, not all promotions guarantee success.
Many businesses are therefore leaning into market research, utilising technology and data to better align their marketing strategies with consumer preferences.
Despite current headwinds, Vietnam's retail sector remains robust in potential. Many businesses view the solution to the current challenges in deepening market penetration, streamlining operational costs, and reducing expenditures on underperforming outlets.
Looking ahead, the retail landscape seems promising. The current market valuation stands at $142 billion, with projections estimating a surge to $350 billion in the near future.
One silver lining for the sector is the return of international tourism to Vietnam. As global travel restrictions ease, the influx of tourists is likely to provide a welcome boost to retailers.
Moreover, Vietnam's demographic advantage, with its young and large population, further augments the sector's potential growth.
Source : VIR
 

SCGC and network partners launch Nets Up Model, upcycling discarded fishing nets into sustainable marine materials

SCGC collaborates with the Ministry of Natural Resources, The Youth Fund, and network partners to launch Nets Up Model, creating added value through circular economy innovations, upcycling discarded fishing nets into sustainable marine materials.

SCG Chemicals (SCGC), a leading regional player in the chemical business with a focus on business growth and sustainability, has collaborated with the Ministry of Natural Resources and Environment, local small-scale fishing communities in Rayong province, business partners, and marine environmental conservation networks to launch the "Nets Up" project, an initiative aims to add value through a circular economy approach for sustainable oceans. It repurposes discarded fishing nets into an innovative, recycled material called Marine Materials, extending its value into relevant industries such as textiles. This material is turned into yarn and woven into fabric for further processing into upcycled products, offering new options for environmentally-conscious brand owners and consumers.

The initiative promotes maximum resource efficiency in line with the principles of the circular economy, reduces marine waste, fosters community participation for a sustainable marine environment, and contributes to mitigating global warming. The ceremony was chaired by Pichit Sombatmak, Deputy Permanent Secretary of Ministry of Natural Resources and Environment, and Dr. Suracha Udomsak, Chief Innovation Officer and Executive Vice President of SCG Chemicals (SCGC), who delivered remarks and Mr. Kris Pakdeejit Co-signers of the MOU To show the importance of youth in driving to protect the ocean.

At the event, a Memorandum of Understanding (MoU) was signed to mitigate environmental impacts through marine waste management and to promote the development of innovations aligned with the principles of a circular economy. Many stakeholders participated in this collaborative effort, including SCGC, the Ministry of Natural Resources and Environment,The Youth Fund,The Marine and Coastal Resources Office 1, Alliance to End Plastic Waste (AEPW), the Plaschemical team, National Nanotechnology Center, Nyl-One, Thai Taffeta, Petrochemical Industry Club, the Federation of Thai Industries (FTIPC), the Thai Chamber of Commerce, Sustainable Consumption and Production Association (Thailand), pilot fishing communities, and networks for marine environmental protection.The agreement underscores a shared commitment to minimizing environmental impacts, advancing waste management, and championing innovations grounded in the principles of the circular economy.

 

Source : THE NATION THAILAND

Thailand's condominium ownership transfers to foreigners up 65 pct in H1

Thailand's condominium ownership transfers to foreigners increased 65.6 percent year on year in the first six months of this year, due to increased newly completed projects and eased entry rules, data showed on Monday.

Around 7,338 condominium units worth 35.21 billion baht (about 0.98 billion U.S. dollars) were transferred to foreigners in the January-June period, mostly in the eastern seaside province of Chonburi and the capital of Bangkok, according to the Government Housing Bank's Real Estate Information Centre (REIC).

These transfer figures saw an ongoing recovery, though the overall number of units and unit value remained lower than in pre-COVID 2019, said REIC's acting director-general Vichai Viratkapan.

 

Source : Xinhua

Sekong Province to Improve Facilities

Sekong provincial authorities are planning to upgrade the tourism infrastructure and provide better facilities at Tad Fai Mai waterfall to welcome more tourists next year.


The Governor of Sekong Province, Mr. Leklay Sivilay, and other provincial and district officials visited Palengtay village in Thataeng district last week to survey the Tad Fai Mai waterfall and understand how the area could be improved to make it an attractive and sought-after tourist destination.


The waterfall is located in a beautiful forest and has a fascinating history. The governor hopes that the province will be able to attract some financial investment to develop the region of the waterfall while preserving the forest and creating jobs for the local community.


Mr. Chanthaboun Thalongsengchan, head of the Sekong Information, Culture, and Tourism Department, said that provincial leaders and other stakeholders have made tourism a priority in attracting domestic and foreign investment. This will generate income for residents and improve the lives of people in the surrounding areas.


Additionally, Mr. Chanthaboun revealed that Sekong Province currently has 42 tourist attractions. Of these, 21 are natural attractions, 7 are cultural attractions, 10 are historical attractions, and 4 are agricultural attractions. He added that the province has allowed entrepreneurs to develop three natural tourist attractions.


Laos is currently preparing for Visit Laos Year 2024, targeting to welcome 2.7 million tourists to boost the post-pandemic recovery of the tourism industry.


By Chono Lapuekou


Source: Laotian Times

Laos-China Border Crossings Reopen

Two border crossings between Luang Namtha province in Laos and China’s Yunnan province reopened on Monday, September 11, after being closed for 20 months due to the COVID-19 pandemic.


The reopening of the Pang Hai and Ban Mom border crossings was marked by a ceremony at the Pang Hai border crossing checkpoint in Sing district, Luang Namtha province, which was attended by Mr. Sivilai Pankeo, Deputy Governor of Luang Namtha province, and other relevant authorities from the two countries.


Mr. Sivilai said that the reopening of the border crossings would help to strengthen the relationship between Laos and China and would also boost trade and economic development in Luang Namtha province, especially in the Sing and Long districts.


“The reopening of the two border crossings would boost trade between Laos and China, particularly between Luang Namtha and Yunnan, as part of the Laos-China Strategic Partnership”, said Mr. Sivilai.


Mr. Sivilai added that the reopening of the border crossings would also facilitate travel for local residents, and other travelers.


Laos and China agreed to reopen the Boten-Bohan border crossing in early January this year, following China’s revised COVID-19 prevention and control measures, to facilitate travel and trade between the two countries.


Lao Airlines has also resumed flight routes to cities like Changsha, Kunming, and Guangzhou in China and also plans to start its services on more routes like Vientiane to Shanghai, Chengdu, Changzhou, and Hangzhou.


Following the first border opening in Boten, the Laos-China Railway Company also started inter-country railway operations in April to meet the rising demand for travel between the two nations.


By Chono Lapuekou


Source: Laotian Times

Laos-China Railway Purchases New Train

Laos-China Railway Company has purchased a new electric multiple-unit (EMU) train, which will be delivered today, to support domestic and international tourist demand.


“A new EMU train has been acquired to boost domestic and international passenger travel, particularly in preparation for Laos’ Chairmanship of ASEAN and Visit Laos Year 2024,” said Mr. Anongdeth Phetkayson, the Deputy Director of Laos-China Railway Co., Ltd.


Mr. Anongdeth said the new EMU train features wireless charging and touch-sensitive seat adjustment systems.


Currently, the Laos-China Railway Company runs a total of 5 passenger trains per day, four of which are EMUs and one is a regular train.


According to China Radio International in Vientiane, the Laos-China Railway service has carried over 3.1 million passengers since its opening on 3 December 2021, averaging 4,889 passengers daily and recording the highest passenger count of 10,197 per day.


In 2023, so far, over 1.75 million passengers have traveled on the Laos-China Railway, up 103.7 percent from the same period in 2022.


Additionally, since the start of the cross-border train operation on 13 April 2023, a total of 61,698 passengers have traveled across the border, with an average of 201 people traveling outside the country and 190 people traveling to Laos per day.


The railway has also been an efficient transport option for trade, with over 5.38 million tons of goods being transported since it started operations, averaging 8,229 tons per day, with a maximum daily count of 15,250 tons.


The main trading items have been fruits, cassava flour, barley, rubber, beer, iron ore, concentrated iron ore, and chemical fertilizers, of which 770,900 tons were sent from China to Laos, and 4.56 million tons were exported from Laos to China.


Meanwhile, Amid a surge in passenger travel, the Laos-China Railway Company has also proposed to the Lao government to increase the price of train tickets this year, due to considerable exchange rate fluctuations and the depreciation of the Laotian Kip (LAK).


By Chono Lapuekou


Source: Laotian Times

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