news collection 2016 vol 005
TRANSCRIPT
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Vol 05, February 03rd 2016
BUSINESS REVIEW VIETNAM
Vietnam - an attractive retail market: research
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INSIDE THIS ISSUE
Highlights
Are foreigners cornering VN's clothing and textile market?
Vietnam's e-commerce sales reach $4b in 2015
Vietnam retailer Tiki to raise $18m: report
Economy
Rice exports increase sharply in January
VASEP: Shrimp export to earn $3.3b in 2016
Banks & Finance
Domestic lending drops off in January
Dollar keeps sliding in Vietnam as foreign investment boosts supplies
Investment
Belgian multinationals heading to Vietnam
Investors in a race for the food market
Enterprises
Thai giants want to acquire entire Prime Group
PVGas to buy 56% of CNG
Market & Prices
January retail sales surge 11%, biggest increase in 05 years
Car rental prices in Vietnam rise by up to 50% around Tet
Legal Updates
Government issues resolution on TPP signing
New policies take effect in February
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ECONOMY
Rice exports increase sharply
in January
VNS - Viet Nam exported nearly
315,000 tonnes of rice as of January
28, an increase of 46 per cent
compared with the same period
last year, according to the Viet
Nam Food Association.
The rice exports were shipped at
US$127 million in free on board
(FOB) value and $135 million in cost,
insurance and freight (CIF) value,
up 39 and 42.5 per cent,
respectively.
According to the association, the
increase in rice exports last month
was due to the fact that Viet Nam's
rice exporters had to complete
government-to-government deals
with the Philippines and Indonesia.
Last year, Viet Nam exported 6.5
million tonnes for $2.68 billion, a
decrease of 3.9 percent in value.
Asian countries were the main
buyers, accounting for 74.5 per
cent of exports, followed by Africa
(13.7 percent), and the US (6.7 per
cent).
The association forecast that rice
export volume this year excluding
border trade is expected to remain
the same as last year's.
VASEP: Shrimp export to earn
$3.3b in 2016
VNA - The Vietnam Association of
Seafood Exporters and Producers
(VASEP) forecasts that shrimp
exports will reach US$3.3 billion in
2016, up 12% from 2015.
The sector saw a surge in the first
month of this year, up 8% from the
same period last year, according to
VASEP.
Shrimp prices also saw a slight
increase of 5-20% in the Mekong
Delta region due to low supplies.
Statistics from the General
Department of Vietnam Customs
showed that shrimp exports to the
US generated US$657 million in 2015,
up 38.3% from 2014, making the US
the largest import market of
Vietnam.
Vietnam’s shrimp exports to the US
in 2016 will rise thanks to positive
results from the ninth administrative
review (POR9) for anti-dumping
duties on Vietnamese frozen shrimp
and the signing of the Trans-Pacific
Partnership (TPP).
The average anti-dumping tariff
rate levied on most Vietnamese
frozen shrimp sold in the US market
plummeted from 6.37% in the POR8
to 0.91%, as regulated in POR9. This
has eased the tax burden on
Vietnamese shrimp exporters.
In addition, the US’s growing
demand for Vietnamese shrimp,
spurred by the rising dollar, will
increase shipments. Rising demand
has also resulted in vibrant shrimp
retail promotions in the US, creating
opportunities for Vietnamese shrimp
suppliers to boost exports to the
country.
In 2015, Vietnamese shrimp was
sold in 92 markets, down from 150
markets the previous year.
Key markets included the US, Japan,
the EU, China, the Republic of
Korea, Canada, Australia, ASEAN
and Switzerland.
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BANKS & FINANCE
Domestic lending drops off in
January
VNS - Lending by January 20, 2016
declined 0.21% against the end of
last year, according to a report
released by State Bank of Viet Nam
(SBV) yesterday.
Despite the decline, SBV said that
lending in the first month this year
was still more optimistic than the
same period last year when the
lending down 0.5%.
According to experts, higher
economic growth this year could
push up the demands for capital.
Credit institutions have also been
optimistic about the ability of
businesses to take loans this year,
according to a recent SBV survey.
Under the survey, the institutions
expected outstanding loans to
surge to 21.4% on average, much
higher than the 14.57% forecast in
the same survey in late 2014.
SBV this year also targeted a credit
growth of 18% to 20%, however,
adding that the rate might be
adjusted flexibly based on the
actual situation, the same as in
2015.
In 2015, SBV first targeted a credit
growth rate of 13%, but then
adjusted it between 15% and 18%
to meet the rising capital demands
of the economy.
Dollar keeps sliding in Vietnam
as foreign investment boosts
supplies
TNN - The US dollar has fallen quite
sharply in Vietnam this month as
ample supplies, boosted by strong
foreign investment flows, come at a
time when dong savings have
become more attractive.
Following the central bank's fourth
cut this week, the mid-point rate for
the dollar dropped to a five-month
low of VND21,881 on Friday,
compared to VND21,910 on
Monday.
Since banks are allowed to trade
the greenback within 3% above or
below the daily-issued reference
ate, the country's biggest lender
Vietcombank reduced its rate by
0.6% to VND22,255 on Friday. That
was down 1.2% from early this
month.
As foreign investors have pumped
more money into Vietnam, the
forex market has been seeing a
surplus on the supply side, which in
return has caused the dollar to fall
continuously, a representative of
HSBC Vietnam told Thanh Nien.
Foreign investors disbursed $800
million in the January 1-20 period,
up 23.1% YOY, according to figures
released by the Foreign Investment
Agency.
Industry insiders said major M&A
deals, particularly the $1.1b[]
transaction between Thailand's
Singha Group and local consumer
goods group Masan, also
increased supplies of foreign
currencies. In the record deal
signed the end of last month, the
Thai group bought stakes of 25%
and 33% in two of Masan's
subsidiaries.
Overseas remittances, which often
come in most strongly in January,
the month before the Tet Lunar
New Year, are also expected to rise
sharply this year, said Nguyen
Hoang Minh, vice director of the
central bank's Ho Chi Minh City
office.
The central bank has recently taken
measures to curb dollar hoarding.
It cut interest rates to zero on dollar
deposits by businesses in
September and then by individuals
in December.
Reports from banks showed that
their dollar deposits have declined
since the last quarter, as many
customers have switched to dong
savings accounts to enjoy higher
interest rates of 5-6.5%.
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INVESTMENT
Belgian multinationals heading
to Vietnam
VOV - Over the past decade,
Vietnam’s resilient economy has
grown in importance to
international trade and foreign
direct investment (FDI) relative to
western developed post-industrial
economies, says Belgian
Ambassador to Vietnam Jehanne
Roccas.
Most notably, the vigorous
development of global value
chains (GVCs) that extend over
several countries and even
continents has induced a changed
perspective towards outward FDI
by Belgian companies.
Whereas their executives once
simply thought of investing abroad
as a substitute (or replacement) for
manufacturing facilities at home,
today Belgian business leaders are
beginning to view FDI in countries
like Vietnam as an extension of
those activities.
Belgium is one of the European
countries with the highest%age of
export coming from trade
movements within GVCs and it is
fair to describe the economy as
that of a ‘middleman’ in
international trade, said
Ambassador Roccas.
She said each year, Belgium’s
economy is processing an ever
increasing share of intermediate
goods for export and its strengths lie
in chemicals, manufacturing,
logistics and the beverage and
tobacco industries.
As such, it is imperative for the
nation’s businesses to develop
complimentary GVCs in Vietnam if
they are to remain competitive and
relevant to international trade in
general, and to the ASEAN region in
particular.
A large share of Belgian export of
goods consists of products with high
skill and technology intensity,
mainly thanks to the particularly
strong position of chemicals and
pharmaceuticals in Belgian export.
Citing statistics from the Ministry of
Planning and Investment, the
Ambassador said through the end
of 2015, Belgium companies
registered a strong FDI of US$421.66
million in 59 companies throughout
the nation.
Last year, Belgium companies
received investment certificates for
four new business ventures and
increased their investment in two
projects that began operations in
2014 and prior.
With ASEAN and Vietnam’s rising
promise as the manufacturing hub
of the globe, the Ambassador said
she expects to see exponential
increases in Belgian companies’ FDI
in the future.
Meanwhile, Brussels, Belgium-
headquartered chemicals giant
Solvay SA has announced plans to
open an office in Ho Chi Minh City
and said it is actively pursuing a
number of deals in the chemicals,
automotive, agriculture and
electronic industries.
Speaking at a recent trade event in
HCM City, Vincent Decuyper, a
company representative, said the
company is bullish on the Vietnam
market, particularly in light of the
birth of the ASEAN Economic
Community (AEC).
Currently, Solvay employs an
estimated 30,000 workers in 53
countries around the globe. It
specializes in numerous fields
including chemicals, energy, the
environment, automotive,
aeronautics, electrical and
electronics.
On January 19-20, the company
organized ‘Solvay Vietnam Day’ in
HCM City at which 40 Solvay
managers sat down with
representatives from local
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INVESTMENT
companies to seriously discuss
trade and investment deals.
They gave indications they were
closely scrutinizing investments in
the oil, gas, fertilizer, chemical and
dairy industries
Investors in a race for the food
market
VNA - Vietnam’s food market is at
its busiest ever, as investors are
pouring into the industry on the
back of local people’s increasing
demands for food and beverages.
According to Theodore Knipfing,
Director of Retail Tenant
Representation in the Asia Pacific
Region for Cushman & Wakefield –
a global leader in commercial real
estate services, food demand in
foreign countries is saturated. So
they have to look to new markets,
and Vietnam is very attractive
thanks to its young population,
people’s increased income and
rapid urbanisation, he said.
Whilst studying the consumption
trends of young Vietnamese, fast
food suppliers have found that the
domestic food industry still thrives,
despite the ups and downs of the
economy. Therefore, major brands
have set food retail as a priority
business in the Southeast Asian
nation. QSR Vietnam of the Dairy
Queen group – part of Warrant
Buffet’s Berkshire Hathaway Inc, for
example, last month announced
that it will open a second DQ Grill &
Chill fast food outlet in Ho Chi Minh
City.
John Gainor, President and CEO of
International Diary Queen, Inc.
(IDQ) – a subsidiary of Berkshire,
said IDQ now has 21 DQ-branded
restaurants as joint-ventures with
QSR Vietnam in a little over a year.
The figure is expected to climb to
60 by 2019.
The presence of the world’s top fast
food brands has turned the
Vietnamese market into a fierce
competition which is currently
being driven by KFC and Lotteria.
QSR said that apart from its typical
dishes, the company have also
developed a new range to suit
local tastes and ingredients, thus
raising the competitive edge of
their products.
Also, the US’s Starbucks Coffee
entered the Vietnamese market at
the end of 2013, putting it in
competition with brands such as
The Coffee Bean and Tea Leaf,
Gloria Jeans Coffee, Highlands
Coffee and Trung Nguyen Coffee.
McDonalds have five restaurants in
Ho Chi Minh City, but within the
next decade it hopes to have 100
more spots to sell its Big Macs and
compete against KFC, Jollibee and
Lotteria for a share of the market
there.
Joining the trend, domestic
businesses have also
professionalised their production
with attention paid to product
appearance and service quality in
order to increase the value of
traditional local dishes.
These diverse products and services
have enabled Vietnamese
consumers to experience various
new cuisines. Young people, which
make up 70% of the population,
have created a promising market
for service investors.
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ENTERPRISES
Thai giants want to acquire
entire Prime Group
VNN - The plan to purchase the
remaining 15% capital of Prime
Group has been approved by SCG
leaders, with capital of more than
$60 million.
Mr. Kan Trakulhoon, President and CEO of
SCG previously confirmed that the group's
priorities in Vietnam is the acquisition of
other companies, in order to quickly
capture the market.
According to the announcement
of the business plan of the Siam
Cement Group (SCG), Thailand's
largest cement producer,said in
The Nation it has approved the
decision to buy 15% remaining
stake of Prime Group JSC in
Vietnam. This plan is expected to
cost Siam more than $60m.
If the plan is completed, the
percentage of ownership of the
SCG at Prime Group will reach 100%.
Earlier, in 12/2012, SCG signed an
agreement to buy 85% stake in
Prime Group for about $240m.
Acquiring Prime Group will help
SCG become the world's largest
floor tiles manufacturer, because
Prime Group is the fifth
manufacturer of floor tiles in the
world and the biggest
manufacturer of building materials
in Vietnam (accounting for 20%
market share). SCG has up to 200
subsidiaries, and earns annual
revenues up to $13.7b.
In addition to owning shares in the
Pime Group, SCG also invests in
many plastic and packaging
companies in Vietnam. Through its
subsidiary Nawaplastic Industries
(Saraburi), SCG holds more than
20% stake in two listed plastic
manufacturing enterprises of
Vietnam - Tien Phong and Binh
Minh Plastics. Currently, the total
share of Tien Phong and Binh Minh
Plastics in the construction plastic
pipe market of Vietnam is over 50%.
In the packaging industry, SCG
owns two factories in Vietnam, by
acquiring 80% stake in Tin Thanh
Plastic Packaging JSC (Batico). This
group is also a shareholder of
Alcamax Packaging Company
(Vietnam) Co Ltd Packamex
Packaging (Vietnam), Vina Kraft
Paper Co. and Tan A Industrial
Company.
PVGas to buy 56% of CNG
VNS - PetroVietnam Gas
Corporation (PVGas) will buy more
than 15 million shares in natural gas
dealer CNG Vietnam JSC (CNG),
equal to 56% of the company's
capital.
PVGas is now not a shareholder of
CNG. The offered price has not
been released.
Yesterday, CNG rose 1.9% to trade
at VND32,400 ($1.44) per share. If
PVGas offers this price, the value of
this deal could reach VND490 billion
($21.8m).
PVGas will use a part of its
investment and development fund
to buy CNG's stakes. This fund was
worth VND11.27 trillion ($500.7m),
according to PVGas's revised
financial report for last year.
This deal could make PVGas the
biggest shareholder in CNG. After
completing the deal, PVGas will
restructure CNG's business
segments based on the market
region, customer and stage.
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MARKET & PRICE
January retail sales surge 11%,
biggest increase in 05 years
VNS - The domestic market would
continue to thrive in 2016, said
Director of the Ministry of Industry
and Trade's Domestic Market
Department, Vo Van Quyen.
This prediction has been confirmed
by the initial positive retail sales at
the beginning of this year.
Quyen told that the purchasing
power in January, prior to the Tet
(Lunar New Year) holiday which
falls on February 8, increased 3.5%
from the previous month and
posted an 11% YOY rise.
The purchasing power in the year-
end month saw a record high as
compared to the past five years
while the consumer price index
stayed flat compared in December,
helping stabilise the domestic
market. He said his agency has
ordered the departments of
industry and trade in 53 of the 63
provinces and centrally-run cities to
ensure that the supply of goods
meets demand and at stable prices
during Tet, while surveillance should
be stepped up to prevent
counterfeit and low-quality goods.
In addition, price stabilisation and
promotional programmes at 50
supermarkets nationwide have
facilitated people in their
purchasing.
However, he asked the department
to have specific plans to ensure
supply of necessary goods.
Le Ngoc Dao, deputy director of
HCM City's Department of Industry
and Trade, said businesses in the
city have sufficient supply of
necessary products such as
vegetables, fruits & rice for Tet.
The city has also co-operated with
neighbouring provinces to provide
clean goods to people with 300
booths meeting VietGap standards.
Hien said export turnover was
estimated at $13.8b, increasing
2.2% from the same period last year,
while that of imports was $14b,
making the trade deficit $200m.
Car rental prices in Vietnam
rise by up to 50% around Tet
VOV - The cost of rental cars has
surged by up to 50% as the Lunar
New Year nears, local travel
agencies have said.
The price of renting four-wheel
transport vehicles during the Tet
holiday has risen by between 30
and 50% for journeys from February
8 to Feb-22, which falls between
the first and 15th day of the first
month in the lunar calendar.
A common rental car for general
travel, including Innova, Vios, Laceti,
Matiz, and the like currently cost
between VND800,000 (US$35.88)
and VND1 million (US$44.86) per
day, which is about 30% higher
than usual. On ordinary days, these
cars cost about VND650,000
($29.15) per day, according to a
manager of a car hire company in
Cau Giay District, Hanoi.
For more luxurious models, prices
will increase to VND2 million
($89.72) instead of VND1 million
($44.86) for one day’s rental, which
is a 50% rise, the manager said.
According to car rental agencies in
VN, rental prices on days before Tet
are much cheaper than those of
the days near or right on the
occasion.
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LEGAL UPDATES
Government issues resolution
on TPP signing
VIR - The Vietnamese Government
agreed to sign the “Trans-Pacific
Partnership” agreement with
Resolution 09/NQ-CP issued on
February 2. It authorized the Minister
of Industry and Trade to ink the
agreement.
Procedures required will be
undertaken by the Ministry of
Foreign Affairs, according to the
Resolution. The TPP signing is slated
for February 4 in New Zealand.
The TPP negotiations started in 2005
and concluded in late October last
year. The 12 members of the
agreement are Australia, Brunei,
Canada, Chile, Japan, Malaysia,
Mexico, New Zealand, Peru,
Singapore, the US and Vietnam.
Once it takes effect, the
agreement will establish a free
trade zone that represents nearly 40
percent of global GDP.
In theory, Vietnam is expected to
gain the most benefits from the
pact, especially in trade of goods,
investment, and services, said
Minister of Industry and Trade Vu
Huy Hoang in an insightful interview
with the Vietnam News Agency.
He, however, pointed out that this
depends on how the country works
to take advantage of the TPP and
deal with any possible challenges.
New policies take effect in
February
A string of fresh policies on
compulsory insurance for
construction investment activities;
assistance in vocationaiontal
training and job search for workers
whose land is withdrawn comes
into effect since February, 2016.
Compulsory insurance for
construction investment activities
Decree 119/2015/ND-CP (Decree
119), dated November 13, 2015, on
compulsory insurance for
construction investment activities
shall be valid since February 10,
2016.
Accordingly, Decree 119 regulates
liabilities for participation in
complulsory insurance for
construction investment activities
(entities required to buy compulsory
insurance for construction
investment activities; insurance
validity period; scope of insurance
coverage and denial of coverage);
conditions for sale or purchase of
compulsory insurance for
construction investment activities
(conditions with respect to
reinsurance assuming enterprises or
foreign reinsurance assuming
organizations; retained liability; sum
assured, rules of determination of
insurance premium; and
Government authority to manage
compulsory insurance on the field.
Guidance on national important
projects
Decree No. 131/2015/ND-CP,
dated December 25, 2015 provides
guidance on national important
projects based on regulations of
the Public Investment Law and the
Investment Law, including the
organization and activities of the
state evaluation council for
investment projects, procedures
and contents and expenditures for
evaluation of the national
important projects.
Indirect overseas investment
Decree No. 135/2015/NĐ-CP,
dated December 31,
2015, stipulates indirect overseas
investment.
Six organizations are allowed to
pour indirect overseas investment
including 1- stock market and fund
management companies, 2 - stock
investment fund via fund
management company (stock
management fund) and stock
investment company, 3- insurance
businesses, 4 – commercial banks, 5
– general financial companies, 6 –
State capital and investment
corporation.
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HIGHLIGHTS
Are foreigners cornering VN's
clothing and textile market?
VOV - Vietnam’s clothing and
textiles industry has recorded
average annual growth of 15% over
the past five years and experts
anticipate this trend to continue in
the near term with gross export
revenue reaching a record high
$30b by 2020.
Substantially, all of the past growth
has been thanks to foreign
manufacturers relocating existing
facilities to the Southeast Asian
nation to take advantage of lower
labour costs and capitalize on the
benefits of FTAs.
More specifically, the EU, the
second largest export market,
accounts for a 20% share of the
Vietnam clothing and textile export
market. A recently signed free
Vietnam- EU trade deal is projected
to result in billions of dollars of
increased exports through 2020.
A second free trade deal between
the Republic of Korea (RoK) and
Vietnam is also projected to
positively boost the industry’s
exports by billions of US dollars as
well as a third trade pact with the
Eurasian Customs Union (ECU).
Of course the earnings on these
increased sales will inure primarily to
foreign invested businesses and
their shareholders— and to Vietnam
in terms of increased numbers of
good middle-income paying jobs.
According to official statistics, the
industry currently employs 7.7 million
workers in roughly 4,000 companies
and the continued projected
growth over the next few years
readily translates into thousands
more good paying jobs for
Vietnamese workers.
FTAs generally benefit foreign
invested companies in Vietnam
through reduced preferential tariffs,
less expensive raw materials and
supplies, and loosening of other
restrictive trade barriers.
As a result of these free trade
agreements and the potentiality of
the much talked about Trans
Pacific Partnership (TPP), it is widely
reported in the global media that
foreign investors, especially Chinese,
are now attempting to corner the
Vietnam clothing and textile market.
The media reports say, they are
purchasing domestic companies
mostly small factories comprised of
production workshops, a security
room, a canteen and break room
located in cities and industrial zones
with advantageous transport
conditions.
The trend has gathered momentum
to such an extent that the view is
emerging that foreign invested
companies, and not Vietnam’s
domestic clothing and textile
industry, would benefit more from
the TPP than the domestic
economy, should it ever materialize.
With their powerful financial
capability and experience, foreign
clothing and textile manufacturers
are taking over Vietnam’s domestic
businesses precisely to position
themselves to benefit from the TPP.
About 70% of Vietnam’s clothing
and textile exports are currently
produced by foreign invested
companies, which demonstrates
their large operating scale and the
big role they play in the industry.
Vietnam's e-commerce sales
reach $4b in 2015
TNN - Vietnam will likely see a strong
rise in e-commerce this year after
the relatively nascent industry
posted an impressive revenue
of US$4 billion, local media have
reported, citing the Ministry of
Industry and Trade.
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HIGHLIGHTS
Big players such as Lazada, Tiki and
Zalora, with funding from foreign
ventures, are expected to expand
their business even more through
mobile apps, news website Saigon
Times Online reported on Tuesday.
Since last year they have diversified
their portfolios through
collaboration. Lazada, for instance,
is working with group buying site
Nhommua and mobile retailer FPT
Shop to boost sales, it said.
More e-commerce businesses are
also set to launch supplementary
services such as delivery and
payment to complete their
ecosystems, it quoted Nguyen
Thanh Hung, vice chairman of the
Vietnam E-commerce Association,
as saying.
VC Corporation, which owns
Muachung and Rongbay, and Hoa
Binh-Peacesoft, which owns
Chodientu and Nganluong, are
among a few businesses on track to
have ecosystems of their own, the
website reported.
The participation of new businesses,
including Adayroi and SILdeal, is
also expected to fuel the
competition.
Nguyen Thi Hanh, a senior official
with the trade ministry's e-
commerce department, was
quoted as saying that businesses
must achieve a minimum growth of
25-30 percent a year, or they will fall
behind in a sector that grows 25
percent every year.
However, in order to be stay in
business for a long term, companies
must target an annual growth of at
least 50 percent, she said.
Three popular e-commerce
businesses, namely food ordering
Food Panda, baby foods and
accessories seller Beyeu, and
clothes and cosmetics seller Deca,
have reportedly shut down in
Vietnam last year.
Vietnam retailer Tiki to raise
$18m: report
Tiki, an e-commerce startup, has
been in talks with Internet content
giant VNG Corporation to secure
US$18 million in funding, information
technology news website ICTnews
reported on Tuesday, citing industry
insiders.
If the deal goes through it will set a
new record start-up funding record
in Vietnam, it said.
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