VN firms must step up to join global supply chains
To sell their products to foreign distribution channels, Vietnamese businesses need to pay more attention to product design, quality assurance and after-sales services, speakers said at a training workshop held in HCM City yesterday.
Yuichiro Shiotani, director general of Aeon Top Value Company Limited, said that local companies should add more value to their products.
Aeon Top Value has been working to put a number of made-in-Vietnam products, which are available in Aeon Vietnam retail stores, on the shelves of its stores in Japan, according to the director general.
Many Vietnamese goods are available at foreign retailers’stores in Vietnam, but they are still for domestic consumption only. To be offered abroad, the products must meet other requirements.
Nick Reitmeier, executive vice president for international food & alcohol buying for Central Food Retail, which is part of Thailand’s Central Group, said that besides focusing on quality assurance, Vietnamese producers needed to improve product design.
“Besides product quality, nice design, competitive prices, and good financial capacity, local businesses need to understand the export process and norms set by foreign distribution systems," said the deputy director of the Investment and Trade Promotion Centre of HCM City (ITPC).
ITPC this year has helped more than 30 Vietnamese companies enter the Aeon Vietnam supermarket system.
ITPC is in charge of selecting firms based on technical criteria provided by Aeon, and through an introduction by ITPC, businesses can connect directly with the purchasing managers of the supermarket. – Viet Nam News
Singapore economy grows at slower pace in second quarter
Singapore's economy expanded 3.8 per cent year on year in the second quarter of 2018, lower than economist expectations of 4.1 per cent growth, according to Ministry of Trade and Industry (MTI) advance estimates released on Friday.
This was also down from the 4.3 per cent expansion in the first three months of the year. Manufacturing growth remained the key driver, but slowed to 8.6 per cent, down from 9.7 per cent in the previous quarter. All clusters in the sector expanded in the second quarter, with the electronics and biomedical manufacturing clusters contributing the most to the sector's growth.
Services also saw slower growth at 3.4 per cent, down from 4 per cent the previous quarter. Growth was supported primarily by the finance and insurance, and wholesale and retail trade sectors.
Maybank Kim Eng economists Chua Hak Bin and Lee Ju Ye, however, expect both services and overall GDP performance to be upgraded when the final estimates are out in midAugust, noting that "MTI's advance GDP estimate tends to be more conservative".– The Straits Times