Following are the highlights of Business News in the forth week of October 2024: Chinese e-commerce platform Temu operates in Vietnam without license; Ho Chi Minh City launches new innovation ecosystem for businesses; Land on downtown Ho Chi Minh City streets priced at $27,000 per sqm; and the last news is Vietnam Stock Market that closed in red as global shares headed for weekly loss.
Chinese e-commerce platform Temu operates in Vietnam without license:
Over the past two weeks, Vietnamese consumers can easily bump into advertisements for Chinese e-commerce platform Temu which offers low-cost products and discounts of up to 90 percent, while the platform has yet to get a license to operate in Vietnam. The Vietnam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade informed that it did not receive Temu’s application for a license until October 24. In other words, Temu has sold goods in Vietnam without a license since early this month.
Ho Chi Minh City launches new innovation ecosystem for businesses:
SoiHub, an innovation ecosystem for businesses, officially started its operations at the Tech Valley building in Quang Trung Software City (QTSC) in Ho Chi Minh City on Friday. This initiative represents the culmination of a 15-year effort to cultivate Vietnam’s Startup and Innovation Ecosystem (S&I), initially supported by Finland through various S&I projects. Its goal is to foster high aspirations and innovative ideas within this ecosystem.
Land on downtown Ho Chi Minh City streets priced at $27,000 per sqm
Land lots on Nguyen Hue, Dong Khoi, and Le Loi Streets in downtown Ho Chi Minh City see their prices top the city’s new land price regime, which will be applicable from October 31 this year to December 31 next year, at VND687 million (US$27,000) per square meter. The Ho Chi Minh City administration issued a decision adjusting the local land price regime on Tuesday morning. According to the decision, the new land price for the three downtown streets will be VND120 million ($4,725) higher than the current VND567 million ($22,300) per square meter. However, the new rate is lower than the VND810 million ($31,894) proposed in a draft plan.
Vietnam Stock Market closed in red as global shares headed for weekly loss.
Vietnam’s benchmark VN-Index fell 0.37% to 1,252.72 points Friday while global stocks were set to also end the week lower. The index closed 4.69 points lower after dropping 13.49 points in the previous session. Trading on the Ho Chi Minh Stock Exchange decreased by 14% to VND13.784 trillion (US$543.2 million).